Labubu Sales Slide as Collectors Cool
Pop Mart's global Labubu sales fell by as much as 50% in the three months to September, with US revenue down at least 70%.
Updated on Nov. 8, 2026 in Collecting
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Pop Mart reported that global sales of its Labubu dolls fell by as much as 50% year-on-year in the three months to the end of September, with revenue in the United States dropping by at least 70%. The decline marks a sharp reversal for a product line that had built a devoted following among collectors.
Why it matters
The drop signals that demand for the highly hyped collectible toys may be cooling, which matters for collectors who bought into the trend and for investors in Pop Mart. It also highlights how quickly fad-driven collectible markets can shift.
Blind boxes containing Labubu dolls often sold for $15 or more, and Pop Mart's global sales fell by as much as 50% year-on-year in the three months to September. US revenue fell by at least 70% over the same period.
The players
Pop Mart
Beijing-headquartered toy company that owns the Labubu brand and whose sales figures drove this story.
Ensito
North Carolina Labubu content creator and collector who spent more than $50,000 on a collection of over 400 dolls.
The details
Labubus are sold as sealed blind boxes containing mystery figures, and buyers who could not get the characters they wanted often paid more on the resale market. One North Carolina fan, Ensito, spent more than $50,000 building a collection of over 400 Labubus, and recently his videos about the dolls have struggled to gain views.
Timeline
In 2024, Ensito left his tech job to create Labubu content full-time.
In the three months to the end of September 2026, Pop Mart's global sales fell by as much as 50%.
Culture Shift
The Labubu slump reverses a blind-box boom in which speculative resale demand drove collectors to pay premiums for sealed mystery figures, showing how quickly such collecting fads can cool once the hype fades. Collectors and creators who built their pursuits around the trend now face a market where enthusiasm has noticeably waned.
For collectors, the slowdown means Labubu resale prices and availability may become less volatile than during the peak, and buyers chasing sealed blind boxes may find less pressure to pay premiums. Anyone considering buying into the trend should weigh the recent drop in demand before spending on sealed figures.
The takeaway
Collectible markets built on hype can reverse quickly, so buyers should treat resale premiums with caution and purchase based on personal interest rather than expected appreciation.
Further reading
Explore more on Collecting to see how blind-box trends and resale markets shape collector behavior.
Source note: This article includes information reported by VANNY RADIO.
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