Birkin v. Gold v. Labubu: What retains value in 2025?

For more China-focused finance coverage, subscribe to the Jing Finance newsletter for the latest news, business updates, global analysis, and trends shaping financial markets. Amid the volatility of cryptocurrency and a tariff-threatened stock market, certain collectibles offer rare stability in 2025. Hermès’ Birkin bags, in particular, are now rivaling gold as a reliable long-term investment. However, there’s a new trending gem disrupting resale culture, one that has been drawing immense crowds at Glasgow’s Barras Market stall and prompting 3 a.m. campouts in Sydney this week: Pop Mart’s Labubu dolls. Already looking to be this year’s fastest-growing Gen Z-fueled investment, the wonderfully ugly, bunny-eared plushie has revived the cultural impact of art toys in the 2025 resale market. Luxury assets like Birkins, gold, and Pop Mart’s Labubus present an unlikely trio, but all three reflect core elements of collector psychology in 2025: scarcity, sentiment, and status. The cult of Birkin bags Hermès Birkin bags, long synonymous with luxury, delivered an average annual return of 14.2% from 1980 and 2015 — outperforming the S&P 500, which has an average annualized return of around 10%. In the secondary market, pristine Togo leather Birkin 25s or 30s now fetch around $28,000 to $30,000, often more than double their retail value. Exotic leathers and limited editions command even higher premiums. Vanessa Wat, a specialist in handbags and fashion at Sotheby’s Asia, explains, “We are, and have been, seeing healthy growth in both the primary and secondary market for luxury handbags. Calf leather Birkins in desirable sizes and mint condition can easily achieve 2.5 times their original retail price.” Yet the appeal goes beyond monetary value. Wat notes that collectors are drawn to their “meticulous craftsmanship and timelessness,” often passing Birkins down as family heirlooms. With personalization trends like “Jane Birkinifying” (think: charms, twillies, and even Labubus), Birkins straddle the sweet spot of fashion and legacy. Sory Park, project manager at Daxue Consulting, agrees. “Hermès Birkin bags are considered more stable luxury investments compared to trend-sensitive brands like Louis Vuitton or Pop Mart. In China, high-net worth individuals invest in these bags for emotional and symbolic value.” That blend of sentiment, scarcity, and slow-fashion prestige makes the Birkin a blue-chip asset, immune to short-lived hype cycles. The enduring appeal of gold While Birkins are booming, gold has not lost its shine. Hitting record highs of over $3,500 per ounce in 2025, the metal remains a refuge in turbulent times, buoyed by central bank buying, geopolitical tension, and recession fears. JP Morgan analysts predict that gold could reach $4,000 per ounce by mid 2026. Despite offering liquidity, stability, and undeniable cultural value that transcends borders, gold’s performance remains inherently macro-dependent. Wat notes, “While gold remains a stable investment choice, Birkin bags offer a unique opportunity for diversification.” “Gold’s value-storing importance exceeds that of luxury items,” says Park. While Birkin bags may offer higher returns, their value is influenced by market trends and the risk of counterfeits. Gold, on the other hand, appeals precisely because of its dull reliability — it simply holds its value. Labubu: Cute, chaotic, collectible If the Birkin represents legacy and gold symbolizes security, Labubu embodies creative self-expression in a chaotic, Gen Z-fueled wave of accessorizing. It’s more than a trend — it’s a phenomenon Pop Mart has strategically curated to maximize hype and collectibility. Originally launched by Pop Mart and The Monsters creator Kasing Lung, Labubu’s mischievous rabbit-faced figures are now global art toys with immense global fandoms. Brand strategies, such as the introduction of “secret” Labubu colors, are fueling higher resale values. For example, the Macarons Chestnut Cocoa Vinyl Plush Pendant is at a 741% price premium on American resale site StockX, with an average sale price of $135. While all Labubus have a price premium, many are a lot lower than the secret colors, such as Chestnut Cocoa. YouTuber Romina @RominaRoseMay (57,100 subscribers), a dedicated handbag and Labubu collector, showcases over 30 dolls in themed outfits on her channel. “They are collectible art toys after all and deserve to be displayed like a painting,” she says. “Personally, I would have collected them even if they were worth nothing because they fit right into my obsession for fabulously ugly toys and collectibles. But it’s always nice to know what we’re collecting holds resale value.” Some rare Labubus do. The “I Found You” Zimomo plushie, retailing at £164 ($218.59), resold for over £1,000 ($1,332.58). Chinese exclusives with fabric tags can command hundreds. Celebrity co-signs from Rihanna, Dua Lipa, and Blackpink’s Lisa have only amplified demand. The risk of hype-driven collectibility However, that popularity is forcing Pop Mart to tread carefully in order to maintain its standing — after all, what goes up always comes back down. “In Thailand, Labubu resale prices have been falling closer to retail prices as they’ve become more accessible,” says Park. The very factors that drive short-term demand, such as celebrity hype and seasonal drops, also make Labubu vulnerable to saturation and trend fatigue. Romina agrees: “If they ever discontinue the earlier versions, I could see their value go up even more.” That’s the paradox of Labubus: they’re fueled by fandom rather than intrinsic value. Unlike Birkins, Labubu dolls aren’t built for heirloom longevity, and unlike gold, they can’t be converted into liquidity. Rather, they’re the result of impressive marketing, strategic distribution, and a cultural moment where fashion-forward Gen Z consumers are embracing maximalist charm accessories. “One of the reasons Labubu became popular is in part due to its association with K-pop idol group Lisa. While K-pop may have a lasting influence, associations with celebrities tend to be more fleeting — at least when they’re used for short-term promotional tactics,” adds Park. The flourishing world of Labubus reflects how collectors in 2025 are savvy but sentimental, urged by self-expression. As Park observes, the smartest investors “place greater emphasis on intrinsic value, craftsmanship, material quality… over external symbols.” That’s why Birkin bags currently lead in cultural status and consistent returns. While gold remains a stable classic, Labubus have a long way to go before they can be considered a reliable investment. As Sotheby’s Wat puts it, “With any collectibles, whether they be handbags, jewelries, watches, or even paintings, their investment potential comes with standing the test of time.”

Birkin, gold, Labubus: What retains value in 2025?

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Birkin, gold, Labubus: What retains value in 2025?