Eliza Wong
The once-fervent speculation around Labubu collectibles is showing clear signs of cooling as secondary market prices experience significant corrections and Pop Mart’s stock price breaks below the HK$300 psychological barrier. Market data from September 2025 indicates a dramatic shift in collector sentiment toward more rational pricing.
Labubu Secondary Market Prices Enter Correction Territory
As of September 10, 2025, Labubu trading prices on secondary platforms are experiencing rollercoaster volatility with clear downward momentum. Search results for “Labubu” across major resale platforms show declining average transaction prices and more bearish sentiment among traders.
The current most popular product, the third-generation Labubu “Warning Series” launched in 2025, provides a clear example of this cooling Labubu hype. This set contains 1 hidden edition and 6 regular editions with an original retail price of 99 yuan each. According to statistics from the Science and Technology Innovation Board Daily, regular editions now trade on secondary markets within a 90-130 yuan range, with one variant even falling below its original retail price.
Hidden Edition ‘Ego’ Experiences Dramatic Price Correction
The hidden edition “Ego” represents the most striking example of how the Labubu hype cools down. This tie-dye art, dark-style collectible was released as a globally limited edition, becoming Pop Mart’s star product for 2025 due to its scarcity and social media appeal. Secondary market prices once skyrocketed to nearly 5,000 yuan, representing a nearly 50-fold premium over its original price.
By September 10, 2025, the hidden edition “Ego” has seen its secondary market price generally pull back to the 700-800 yuan range, with clear downward pricing trends over the previous 30 days. This significant correction demonstrates how the Labubu hype cools down as supply increases and speculative fervor diminishes.
Mini Labubu Edition Follows Similar Pattern
The “Mini Labubu” edition, launched on August 28, 2025, has similarly experienced declining secondary market enthusiasm. With an original retail price of 79 yuan per piece, the hidden edition initially commanded premiums exceeding 1,000 yuan on resale markets. Currently, the entire series trades within an 80-650 yuan range on secondary platforms, indicating substantially reduced speculative interest.
This across-the-board price correction in the Labubu secondary market reflects several fundamental shifts:
– Increased market supply reducing scarcity premiums
– Growing collector resistance to excessive premiums
– More rational evaluation of intrinsic collectible value
– Reduced speculative trading activity
Pop Mart’s Strategic Response to Market Overheating
The secondary market cooling coincides directly with Pop Mart’s official response to excessive premiums. On June 18 evening, the company executed a surprise multi-channel “restocking operation” for the third-generation Labubu “Warning Series.”
This marked the first global online pre-sale for this product line, with simultaneous restocking across Pop Mart’s official WeChat mini-program, official blind box machine mini-program, Douyin live broadcast room, Tmall live broadcast room, and other official platforms. Pre-sale periods were extended through September 24, significantly increasing potential supply.
Restocking Volume and Market Impact
According to official data, Pop Mart’s JD.com flagship store recorded over 300,000 sales, while its Tmall flagship store exceeded 700,000 sales. Total cross-channel restocking is estimated between 4-5 million units. At 99 yuan per unit, this represents approximately 4-5 billion yuan in sales revenue.
The market impact was immediate and severe for secondary traders. The day following this “surprise” restocking operation, the Labubu 3.0 series secondary market entered what traders described as a “winter season.” According to previous reports from The Paper, scalper回收 (recycling) prices experienced halving declines.
Complete sets of 6 blind boxes saw回收 prices drop from 1,500-2,800 yuan before pre-sales to 650-800 yuan afterward. Some hidden edition single piece prices fell from 250 yuan to 100 yuan. In scalper communication groups, sellers offered pre-sale orders for 1,200 yuan without finding buyers, with some offers dropping as low as 700 yuan.
Secondary Market Participants React to Changing Conditions
Market participants have responded to these changing conditions with increased caution. Some scalpers have temporarily suspended purchasing activities. On social platforms, one scalper posted: “Labubu series purchasing suspended, entire series experiencing major price drops, waiting for bull market return.”
