Labubus prices falling - is the end of the hype approaching?
12.9.2025
Translation: machine translated
Prices for Labubu figures are falling, at least on resale platforms in China. Market observers see this as a sign that the hype is cooling down. The manufacturer's shares are losing value.
It was the toy trend of the summer: Labubus, usually eight or 17 centimetre tall figures that trend-conscious people hang on their handbags or school desks for easy viewing. Influencers have popularised the Labubu figures. What's more, you only find out which figure you paid between 50 and 100 francs for after you've bought it. However, there are now also opportunities to choose a Labubu specifically.
Many justified the purchase by saying that there is a collector's scene surrounding the Chinese toys from Pop Mart. In fact, the toy figures were recently traded at prices that were in some cases significantly higher than the original price.
Prices of older figures fall more sharply
How the «Handelsblatt» now reports, the value of a special edition with 14 mini-Labubus has plummeted by 24 per cent compared to its peak. This was determined by data from Qiandao, a platform that specialises in trading «art toys» such as blind boxes, trading cards and video game accessories. According to the data, the set was recently sold for the equivalent of 191 euros on average. This is still higher than the official retail price, but a far cry from the peak prices achieved at the height of the hype.
According to «Handelsblatt», the price drop for older figures is even greater. A doll from the Labubu 3.0 series, which was traded for more than 4000 yuan (480 euros) on Qiandao in June, is now available for 752 yuan (around 90 euros).
And it is not just the data from Qiandao that is being taken as a signal that the Labubu hype is coming to an end. According to data from Xianyu, another secondary marketplace run by Chinese retailer Alibaba, 50 per cent of consumers expect prices for mini labubus to continue to fall. And 38 per cent expect that there will also be a drop in value for larger figures.
Pop-Mart shares lose value
Pop Mart, the manufacturer of the figures, is obviously not too worried. The fall in prices on the second-hand market is partly due to increased production, said a spokesperson. This has made the company's products more accessible to consumers. «In the long term, this will be beneficial for the further development of the company», said the spokesperson in response to a question from Bloomberg.
From the company's point of view, this is perhaps understandable, as higher production with, at best, stable retail prices can actually increase sales. However, this means that once a Labubu has been purchased, it is a mass product - with no chance of increasing in value. But that shouldn't matter to Pop Mart.
Investors on the stock markets do not seem convinced by the Pop Mart strategy. The company's shares, which are listed in Hong Kong, have fallen by eleven per cent in the last three trading days. Analysts are criticising the toy manufacturer's weaker fundamental data. Nevertheless, investors are complaining at a high level: Pop Mart's stock market value has recently increased rapidly, rising 200 per cent in the last twelve months, and the company is valued at 40.6 billion euros. That is more than twice as much as Geberit, for example.
Are you still in Labubu fever? Or have you already tried selling a figure again?
Header image: Shutterstock
Martin Jungfer
Head of Content
Martin.Jungfer@digitecgalaxus.chJournalist since 1997. Stopovers in Franconia (or the Franken region), Lake Constance, Obwalden, Nidwalden and Zurich. Father since 2014. Expert in editorial organisation and motivation. Focus on sustainability, home office tools, beautiful things for the home, creative toys and sports equipment.
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