*
Every January, without fail, my inbox starts blowing up. It's a mix of new collectors and seasoned fans, all asking variations of the same questions: "Why is the Labubu Chinese New Year figure so expensive?" or "Which New Year Labubu** is the one everyone wants?"
It's a valid question. Because there isn't just one.
This isn't like the Exciting Macaron Labubu series where everyone knows the lineup. The "Chinese New Year" theme is a recurring holiday drop from Pop Mart, and over the years, it's created a confusing, fascinating, and sometimes outrageously expensive corner of the LABUBU market. So, let's actually unpack this from a collector and seller's perspective. Forget the generic unboxing videos; this is the real playbook.
First, Let's Clear Up the Confusion: Not All CNY Labubus Are Created Equal
When people search for "Labubu Chinese New Year," they're usually thinking of one of two things: a specific, legendary chaser figure, or the general theme of festive Labubus. Pop Mart has released several series under this banner.
The OG: "Happy Chinese New Year" Series (2019)
This is the one. The series that started the madness. Released way back in 2019, this set is the origin of the most infamous and sought-after Labubu in existence: the Chaser. The regular figures in this series are adorable, you have Labubu as a firecracker, holding a lantern, doing a lion dance. They're classic Kasing Lung designs, full of charm. At retail, they were just standard blind box prices. Today, even the regular figures from this set can fetch $40-$60 on the secondary market if they're in good condition with their card.
But the chaser... That's a different story.
The "Spring Festival" Series (Multiple Years)
To keep the tradition going, Pop Mart started releasing the "Spring Festival" series. These are more modern takes on the Lunar New Year theme. We've seen a 2021 version and a 2023 version, among others. The designs are often more complex, with more accessories and elaborate outfits. For example, the 2023 series had Labubus representing different blessings and traditions, like holding lucky fish or ingots.
These are far more accessible. You can still find them, and the prices are much more reasonable. They're a great way to get a festive Labubu without needing to take out a second mortgage. The quality on these is also arguably better in terms of paint application and complexity, though some argue they lack the simple charm of the original 2019 set.
One-Offs and Special Releases
On top of the blind box series, Pop Mart has also dropped individual figures like the "God of Wealth" Labubu or the "Fortune Cat" Labubu. These are usually sold as single, non-blind boxes. They're popular, but they don't have the same speculative frenzy surrounding them as the blind box chasers. They're just fun, thematic pieces. If you just want a cute New Year-themed monster for your shelf, these are often your best bet.
The Legend of the Golden Chaser: Why Is It So Expensive?
Okay, let's talk about the elephant in the room. The chaser from the 2019 "Happy Chinese New Year" series. This figure regularly sells for $800 to $1,500 USD. I have personally seen authenticated listings on collector forums top $1,800.
Why? It's a perfect storm of factors.
1. It's Old: In the fast-moving world of designer toys, 2019 is ancient history. Many of these boxes were opened and the figures played with or displayed without care. Finding a mint condition one with its box and card is genuinely difficult. 2. Low Production Numbers: Pop Mart's production runs were smaller back then. The brand wasn't the global behemoth it is today. The chase ratio was 1/144, and with a smaller total production, the absolute number of these chasers in the world is tiny compared to, say, the secret from the more recent The Monsters x One Piece Labubu crossover. 3. Iconic Design: It's just a perfect design. Labubu is dressed in a traditional red outfit, holding a massive gold ingot (a yuanbao). It's simple, striking, and perfectly embodies the "wealth and prosperity" theme of the New Year. It became the grail for serious Labubu collectors early on. 4. Market Manipulation & Hype: Early on, a few big collectors and resellers cornered the market. They set a high price floor, and because the supply was so low, the market followed. It became a self-fulfilling prophecy. It's the Birkin bag of the Labubu world. Owning it is a status symbol.
This isn't just a cute toy anymore; it's a piece of designer toy history. It is the moment Labubu collecting went from a niche hobby to a high-stakes game. For a deeper look at what makes certain Labubus so desirable, our ultimate guide to LABUBU dolls covers the broader market dynamics.
Real Talk: My Verdict as a Seller
So, should you be hunting for a New Year Labubu? Here's my honest take.