Another scalper commented: “I’m still holding three complete unopened cases that I haven’t been able to sell, probably facing thousands in losses… The market suddenly flooded with Labubu inventory, but buyers are watching and waiting for further price declines.”
This sentiment reflects how the Labubu hype cools down as market dynamics shift from scarcity to adequate supply. Traders who previously benefited from limited availability now face challenging market conditions with increased inventory and diminished demand at premium prices.
Pop Mart Stock Performance Reflects Market Sentiment Shift
Pop Mart’s stock performance has mirrored these collectible market developments. The company’s shares had experienced sustained growth throughout 2025, driven largely by the phenomenal success of Labubu and other popular IP products. The market capitalization reached approximately 370 billion Hong Kong dollars at its peak.
However, since late August, the stock has undergone continuous adjustment. As of this writing, the share price has broken below the psychologically important 300 Hong Kong dollar level, declining to approximately 270 Hong Kong dollars. This 10%+ correction from recent highs demonstrates how investor sentiment aligns with the cooling Labubu hype observed in secondary markets.
Market Implications and Future Outlook
The current market correction represents a potential healthy development for the collectibles industry and Pop Mart specifically. While extreme premiums generated short-term excitement and media attention, unsustainable price levels risked alienating genuine collectors and creating bubble conditions.
The company’s proactive approach to addressing market overheating through strategic restocking demonstrates sophisticated market management. By increasing supply to meet overwhelming demand, Pop Mart potentially achieves multiple objectives:
– Making products more accessible to genuine collectors
– Reducing speculative excess that could damage brand reputation
– Generating substantial additional revenue through increased sales volume
– Establishing more sustainable market conditions for long-term growth
Broader Industry Implications
The Labubu market dynamics offer important lessons for the broader collectibles and toy industries:
– Digital-native IP characters can achieve remarkable commercial success
– Secondary markets provide valuable pricing discovery but require management
– Strategic supply management can help balance accessibility and exclusivity
– Community engagement and social media play crucial roles in driving demand
As the Labubu hype cools down to more sustainable levels, the market may establish healthier foundations for continued growth. Rather than relying on artificial scarcity and speculative trading, Pop Mart can focus on delivering quality products that maintain collector interest through genuine appeal rather than financial speculation.
The current market adjustment phase represents an important test for Pop Mart’s business model and the collectibles industry overall. Companies that successfully navigate these transitions may emerge stronger with more sustainable growth trajectories, while those dependent on speculative bubbles may face challenges.
Key Takeaways for Collectors and Investors
For collectors and investors observing these market developments, several important lessons emerge:
– Collectibles should be primarily acquired for personal enjoyment rather than speculation
– Extreme premiums often correct toward more reasonable levels over time
– Company actions significantly impact secondary market conditions
– Diversification across different IPs and product types reduces risk
– Long-term value tends to correlate with genuine cultural significance rather than temporary hype
The fact that the Labubu hype cools down represents a natural market evolution rather than a fundamental problem with the products themselves. Labubu remains a highly popular character with strong design appeal and collector interest. The price correction primarily affects speculative excess rather than genuine collector value.
For Pop Mart investors, the company’s demonstrated ability to manage product launches and market conditions represents a positive indicator of operational sophistication. The significant revenue generated through strategic restocking demonstrates practical business execution beyond mere hype creation.
As markets continue to evolve, both collectors and investors should monitor how Pop Mart and other industry participants adapt to changing conditions. The ability to balance exclusivity with accessibility, hype with substance, and short-term excitement with long-term sustainability will separate successful companies from those that merely ride temporary trends.
The current period of market adjustment may ultimately strengthen the collectibles industry by establishing more realistic expectations and sustainable practices. As the Labubu hype cools down to rational levels, the market can develop healthier foundations for continued growth that benefits creators, companies, collectors, and investors alike.
