From boom to bust: Labubu tumbles on resale market as hype fades

Pop Mart's Labubu figures used to be more than beloved collectibles – they were speculative gold. Recently, however, their resale prices have all but collapsed.

Just a few weeks ago, rare hidden editions (e.g. the "ID" Labubu) sold for over 10,000 yuan on resale platforms. Now, that same figure has cratered to 834 yuan on Dewu.

Regular models from the latest fourth-generation Mini Labubu blind-box series (launched 28 August at 79 yuan per blind box, or 1,106 yuan for a full set) briefly spiked to 3,200 yuan per full set due to reseller activity – only to normalize later.

Less popular individual variants (like "I" or "N") are now going for 81 yuan. Older third-generation full sets have halved or more: from 1,380 yuan in mid-June to roughly 600-700 yuan by early September.

Resellers are taking a cautious approach. On social media, some report pausing purchases amid steep price drops.

Veteran reseller surnamed Yu told Cover News she expects losses on three full sets she has yet to sell, saying "Labubu used to be hard currency, but this market reaction was completely unexpected."

The Labubu frenzy once fueled spectacular sales: a human-scale Labubu figure fetched 1.08 million yuan at a Beijing auction earlier this year, while similar mega-editions previously commanded six-figure prices.

Pop Mart's own performance has surged alongside the craze – first-half 2025 revenue jumped to 13.88 billion yuan, with net profit soaring nearly 400 percent year-on-year, according to company filings. Overseas revenue now accounts for about 40 percent of its sales.

Shares of Pop Mart International have climbed more than 230 percent year-to-date, though they've eased from a recent high near HK$339.80 to around HK$276. Analysts warn that high valuations leave the stock sensitive to shifts in collector sentiment.

Fans themselves are split. Some lament crashing prices, while others welcome the chance to finally complete collections without paying inflated premiums.

On Xiaohongshu, swap events and comment-section trading have become common. "A full Labubu set comes with 14 letters – no one likes every single one," one user wrote. "Once people get theirs, prices will drop, so there's no need to rush."

Zhang Shule, an industry analyst, told Yicai Global that highly popular IPs inevitably attract speculative resellers, but overpricing does not benefit the company or fans in the long term.

"Once supply catches up and hype cools, prices naturally correct," he said.

This cycle isn't unique to Labubu. Sudden-hit IPs – from Pokémon cards to Disney collectibles – have seen comparable booms and busts.

The sneaker market offers an especially clear parallel: the iconic Yeezy models that once flipped for over US$1,000 have seen resale prices cut in half or more.

Nike and Air Jordan resale markets have shown signs of softening too, even while rare models such as the Air Jordan XIII 'Last Dance' shoes fetched US$2.2 million at Sotheby's in 2023.

These corrections often follow the same script: limited supply fuels a buying frenzy, secondary prices spike, and speculative resellers flood in.

For Labubu, the crash may prove less an ending than a reset. As quick-profit seekers exit, committed collectors are regrouping.

Analysts told Yicai that as long as Pop Mart continues to innovate with new IPs, the company can maintain momentum despite the cyclical nature of hype-driven collectibles.