Pop Mart's Labubu collectible sales drop as craze fades

The popularity of Labubu, a series of quirky collectible monsters sold in sealed 'blind boxes,' has significantly declined, BBC Business reported. At the height of the craze, collectors paid $15 or more per box, with some reselling characters at even higher prices.

A dedicated fan known as Ensito, who left his tech job in 2024 to focus on Labubu content creation, has seen his viral posts lose traction recently. He has spent over $50,000 building a collection of more than 400 Labubu figures and even customized his appearance to match the brand.

Despite the initial hype that made Pop Mart's valuation surpass major toy companies like Hasbro and Mattel combined, the Beijing-based company is now facing a downturn. Analysts suggest Pop Mart struggles to maintain interest beyond a single viral trend.

Pop Mart's global sales reportedly fell by as much as 50% in the three months ending September, indicating a significant drop in consumer demand for the collectible toys.

Ensito has shifted his focus to other trends such as Hello Kitty and squishies, reflecting the broader market's move away from the Labubu phenomenon.