I know a few proud Labubu wearers and they are all trendy adults 40+. Focus on "trendy": they liked the surprise of it, the signaling of it, and above all the exclusivity. That was 1-2 years ago. Only nowadays it migrated to younger and kids, and said adults are past their phase while their children asked for Labubu presents (the younger would accept knockoffs as well). So in my experience it was totally a fashion fad. Maybe every group/region/society lived it differently?