Key points

  • According to the BBC, global sales for toy maker Pop Mart fell by as much as 50% in the three months leading to September compared to the previous year.
  • A North Carolina-based mega-fan, known as Ensito, spent over $50,000 on more than 400 Labubu dolls before experiencing a notable drop in his video engagement.
  • Marketing experts note that the toys' initial success was driven by blind boxes and celebrity endorsements from figures like Kim Kardashian and Lisa from Blackpink.

According to a BBC report, the widespread enthusiasm for collectible Labubu monster dolls has begun to fade significantly after a period of intense global popularity. Collectors who previously lined up for mystery packages are increasingly moving on to other trends.

KEY DETAILS

Pop Mart recently disclosed that its global sales in the quarter ending in September dropped by up to 50% year-on-year, as reported by the BBC. The decline was particularly pronounced outside of mainland China, with United States revenue decreasing by at least 70%.

The craze, which began after the 2019 launch of the characters, drove Pop Mart's valuation past major toy corporations like Hasbro and Mattel, according to BBC findings. Fans frequently purchased sealed blind boxes priced at $15 or higher, hoping to secure rare editions. National University of Singapore marketing lecturer Samer El Hajjar told the BBC that the difficulty in finding specific dolls was a primary driver of consumer persistence.

High-profile endorsements further fueled the trend, with celebrities including Kim Kardashian and Blackpink's Lisa displaying the creatures. Demand occasionally led to physical altercations among customers, prompting Pop Mart to temporarily pull the items from UK storefronts, while secondary market transactions saw extraordinary sums, such as one fan spending more than $150,000 on a human-sized version, according to the BBC.

Content creators felt the shift firsthand. Ensito, a dedicated collector who left his technology career in 2024 to produce full-time Labubu media, informed the BBC that he accumulated over 400 items at a cost exceeding $50,000. He even modified his teeth with custom dental work resembling the characters' jagged features. However, he noted that his online viewership has slowed, prompting him to pivot toward alternative properties like Hello Kitty and squishies.

CONTEXT AND IMPACT

Marketing professional Katelynn Carlson explained to the BBC that the blind box distribution method successfully replicated nostalgic childhood gift-opening experiences, enhancing the collectibility of the items. However, industry analysts observing the Beijing-based company suggest that maintaining momentum beyond an initial viral wave remains a fundamental challenge for novelty-driven toy manufacturers.

SUMMARY AND WHAT Next

While Pop Mart previously established Labubu as its most successful product line, current market data indicates a cooling consumer interest outside its domestic market. Whether the brand can reignite international demand or adapt to changing digital trends remains uncertain.