From Labubu to Luxury: What a Plush Toy Reveals About China’s Consumer Transformation

Singer Madonna recently celebrated her 67th birthday, and her birthday cake came in the form of a giant Labubu toy. This signals, if anyone had anymore doubts on the score, the arrival of this stuffed toy from China as an icon of contemporary popular culture. And that, in turn, attests to a structural change in the Chinese economy, bringing it in the league of rich world economies, even if China’s per capita income is still that of a middle-income economy, albeit towards the upper end of that income range.





