The once-premium value of Labubu collectibles is diminishing in China’s secondary markets, signaling a decline in speculative demand as collectors become more cautious about the value of Asia’s highly hyped designer toys.
Resale premiums for the latest release from Pop Mart International—a blind-box containing 14 mini Labubus—have fallen 24% from their peak just two weeks prior, according to data from reseller platforms.
On Qiandao, a Chinese platform dedicated to pop toy resale, the set traded at an average of 1,594 yuan ($223) over three days earlier this week, up from its original retail price of 1,106 yuan.
Data from Xianyu, a secondary marketplace owned by Alibaba, indicates that 50% of consumers expect mini Labubu prices to decline further, compared to 38% who believe the value of a slightly larger version might drop, reflecting waning confidence in resale prospects.
This downward trend in premiums contrasts sharply with the fervent demand that previously characterized Labubus—a rabbit-eared plush toy popular among celebrities like Lisa from Thailand and David Beckham. The launch of a mini version last month sparked quick sellouts across China, the US, Japan, and South Korea.
Resale prices for two hidden editions of the series have also decreased, including on Dewu, China’s largest grey-market platform.
Pop Mart attributed the price declines in the secondary market partly to increased production, with a spokesperson stating that making products more accessible benefits the company’s long-term growth.
“In the long term, this will promote the development of the company’s performance,” the spokesperson added.
Based in Beijing, Pop Mart has become one of China’s hottest consumer stocks over the past year, driven by soaring demand for its distinctive plush toys. The company’s shares have surged approximately 200% in 2025, reaching a market capitalization of HK$370 billion (about US$47.4 billion) as of Wednesday, and turning its founder into one of China’s youngest billionaires.
However, the company’s Hong Kong-listed shares declined 11% this week amid signs of weakening fundamentals, which Morgan Stanley analysts partly linked to the diminished resale premiums for mini Labubus.
Prices for earlier series Labubu dolls also declined after the mini version’s release. A hidden edition from the Labubu 3.0 series, which was priced over 4,000 yuan on Qiandao back in June, now trades at around 752 yuan—significantly less than its original retail price of 99 yuan.