Not quite. The evidence points to Labubu’s scarcity-driven resale frenzy cooling as Pop Mart expanded supply—not to proof that the character or Pop Mart’s collectibles business collapsed. Resale prices, public attention and the company’s overall performance are different measures, and they do not tell the same story.
What is Labubu, and why did the doll become a phenomenon?
A character within The Monsters
Labubu is one character in Pop Mart’s The Monsters family, not a separate company or the name of every product in that line. That distinction matters when assessing its commercial success: Pop Mart’s reported revenue for The Monsters covers the wider character family, not Labubu alone.
Plush collectibles and the scarcity effect
Pop Mart’s interim report for the six months ended June 30, 2025, says the third-generation Big into Energy Vinyl Plush series launched in the first half of that year. The company described Labubu as among the world’s most sought-after IPs during the period and the launch as a global phenomenon. Those are Pop Mart’s descriptions of its own performance, not an independent measure of worldwide demand.
Blind-box releases and limited access can encourage collectors to seek particular designs through resale markets. But the excitement around an item, the price a reseller asks, and the number of people who want to buy at retail are not interchangeable measures. A premium can reflect scarcity or speculation as well as lasting collector interest.
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- POP MART THE MONSTERS Big into Energy Series-Vinyl Face Plush Blind Box: The blind box contains a random figure from a specific series. Each blind box only contains one figure. No one, including us, knows what's inside. This collection contains 6 blind box figures, one of them might be the secret edition.
- Random Design: Blind boxes are fully random and we cannot accept requests for specific items. There chances of getting the secret edition are usually 1/72. When purchasing the whole set, there will be no duplicates figures.
- Ideal Gift Choice: These figures are the perfect gift for any occasion, be it Children's Day, Christmas, Halloween, Thanksgiving, or New Years. A piece of art expressing deep feelings and complicated emotions, it's also a wonderful home decor gift for your family or friends.
- Materials and Safety: Standing 6.69 inches in height, each figure is crafted from premium materials including durable PVC plastic, ABS, and paper. Finished with non-toxic, odorless paint, our toys meet rigorous safety standards to ensure a safety for customers.
- Customer Services: If you receive a damaged item or encounter quality issues, please refer to the contact information on the product detail page, or scan the QR code on the store's homepage under the 'Help' section. We are committed to ensuring a satisfying customer experience.
Did Labubu’s popularity actually fall?
Resale premiums cooled as supply grew
CNA reported that Pop Mart said it increased plush supply tenfold in 2025 and was producing around 30 million units a month. In the same report, Morningstar analyst Jeff Zhang cautioned that lower resale prices could reflect greater supply and demand being satisfied. A falling resale premium, on its own, cannot establish that consumers have stopped wanting Labubu.
Pop Mart executive director and co-COO Sid Si likened the resale situation to concert tickets, as quoted by Reuters in CNA’s report. The comparison captures why resale prices can move sharply around supply and availability; it does not turn those prices into a reliable forecast of a collectible’s future value.
Search and marketplace signals suggest normalization
The Business Times later reported that search interest in Labubu had moderated from its peak. Its account also cited Pop Mart’s Q1 2026 business update, which reported year-over-year revenue growth of 75–80%, with growth rates differing across regions. The Business Times described Carousell searches that gave greater prominence to other characters and toy franchises.
Rank #2
- POP MART THE MONSTERS Let's Checkmate Series-Vinyl Plush Hanging Card: MORE TO LIGHT UP PASSION AND BRING JOY.
- Cute Size Toys: The height of each figure is 6.69 inches.
- Perfect Gifts for Girls or Boys: A collectible toy gift. Good for home decor, party favors, desk accessories, or inside cars. A piece-of-art expressing feelings and emotions. Great for sharing with family and friends.
- Non-toxic Material: harmless, and odorless PVC/ABS/NYLON/HARDWARE material. Lively and precise coloring. Smooth and high-quality surfacing.
- Customer Services: If you receive a damaged item or encounter quality issues, please refer to the contact information on the product detail page, or scan the QR code on the store's homepage under the 'Help' section. We are committed to ensuring a satisfying customer experience.
These are reported indicators from search and marketplace activity, not a universal count of collectors or purchases. Taken together, they support a picture of attention easing from a peak and interest moving around a broader collectibles market—not a definitive verdict that Labubu is over.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsWhat do Pop Mart’s results say about a “fall”?
Company results provide important context, but they cannot prove that every character is equally popular. The available figures separate into different periods and scopes:
| Measure | Reported figure | What it establishes |
|---|---|---|
| Pop Mart revenue, six months ended June 30, 2025 | RMB 13,876.3 million, up 204.4% year over year, according to Pop Mart’s interim results | Strong company-wide growth in that half-year; not Labubu-only sales. |
| The Monsters revenue, same six-month period | RMB 4,814.0 million, according to Pop Mart’s interim results | Revenue for the character family, not Labubu alone. |
| Pop Mart annual revenue in 2025 | 37.1 billion yuan, up 185%, reported by the Associated Press in March 2026 | The company remained large and growing across 2025; this is not a standalone measure of Labubu demand. |
| The Monsters share of 2025 revenue | Roughly 38%, according to the Associated Press | The Monsters was a substantial part of the business; the share must not be described as Labubu’s share. |
The figures do not show a company-wide collapse. They also do not establish how much revenue came from Labubu specifically. The Monsters includes other characters, and neither the family-level figures nor Pop Mart’s total results can be recast as Labubu-only sales.
