Labubu dolls have gotten so popular that banks used them to help lure customers to the business, prompting authorities to ban the act.
Inspired by Nordic mythology, Labubu was created by Hong Kong-born artist Kasing Lung as one of his “monsters” for a series of picture books back in 2015. They’re available in a blind box at Pop Mart, meaning you won’t know the exact one you bought until it’s opened.
They began to go viral back in 2024 after BlackPink’s Lisa was photographed with one, followed by American singer Rihanna shortly after. Since then, they’ve skyrocketed in popularity and have been constantly sold out.
They’ve become so popular, in fact, that a bank in China attempted to use them to convince people to open an account.
China bans banks from offering Labubu as gifts
According to Bloomberg, the Shenzhen-based Ping An Bank ran a promotion that offered new customers Labubu dolls if they opened an account and deposited at least 50,000 yuan over the course of three months.
The marketing campaign went viral on Chinese social media platform RedNote and reportedly gained a ton of interest from people looking to save money. However, state media claimed it was “not a long-term solution.”
Shortly after, however, China’s financial regulator, the National Financial Regulatory Administration, asked local banks to stop offering perks to attract deposits.
Labubu is part of a larger cast of characters from a 2015 children’s book series called ‘The Monsters.’
They didn’t just ban Labubu, either. The regulators have banned gifts like rice, small home appliances, and online memberships to other services.
This is just the latest news surrounding the viral dolls as well. On June 5, 2025, it was revealed that collectors have begun considering getting insurance on their Labubu due to high values and the rise of theft around the world.
“When you consider some Labubus are now selling for nearly $652 USD on resale sites, it makes sense why they want to protect them,” said Peter Klemt, chief of Australian travel insurance provider Passportcard.
