Is Labubu Losing Its Magic? What Pop Mart’s Price Drop Reveals

Pop Mart, the Chinese collectibles giant behind the viral Labubu toy, is witnessing a sharp decline in resale prices across Asia and beyond, but the reason may lie more in economics than hype fatigue.

According to Reuters, the company boosted production of Labubu plush toys nearly ten-fold this year, producing roughly 30 million units monthly to meet unprecedented demand.

This surge in supply has flooded the secondary market, driving prices down from summer peaks above 500 yuan ($70) to near 100 yuan. Analysts note that resale values are a poor proxy for demand, with Pop Mart’s overall revenue still soaring 250 percent in Q3.

Meanwhile, new characters like “Twinkle Twinkle” are emerging as the brand’s next growth drivers amid global expansion into markets such as Thailand, Europe, and Russia.

Pop Mart executives argue the falling resale prices show success in meeting fan demand — not decline — as the brand matures into a mainstream entertainment company.