Rank #3
- POP MARTTHE MONSTERS ROCK THE UNIVERSE Vinyl Plush Doll: MORE TO LIGHT UP PASSION AND BRING JOY.
- Cute Size Toys: The height of each figure is 14.57 inches (37 cm).
- Perfect Gifts for Girls or Boys: A collectible toy gift. Good for home decor, party favors, desk accessories, or inside cars. A piece-of-art expressing feelings and emotions. Great for sharing with family and friends.
- Non-toxic Material: harmless, and odorless PVC/ABS/NYLON/HARDWARE material. Lively and precise coloring. Smooth and high-quality surfacing.
- Customer Services: If you receive a damaged item or encounter quality issues, please refer to the contact information on the product detail page, or scan the QR code on the store's homepage under the 'Help' section. We are committed to ensuring a satisfying customer experience.
Why can resale prices and demand tell different stories?
A collectible’s resale price is formed in a secondary market, where supply, reseller behavior and access to retail all matter. If more units reach stores, a buyer may have less reason to pay a premium—even if the character remains popular. Alternatively, a lower price may accompany weaker demand or less speculative activity. The cited reporting does not isolate one cause.
- More retail supply: greater availability can reduce scarcity premiums without proving that interest has disappeared.
- Less speculation: if fewer buyers are competing to resell or acquire a hard-to-find item, resale prices may ease.
- Changing tastes: collectors may shift attention among characters, series or toy franchises.
- Different products: a plush keychain, a vinyl plush and other The Monsters releases are not interchangeable; comparisons should identify the specific format and series.
For buyers, retail access and a seller’s trustworthiness are more practical checks than treating a resale quote as an enduring value. For anyone considering a purchase as an investment, the available evidence does not support a price forecast.
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What does the counterfeit evidence show?
A marketplace-specific signal
SODA, the operator of the SNKRDUNK marketplace, said its transaction and authentication records showed counterfeit Labubu arrivals in July 2025 at about 2.7 times January 2025 levels. The release covered Pop Mart-related products traded on SNKRDUNK from August 1, 2024, through July 31, 2025. This is a signal from that platform and period—not an estimate of counterfeit prevalence across all marketplaces or countries.
Rank #4
- POP MART THE MONSTER PIN FOR LOVE SERIES - Vinyl Plush Pendant blind box (A-M): The blind box contains a random figure from a specific series. Each blind box only contains one figure. No one, including us, knows what's inside. This collection contains 14 blind box figures, one of them might be the secret edition.
- Random Design: Blind boxes are fully random and we cannot accept requests for specific items. There chances of getting the secret edition are usually 1/168. When purchasing the whole set, there will be no duplicates figures. However, if you order multiple single boxes, there is possibility to get duplicates.
- Ideal Gift Choice: These figures are the perfect gift for any occasion, Christmas, Halloween, Thanksgiving, or New Years. A piece of art expressing deep feelings and complicated emotions, it's also a wonderful home decor gift for your family or friends.
- Materials and Safety: Standing 4.13 inches in height, each figure is crafted from premium materials including durable PVC plastic, ABS, and paper. Finished with non-toxic, odorless paint, our toys meet rigorous safety standards to ensure a safety for customers.
- Customer Services: If you receive a damaged item or encounter quality issues, please refer to the contact information on the product detail page, or scan the QR code on the store's home page under the 'Help' section. We are committed to ensuring a satisfying customer experience.
A U.S. safety warning about fakes
On August 18, 2025, the U.S. Consumer Product Safety Commission warned that counterfeit Labubu plush figures and keychains it described could fit in a young child’s mouth or break into small pieces, creating choking hazards. The warning concerns counterfeit lookalikes, sometimes called “Lafufu”; it is not a finding that authentic Pop Mart products share that cited hazard. The CPSC urged consumers not to buy the fakes and to stop using them.
The CPSC advises buyers to use trusted sellers and check product details. It lists a holographic Pop Mart sticker and a scannable QR code that links to Pop Mart’s site as authenticity cues; newer editions may also have a subtle UV stamp. These cues can help with a check, but visual features alone cannot guarantee authenticity. The agency also advises checking seller trustworthiness and safety labeling.
How should collectors respond to the cooling?
If you want a Labubu for yourself
- Identify the exact series and format you want rather than comparing every Labubu or The Monsters product as if it were the same release.
- Check official or otherwise trusted retail channels before paying a secondary-market premium.
- Assess the seller and the product’s authenticity cues; do not assume a marketplace listing has been authenticated simply because it is listed there.
- For a product intended for a child, take the CPSC’s warning about counterfeit plush figures and keychains seriously.
If you are thinking of reselling
Do not treat an earlier resale peak as a dependable benchmark for future prices. The reporting describes expanded supply and shifting market attention, while leaving the relative effects of supply, demand and speculation unresolved. A current resale quote is evidence of a particular offer or transaction, not a stable valuation.
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So, is it “bye-bye” to Labubu?
The more defensible answer is that the frenzy has moderated, not that Labubu has vanished. Reported search interest and resale activity have cooled from their peaks, while Pop Mart’s 2025 results show substantial company-wide growth. Those facts can coexist: a character’s secondary-market premium may fall as supply improves even as the company grows, and company growth does not prove that Labubu’s peak attention will return.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
