Business · Companies · 19 hrs ago
Labubu craze shows signs of fading as Pop Mart sales fall
Interest in Pop Mart’s Labubu dolls is cooling after years of intense demand.
The furry characters, launched in 2019, became popular worldwide, with collectors buying sealed “blind boxes” for a chance to find rare versions.
Pop Mart’s global sales fell by as much as 50% in the three months to the end of September compared with a year earlier.
The decline was sharper outside mainland China, with US revenue down by at least 70%.
Labubu’s rarity helped drive demand, but one fan says the dolls now feel less exclusive because they are easier to find in stores.
Analysts question whether Pop Mart can sustain its growth beyond the toys’ viral popularity, while some fans are turning to other trends.
Pop Mart reported that global sales fell by as much as 50% in the three months to the end of September compared with a year earlier.
US revenue fell by at least 70%, while analysts say the brand is struggling to sustain excitement beyond a viral moment.
Labubu, Pop Mart’s most successful toy line, launched in 2019 and became a global collecting craze.
Fans were drawn to the dolls’ limited availability and the surprise of buying them in sealed blind boxes.
Some signs of waning interest include weaker engagement with one fan’s videos and Labubus becoming more readily available in shops.
- Who
- Pop Mart, the Beijing-based toy company behind Labubu.
- What
- Global sales fell by as much as 50%, and US revenue fell by at least 70%. The figures have raised concerns that the Labubu craze is fading.
- When
- In the three months to the end of September. The article was published on 7 November 2026.
- Where
- Pop Mart’s global markets, particularly the US.
- Why
- Analysts say Pop Mart is struggling to sustain excitement beyond a viral moment. A fan also said Labubus no longer feel as exclusive because they are readily available in shops.
This story does not have two clearly opposing sides.
Labubu launched.
Pop Mart listed in Hong Kong.
Ensito left his tech job to create Labubu content full-time.
Pop Mart reported that global sales had fallen by as much as 50% compared with a year earlier.
- Global sales
- Fell by as much as 50% in the three months to the end of September compared with a year earlier
- US revenue
- Fell by at least 70%
- Labubu launch
- 2019
- Pop Mart stores
- 500 shops in more than 30 countries
- Pop Mart vending machines
- 2,000 worldwide
What people are saying
Those videos used to be able to hit 10,000 really quickly but I'm struggling to do that now.
Now it doesn't feel that way. I walk into a Pop Mart and there's a whole series of Labubus sitting there.
A key part of the allure was how difficult some Labubu dolls were to find