Are Labubus Dead? The Rise, Hype Collapse & What’s Next for Pop Mart

Just a few years ago, Labubu figures were everywhere. Created under Pop Mart’s designer toy ecosystem, Labubu quickly became one of the most recognizable and sought-after collectibles in the world. With its mischievous grin and distinctive design, Labubu wasn’t just a toy; it became a cultural phenomenon. Building hype on the Blind Box craze. So, how are we asking now, “Are Labubus dead?”

At the height of the craze (2023–2025), Labubu releases were selling out instantly. Demand was so intense that collectible bots, similar to those used for sneaker drops, were actively targeting Pop Mart releases, giving resellers a huge advantage. Collectors struggled to secure pieces manually, and the resale market exploded. With platforms like Mercari, StockX, and Depop exploding with Labubu listings.

Some rare editions were flipping for multiple times their retail price, turning what was once a casual hobby into a serious resale opportunity.

Peak Hype: Bots, Resale, and Cultural Dominance

Labubu’s popularity wasn’t accidental; it followed a familiar hype cycle seen in sneakers, trading cards, and streetwear.

At its peak:

• Drops sold out in seconds
• Botting became common on Pop Mart and other retailers
• Rare figures reached extreme resale prices
• Social media amplified demand globally

This created a perfect storm of scarcity + hype + resale culture, pushing Labubu into mainstream collectible status. Much like limited sneakers or designer bags, owning a rare Labubu became a status symbol.

The Turning Point: Sales Decline and Market Saturation

Fast forward to 2026, and things look very different. Recent reports indicate that Pop Mart’s U.S. sales dropped significantly (around 45%), raising serious questions about the sustainability of the Labubu trend. So what happened?

1. Market Saturation

Too many releases can dilute demand. As more Labubu figures entered the market, scarcity decreased, reducing resale value.

2. Hype Fatigue

Collectors began shifting attention to newer trends. Once the excitement fades, demand often follows.

3. Rising Competition

Other collectible categories, especially trading cards, have surged in popularity.

Are Labubus Dead? Not Exactly, But the Hype Has Faded

Let’s be clear: Labubu isn’t “dead,” but it’s no longer at peak hype.

This is a classic trend cycle:

1. Rapid rise
2. Extreme hype
3. Market saturation
4. Correction

Labubu is currently in the correction phase, where demand stabilizes but no longer dominates.

Pop Mart’s Next Move: Can Skullpanda Lead the Comeback?

While Labubu’s momentum has slowed, Pop Mart isn’t standing still.

One of the strongest contenders for the next wave is Skullpanda, a line that has steadily gained popularity thanks to its:

• Strong artistic identity
• Emotional and conceptual storytelling
• Consistent quality and design

Unlike Labubu’s more playful aesthetic, Skullpanda appeals to a broader audience, including art collectors and older demographics. This could position it as a more sustainable long-term line.

What About New Collaborations? Are They Working?

Pop Mart has attempted to maintain relevance through collaborations, including sports partnerships like FIFA. Which, a year ago, would have been THE BIGGEST drop of the year. But given the state of Labubus now, this collab made little to no noise at all!

However, early reactions suggest:

• These releases lack the same hype as Labubu’s peak
• They feel more commercial than collectible
• They haven’t driven strong resale demand

This highlights a key challenge: not all collaborations translate into cultural impact.

The Sony Movie Factor: A Potential Revival Catalyst

One major wildcard is the upcoming Labubu-related project with Sony. Expanding into film could:

• Reignite global interest
• Introduce Labubu to new audiences
• Strengthen brand storytelling

If executed well, this could trigger a second wave of hype, similar to how movies have boosted other franchises.

The Bigger Trend: Collectibles Are Becoming Boom-and-Bust Cycles

Labubu’s trajectory reflects a larger pattern in collectibles.

Right now, Pokémon cards and Topps trading cards are dominating the market. Unlike designer toys, these have:

• Decades of history
• Established collector bases
• More consistent value retention

This makes them less prone to rapid hype collapses.

Why Pokémon and Trading Cards Are Winning

Compared to Labubu and similar trends, trading cards offer:

• Proven long-term demand
• Strong franchise backing
• Structured rarity systems
• Strong grading ecosystem (PSA, CGC)
• Global recognition

This stability is attracting collectors who are moving away from short-term hype cycles.

Are Labubus Dead or Just Evolving?

So, are Labubus dead?

No. But they are no longer dominating the market.

The hype has cooled, resale prices have stabilized, and attention has shifted elsewhere. However, with the right moves, especially through media expansion and stronger product lines, Labubu could still see a resurgence. For now, the collectible space is evolving, and one thing is clear: Trends come fast, but only the strongest brands survive long-term.