Fever to fatigue? Pop Mart is actually happy that Labubu resale prices are dropping
This summer, the monster toy Labubu charmed the world with its cute and chaotic energy, commanding resale markups that would make day traders or Rolex flippers blush. One secret blind box edition was selling for over 2,000% above retail prices, according to Nomura. Last month, robbers in California staged a $30,000 heist.
Now, there are signs that the secondary market is losing steam — scalpers are panic-selling, watching prices crater by half or more. But Pop Mart, the Chinese company behind the phenomenon, said the fall in resale prices was just what they wanted.
“Our products are made for people who really connect with the art and joy they bring — and we love seeing that passion. Making this art accessible is key for us,” Pop Mart said in an emailed statement to CNBC.
“If purchases are solely for ‘making a profit,’ this model will eventually crash,” the company added.
Ashley Dudarenok, founder of China research firm ChoZan, said Pop Mart previously let resale prices run to promote desirability, but is now pivoting to a steadier, more sustainable model.
“Labubu’s resale secondhand market significantly boosted the popularity of the toy,” Dudarenok said. “At the same time, it’s not very healthy long-term, because it alienates your real customers, long-term customers. And Pop Mart does not wish to be a one-hit wonder.”
SHANGHAI, CHINA – JUNE 09: Labubu figures and dolls are seen on display at a Pop Mart store on June 9, 2025 in Shanghai, China. From Southeast Asia and Europe to the United States and the Middle East, Labubu – the beloved character from Chinese toy company Pop Mart – is taking the world by storm. (Photo by VCG/VCG via Getty Images)
Vcg | Visual China Group | Getty Images
theme park and collaborates with international brands such as Uniqlo, Disney and Coca-Cola. The company is also investing in original animation, it said, to flesh out character personalities and backstories.
Given a product’s finite lifespan, companies need to capitalize on the buzz while it lasts, said Morningstar’s Zhang. Pop Mart is also expanding beyond the blind box strategy, which gave consumers the dopamine hit that helped fuel the craze but drew warnings from China’s state media about addictive effects on children.
The next hit
The real test for Pop Mart isn’t whether Labubu stays hot – it’s whether it can strike again.
Dudarenok compared Pop Mart’s teams to “modern-day anthropologists,” poring over the hopes and struggles of niche consumer groups to create characters that resonate.
“Pop Mart is consistently digging and looking and curating. And again, it also took Labubu a few years. It wasn’t that it was created and then three months later it became an international sensation,” Dudarenok said.
“I believe that they will still surprise us with something cool in the years to come.”
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