Labubu sales are slumping. Is the craze over?
The Labubu toy craze, once a global phenomenon powered by exclusive blind-box releases and celebrity buzz, is cooling as mainstream demand wanes and production ramps up. A devoted collector who quit his job to chase new releases highlights the shift from viral hype to sustainability, while Pop Mart’s sales slump—down as much as 50% in three months, with the US hit hardest—signals broader caution about long-term loyalty. Competitors and alternative blind-box lines are gaining traction as the novelty fades, prompting questions about enduring character development and the role of storytelling in driving value. The outlook hinges on whether Pop Mart can cultivate lasting attachment to characters beyond celebrity-driven moments, or if interest will continue to drift toward newer trends. The trend’s decline appears gradual, with fans recalibrating choices and prioritizing personal appeal over hype.
Dive Deeper:
Labubu dolls, launched in 2019 by Pop Mart, exploded in popularity through blind-box sales, becoming a fashion statement and drawing celebrity attention, including Kim Kardashian and Lisa from Blackpink.
A prominent collector, known as Ensito from North Carolina, left his tech job in 2024 to pursue Labubu content full-time and spent over $50,000 building a collection of more than 400 dolls, even commissioning custom teeth for events, but his engagement has since waned as viral posts decline.
Pop Mart’s global sales for the three months ending in September dropped up to 50% year-over-year, with US revenue down by at least 70%, signaling a broader deceleration beyond China.
As exclusivity faded with increased production, the sense of scarcity that fueled demand weakened, according to industry observers, contributing to a slowdown in new purchases and unboxings.
Rivals such as Sonny Angels, Smiski, My Little Pony, and Miniso’s Disney/Marvel lines have gained attention in the blind-box space, intensifying competition for consumer interest and spend.
Analysts question Pop Mart’s ability to sustain growth without enduring characters, contrasting with Sanrio’s ability to cultivate lasting appeal, and noting Pop Mart’s diversification efforts, like a Beijing theme park and a Labubu film, to broaden the brand.
Despite the cooling trend, core fans remain engaged, arguing that the joy and nostalgia of collecting persist even as the hype fades, with some collectors focusing on curation and personal preference over chasing the latest release.