For the 2019 Chaser: No. Just no. Unless you are a millionaire or a die-hard completionist who has everything else, do not chase this figure. The risk of fakes is enormous (more on that below), and the price is purely speculative. It is not 100 times "better" than a regular Labubu. It's a status symbol, and you're paying for the status, not the vinyl. You could build an incredible, diverse collection of designer toys for the price of this one figure.
For the 2019 Regulars: If you can find them for a decent price (under $50), they are wonderful pieces of Labubu history. The Lion Dance and Firecracker designs are personal favorites. They have a nostalgic charm that the newer, more polished series sometimes lack.
For the "Spring Festival" Series: Absolutely. This is the sweet spot. The 2021 and 2023 series are beautifully designed, widely available, and affordable. You get the festive spirit, the fun of a blind box pull, and a high-quality figure without the financial anxiety. The chasers and secrets in these sets are also gorgeous and much more attainable. They're a fantastic entry point.
For the One-Offs: Yes. The God of Wealth and Fortune Cat Labubus are great display pieces. You know what you're getting, the price is fair, and they look fantastic on a shelf during the holiday season. No gamble, all reward.
Honestly, the hype around certain figures can sometimes overshadow the joy of collecting. It's easy to get caught up in chasing the most expensive piece, but the newer series offer so much creativity and fun. The Have a Seat Labubu V2 series had a similar, more manageable hype cycle that was way more fun to participate in as a community.
The Buyer's Playbook: How to Hunt Safely
If you've decided to add a festive Labubu to your collection, here's how to do it smartly.
Where to Buy: You can browse our current LABUBU collection to see what's in stock. * For older/grail pieces: This is where it gets tricky. You'll be navigating platforms like eBay, Mercari, and specialized collector groups on Facebook or Discord. Vet your seller. Look at their reviews, how long they've been active, and what else they're selling. If a deal seems too good to be true, it is.
Spotting Fakes (Especially for the 2019 Chaser): The counterfeit market for the CNY chaser is rampant. They've gotten scarily good, but here are a few things only a seasoned collector might notice.
* The Gold Ingot's Texture: This is a big one. On an authentic 2019 chaser, the gold ingot has a very specific, slightly matte, almost soft-touch finish. It's not a cheap, shiny, spray-painted gold. The fakes often use a high-gloss, almost chrome-like gold paint that looks tacky and feels smooth and slick. * The Weight and Feel: Authentic Labubus have a certain density. Fakes are often made from a cheaper, lighter PVC. It's subtle, but if you've handled enough of them, you can feel the difference immediately. * The "Kasing Lung" Stamp: Check the stamp on the bottom of the foot. On fakes, the font is often slightly thicker or blurrier. The authentic stamp is crisp and delicate. Bring up a photo of a confirmed-authentic one to compare side-by-side. * The Box and Card: Fakes often have printing errors on the box or the collector card. The colors might be slightly off, the text might have typos, or the cardstock might feel flimsy. The silver foil on a real box has a specific rainbow holographic sheen that fakes struggle to replicate.
I once had a customer bring in a "chaser" they bought for $400. The price alone was a red flag. The moment I touched the ingot, I knew. It was glossy and cold, not the warm, matte finish of the real deal. It was a heartbreaking conversation to have. Don't let that be you.
When to Buy: Holiday-themed items have a weird market cycle. Prices for the New Year Labubu figures tend to spike in the months leading up to Chinese New Year (January/February). People want them for display.
The best time to buy is often in the summer (June-August). The holiday is a distant memory, and sellers are often more willing to negotiate. The exception is the super-grail chaser, its price is detached from the holiday season and is driven purely by collector demand.
Ultimately, collecting should be fun. The annual release of a new festive series is something to look forward to. It's a chance to celebrate a new year with a new little monster for your shelf. While the legend of the $1,500 chaser is a wild part of this hobby's story, it's not the whole story. The real joy is in the hunt, the community, and finding the pieces that genuinely make you smile. So go ahead and check out the latest LABUBU figures; you might find a new favorite that doesn't require a bank loan.
*Disclosure: PopNya may earn a commission if you purchase through links on this page.
