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Pop Mart’s Labubu mania cools as supply surge deflates global resale market
Pop Mart’s Labubu toy frenzy is cooling as resale prices crash due to a surge in supply. Despite falling secondary-market values, the toymaker’s revenue jumped 250% in Q3, with analysts citing strong demand and international expansion potential.
Chinese toy giant Pop Mart’s most popular creation from The Monsters series—boosted by celebrity fans like BLACKPINK’s Lisa, Rihanna, and David Beckham—is now facing a sharp market correction, as prices in the global resale market tumble amid rising supply.
After months of frenzied demand and sky-high resale prices, the once red-hot Labubu collectible toy craze is cooling off. Chinese toy giant Pop Mart’s most popular creation from The Monsters series, boosted by celebrity fans like BLACKPINK’s Lisa, Rihanna and David Beckham is now facing a sharp market correction, as prices in the global resale market tumble amid rising supply, Reuters reported.
In Thailand, where Pop Mart’s fandom exploded this year, 22-year-old reseller Kasidit Teerawiboosin says the secondary market has shifted dramatically. “Prices are going down really, really fast,” he told Reuters, adding that flipping unopened Labubu toys for quick profits is no longer easy money.
Data from Chinese resale platform Qiandao shows that the “Luck” Labubu figurine, which peaked at over 500 yuan ($70) in June, now trades at nearly one-fifth that price. Other characters have even dipped below official Pop Mart retail rates, signaling a swift end to the speculative boom.
While investors initially interpreted the decline as cooling demand, Pop Mart executives insist the issue is oversupply, not waning interest. “It’s like concert tickets,” said Sid Si, Pop Mart’s Executive Director and co-COO. “Fans rush to buy resold tickets because venues can’t expand—but unlike concerts, we can increase production to meet demand.”
The company has reportedly ramped up monthly production to 30 million units, a tenfold jump from last year, flooding the market with new stock.
Even as Labubu’s resale hype fades, Pop Mart’s overall sales remain robust, with revenue jumping 250% in Q3.
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