The Premium Effect Driven by Investor Sentiment and Psychology—A Case Study of Labubu Blind Boxes

Abstract

The recent rise of the blind box economy provides a particularly striking case study. In 2025, trendy blind boxes, exemplified by Labubu, triggered a massive market craze and significant irrational consumer behavior, reflecting underlying issues in consumer psychology and market mechanisms. Based on the theoretical frameworks of behavioral economics and consumer psychology, this study employs case analysis and literature research to systematically analyze the psychological drivers behind this phenomenon. The study finds that its core driving mechanisms include three aspects: purchase motivation triggered by scarcity anxiety and fear of missing out, the need for social identity through symbolic consumption, and a herd mentality reinforced by speculative expectations in the secondary market. These irrational factors collectively constitute the psychological foundation for the premium effect of blind boxes. Based on the above conclusions, this paper further proposes an optimization path from the corporate strategy level, including implementing global distribution control to regulate regional supply, and establishing a dynamic pricing mechanism to balance scarcity and market accessibility, thereby providing a theoretical basis and practical reference for the marketing strategy formulation of relevant companies. This study ultimately points out that consumer sentiment is the key variable that drives commodity prices to deviate significantly from their rational intrinsic value, revealing the structural irrational prosperity characteristics of the current blind box market. Furthermore, based on market development trends, this paper prospectively explores the regulatory changes, business model innovation opportunities and sustainable growth paths that the blind box economy may face in the future.