The Mermaid LABUBU: A Singapore Collector's Deep Dive on the Hype, Price, and Reality

I still remember the absolute chaos of the "Hide and Seek in Singapore" series launch. It wasn't just another drop. The air in the Pop Mart queues felt different.This time? It felt like the whole country suddenly discovered Kasing Lung's little monster. And at the center of this hurricane of hype was one specific figure: the Mermaid LABUBU.

Look, the la bu bu singapore scene was already heating up. We'd seen flashes of it with the Macarons and other popular series. But the Singapore-exclusive series was a perfect storm. It combined national pride, tourist appeal, and the cutest monster on the block. And while the whole set was adorable, I mean, a Durian LABUBU? Genius., the Mermaid just hit different.

Why?

Honestly, it's not that complicated. It's a beautiful design. The shimmering teal tail, the little starfish accessory, that classic mischievous LABUBU grin. It's peak aesthetic. In a world dominated by Instagram and TikTok, the Mermaid was made to be photographed. It's visually stunning in a way that, say, the Otter LABUBU (as cute as it is) just isn't. It has that instant "I need that" factor that sends sane people into a frenzy.

But here's the first thing you need to understand, and something most articles miss: this isn't a standard vinyl blind box series. This is the Plush Doll Pendant series. They're soft, fuzzy keychains. This changes everything, from the feel in your hand to the dynamics of the secondary market.

The Anatomy of a Hype Cycle: A Seller's Front-Row Seat

As someone who runs PopNya, my phone basically melted during that first week. The DMs were a flood of "DO YOU HAVE MERMAID???" and "How much for mermaid???". It was wild.

The retail price for a single blind box from this series was S$16.90. That's your baseline. Within hours of the launch, I saw the Mermaid LABUBU being listed on Carousell for S$60. By the end of the day, it was hitting S$80. I personally witnessed people who had just bought their limit at the Funan Pop Mart store walk outside and flip a Mermaid for S$75 cash to someone who had missed out. The demand was immediate and ferocious.

This is where you see the difference between a regular popular figure and a true hype beast. A popular figure from a standard series might resell for double its retail price. The Mermaid was hitting 4x, even 5x its retail price, on launch day.

What fueled this? Scarcity, both real and perceived. Pop Mart stores were implementing strict purchase limits, usually two or three boxes per person. Stock would sell out within an hour of being put on the shelves. This created a feedback loop: people saw it was sold out, which made them want it more, which made the next restock sell out even faster.

And let's be honest, the tourist factor played a huge role. This was the ultimate Singapore LABUBU souvenir. It was small, iconic, and relatively affordable at retail if you could find it. Tourists were grabbing them as gifts, further depleting the already thin supply for local collectors.

Real Talk: The Mermaid vs. The Merlion

Here's my hot take, and something I tell my customers all the time. The Mermaid LABUBU is not the "secret" of the Singapore series. It's just a regular figure in the set of six. It has the same pull rate as the Durian, the Orchid, or the Samsui Woman.

The actual secret, the one with the super low pull rate, is the Merlion LABUBU.

This creates a fascinating market dynamic. The Merlion is the true "grail" for serious collectors. It's rarer and, on paper, more valuable. At its peak, I saw the Merlion plush going for S$200-S$250. But the volume of demand was for the Mermaid. The Mermaid became the "people's chase." It was the one that casual fans, new collectors, and girlfriends of non-collectors wanted.

Why? Because it was attainable. You had a 1-in-6 chance of pulling a Mermaid from a regular box. Your chance of pulling the Merlion was 1-in-72. So while hardcore collectors were hunting the Merlion, a much larger wave of people were desperately trying to get the Mermaid, driving its price up to a level completely disconnected from its actual rarity. It's a classic case of popularity trumping rarity in the market.

For a lot of people, the Mermaid is just prettier. The Merlion, while a fantastic nod to Singapore's icon, is basically a white LABUBU with a fin-tail. The Mermaid has the color, the sparkle, the whole fantasy vibe. It's an interesting lesson in what the broader market actually values, which isn't always what the official "secret" label tells you. If you're new to the hobby, understanding this distinction is key to not overpaying. You can get a general sense of the LABUBU world by reading up on the ultimate guide to LABUBU dolls, but market dynamics like this are learned on the ground.

A Collector's Tip You Won't Find on Google

Let's talk about the plush itself. As someone who has handled dozens of these, I can give you some intel you won't get from a stock photo.

First, the quality is… okay. It's decent for a mass-produced plush keychain. The fabric is soft, and the embroidery on the face is usually clean. However, I've seen a lot of variation.

Here's the real tip: Check the stitching on the tail fin. This is the most common point of failure or poor quality control. I've seen fins that were floppy, attached at a weird angle, or had loose threads. The shimmering fabric of the tail is also prone to getting snagged or pulled, even straight out of the box. If you're buying from a reseller, always ask for detailed photos of the tail.

Another thing: the little starfish accessory on its head is just glued on. It can and does fall off. Be gentle with it. This isn't a rugged toy to be thrown around on a backpack; it's a display piece that happens to have a keychain attached.

And for the love of all that is holy, do not try to weigh the boxes. With vinyl figures, you can sometimes (and I stress, sometimes) feel for weight differences to identify a specific character. With these plush pendants, it's completely and utterly useless. They are all machine-stuffed to a near-identical weight and squishiness. You're just wasting your time and looking silly in the middle of the store. Trust me, I've seen people try. It doesn't work.

The hype around this series reminds me a bit of the frenzy for certain Exciting Macaron Labubu figures, but amplified by the local-exclusive angle. Both series had one or two designs that everyone wanted, driving the secondary market wild.

Our Take: Is the Mermaid LABUBU Worth the Hype (and the Price)?

So, let's get down to it. You're looking at a Mermaid LABUBU online. The price is probably somewhere between S$40 and S$60 now that the initial hype has cooled a little. Should you pull the trigger?

My honest seller/collector verdict: *It depends entirely on why* you want it.

Buy it if:** * You genuinely love the design and it brings you joy. It's a beautiful piece, and if you're a fan of mermaids and LABUBU, it's a perfect match. * You are specifically collecting the Singapore series and it's the last one you need to complete your set of six regulars. * You're visiting Singapore and want the one perfect, iconic souvenir that screams "I went to Singapore and all I got was this awesome LABUBU."

Maybe skip it if:

For me, the Mermaid LABUBU is a specific moment in time. It was the peak of the Singapore LABUBU craze, a cultural moment where a designer toy crossed over into the mainstream consciousness. It brought so many new people into this wonderful, crazy hobby.

But as a physical object, it's a S$16.90 plush keychain. A very, very nice one, but a plush keychain nonetheless. Its market value is pure emotion and demand.

If you're looking to get into collecting, don't feel pressured to chase the most hyped item. Sometimes the real joy is in discovering a less popular figure that you personally connect with. Take some time to browse the full LABUBU collection and see what speaks to you. Maybe it's a pink one, or a green one, or one from the One Piece crossover. The best collection is the one that makes you happy, not the one that gets the most likes on Instagram.

The Mermaid LABUBU is an icon, no doubt. But the world of LABUBU is vast and full of just as many treasures, often without the crazy price tag. Collect smart, collect with joy, and don't be afraid to swim against the current.