Don’t Let Hype Deplete Your Savings: Learning from the Labubu Phenomenon

Perhaps the news about the crowds at Gandaria City mall recently passed by your social media feed. The queue that snaked out of the mall building consisted of people lining up to buy Labubu–a hype phenomenon among pop culture fans. Many people were willing to queue for hours and pay up to millions of rupiah to obtain this small doll, which is usually used as a bag charm.

Trends like Labubu come and go quickly. But is it worth following the trend? How can we be careful not to get carried away by the hype? Let's learn from this Labubu phenomenon.

What is Labubu?

Labubu is a vinyl doll character that originated from a collaboration between Hong Kong artist Kasing Lung and toy company POP MART.

This doll managed to catch the attention of many people, especially because of its unique design and the existence of various limited editions that made it even more sought after.

Sudden hype

Because of its cute and unique aesthetics, and because it is produced in limited quantities, Labubu has become a target for collectors, making it expensive due to high demand.

However, the recent surge in Labubu hype is due to Lisa, a member of the girl band Blackpink. She was seen several times using Labubu dolls as bag charms for her daily bags. These images spread quickly through social media, providing a platform for collectors to show off their collections, and encouraging others to want to own one too.

Due to FOMO (Fear of Missing Out), many fans of Lisa as well as POP MART bought Labubu to show that they owned the same precious item as their idol. Often, this is done without considering personal needs or finances.

So, how can you avoid getting carried away by the hype?

To avoid the temptation of buying something just because of the hype, it is important to apply wise financial management principles. Here are some tips that you can apply.

Need or want?

Before deciding to buy Labubu or other trending items, ask yourself, do you really need this item or is it just because of FOMO? If it's just because you desire to stay on trend, you may not actually need it as much as you think you do.

Budget check

There's nothing wrong with following trends, especially if you're passionate about them. However, make sure that the amount of money spent on hype items does not interfere with your daily finances. Prioritize your spending. Using an e-wallet can help you control and track your daily expenses.

Check the market price

Hype will always generate high demand, which will cause the price of goods to jump dramatically. Before buying, make sure you check the market price and consider the benefits. You don't want to buy at a price that is too expensive and not worth the actual value.

Create a special sinking fund

If you are interested in buying trending or collector's items like Labubu, you can prepare a special savings account for your hobby. A sinking fund is an easy way to do this. Simply set aside a fraction of your income each month that will only be used to buy trending items.

With Nobu Bank, there is a Daily Savings feature that you can utilize. Save regularly and receive the interest directly into your account daily!

Buying something because of the hype is tempting, but we must remain wise in managing our finances. Labubu is intriguing, but make sure you have considered your needs, budget, and price before deciding to buy. With proper financial management, including utilizing features like Daily Savings from Nobu Bank, you can still enjoy your hobby without damaging your financial condition.

Make sure that every purchase decision is made with careful consideration and in accordance with your financial condition. Don't let trends rule your wallet!