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Why Gen Z is collecting dolls instead of saving for a home

One theory is that collecting the figurines is a contemporary manifestation of the lipstick effect, when people indulge in little luxuries in times of hardship.

Blind boxes are about the journey, not the destination.

First comes the suspense of not knowing which creature you’ll get (hopefully not the mushroom Sonny Angel, one of the most unpopular).

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Isabella Freeland is a journalist for The Australian Financial Review.

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    Original URL: https://www.afr.com/wealth/personal-finance/labubu-sonny-angels-gen-z-housing-affordability-nostalgia-20250701-p5mbm5