The Labubu fever has worn off: prices are falling on the secondary market

Pop Mart International’s latest release, the 14-piece mini Labubu blind box, achieved a significant premium on the secondary market before its release, but in the past three days the average selling price has fallen to 1,594 yuan ($223) – a 24 percent drop from the previous peak. The original retail price was 1,106 yuan. Half of buyers on Alibaba’s Xianyu platform expect further price drops, especially for the mini version, indicating a weakening of collector confidence.

The current situation is in sharp contrast to the previous, almost hysterical demand that made Labubu plush figures popular with world stars – including BlackPink’s Lisa and David Beckham. The value of the series’ hidden editions has also fallen, including those offered on the Dewu grey market platform.

Pop Mart attributes the decline in part to increased production, which makes the figures available to a wider audience and could benefit the company in the long term. In the short term, however, its Hong Kong-listed shares have fallen 11 percent in three days, and Morgan Stanley analysts have warned of weakening fundamentals.

The Beijing-based company has become one of China’s hottest consumer stocks over the past year, with its share price up 200 percent so far this year, giving it a market value of HK$370 billion ($47.4 billion), and making its founder one of China’s youngest billionaires. At the same time, older series have also suffered a significant loss in value: the hidden edition of Labubu 3.0, which cost 4,000 yuan on the Qiandao platform in June, is now available for only 752 yuan – compared to the official price of 99 yuan.
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