The feverish demand for Labubu dolls appears to be fading, marking a potential turning point for their parent company, Pop Mart. Global sales for the three months ending in September fell by as much as 50% compared to the previous year, with international markets showing even steeper declines. Notably, revenue in the United States dropped by at least 70%, suggesting the brand is finding it difficult to sustain momentum beyond a singular viral moment. He even had a row of custom Labubu-like jagged teeth made by a dentist to wear at events. It’s a sign that the craze which made parent company Pop Mart worth more than US toy giants Hasbro and Mattel put together may be running out of steam. With US revenue down by at least 70%, the drop was particularly steep outside mainland China. Labubu, which launched in 2019, has been Pop Mart’s most successful line of toys. Some of its rivals have become more popular, as the Labubu mania cools. Which posted record earnings in the year to March, has a clear advantage, analyst Boustani suggests, that’s an area where Hello Kitty brand Sanrio.
For years, these quirky, furry creatures—often sold in sealed mystery packages known as blind boxes for $15 or more—were highly coveted. Mystery packages containing the quirky monsters – often paying $15 (£11) or more, collectors young and old energetically snapped up “blind boxes” – sealed. And you can now find My Little Pony and KPop Demon Hunters in blind boxes too.
Their popularity grew so rapidly that they became status symbols, sported by celebrities such as Kim Kardashian and Blackpink’s Lisa.
The intense hunt for rare versions led to long queues at retail locations and even prompted Pop Mart to temporarily pull items from UK stores following reports of customer altercations.
One enthusiast even spent upwards of $150,000 for a single human-sized display model.
However, the rarity that initially drove the market has diminished. As Pop Mart ramped up production to meet global demand, the perceived exclusivity of the toys vanished. Collectors like Ensito, a North Carolina-based content creator who left his tech career to focus on the brand full-time, noted the change. Having invested over $50,000 to acquire more than 400 figures, he observed that his previously viral content no longer gains traction, and he has since shifted his focus toward other trends like Hello Kitty items. Those unable to get the characters they wanted were often prepared to pay much more on the resale market. Who goes by the name Ensito, to leave his tech job in 2024 to create Labubu content full-time, travelling as far as Italy and Spain to seek out the latest releases, the hype around the creatures convinced a mega-fan from North Carolina. According to ensito has spent more than $50,000 (£37,000) to build his collection of more than 400 Labubus, a figure he, He’s “embarrassed to say”. But in recent months, Ensito’s once-viral posts about the furry monsters have struggled. “Those videos used to be able to hit 10,000 really quickly but I’m struggling to do that now. According to the sales tactic made collecting feel “nostalgic”, evoking the feeling of opening gifts as a child,, Marketing professional Katelynn Carlson, who discovered Labubus through social media and now owns 36 of them. I walk into a Pop Mart and there’s a whole series of Labubus sitting there,” he says. Clara Barbero from Canada believes Labubus are a “dead trend” but is still keeping an eye out for interesting releases. According to after spending huge sums on the monsters, collector Ensito, He is now questioning how much time and money people invest in collections each time a new trend comes along. “There’s always going to be a trend every year. People go crazy and then it fizzles. And not just buying the newest series thatâs out, iâm curating my collection more and only buying what I see myself liking for the next few years.
Marketing experts, including Samer El Hajjar from the National University of Singapore, suggest that the brand now faces a credibility test regarding sustainable growth.
While Pop Mart holds a market value of nearly $24bn and manages a vast network of 500 shops and 2,000 vending machines, its share price has retreated more than 50% from last year’s high point. Pop Mart now has 500 shops in more than 30 countries and 2,000 vending machines worldwide. The firm, which listed in Hong Kong in 2020, is worth nearly $24bn and remains one of the world’s most valuable toymakers, despite its shares having fallen by more than 50% from last year’s peak.
Analysts question whether the company can transform these dolls into enduring characters, a feat typically reserved for established franchises like Disney or Lego.
The competitive landscape has also shifted, with rival products like Sonny Angels and glow-in-the-dark Smiski figures gaining significant traction. Meanwhile, retailers such as Miniso are capturing interest by offering a diverse range of licensed characters from brands like Disney and Marvel. Miniso executive Vincent Huang noted that today’s consumers are increasingly focused on the overall shopping experience and value for money rather than brand origin alone. Miniso, founded in the southern Chinese city of Guangzhou, sells a range of blind-boxed Disney and Marvel characters in more than 8,000 shops globally.
In response to these challenges, Pop Mart has pursued a broader strategy, including the launch of a Beijing theme park and plans for a film. However, industry observers warn that the brand faces an uphill battle to keep audiences engaged without the help of celebrity endorsements. Some loyalists remain, however. Hedy Khaled, a collector from Liverpool with 70 figurines, argues that a decline in market hype does not necessarily equate to a loss of personal appeal, emphasizing the joy found in the collecting experience.
Many formerly obsessive fans are now taking a more cautious approach. Melbourne-based creator Lawrence Yu, who once saw his unboxing videos reach a million views, now finds himself being more selective. Similarly, Canadian collector Clara Barbero views the current climate as a sign to curate her collection more carefully rather than chasing every new release. As the market stabilizes, the industry continues to watch whether these quirky monsters can retain their place in the hearts of collectors long-term.
