Labubu Resale Price Drops from 1 Million Won to 140,000 Won... Is the Craze Fading?

"Analysts Say Labubu Follows a Trend Similar to 'Steady Seller' Hello Kitty"

The craze for "Labubu," a character from China's Pop Mart that became a sensation after being featured by numerous celebrities including Blackpink's Lisa and Ros? on social networking services (SNS), with its resale prices soaring, now appears to be fading.

Blackpink's Ros? and Lisa posted a photo taken with "Labubu" on social networking service (SNS). Screenshot of Ros? and Lisa's SNS.

According to Naver Data Lab on October 25, the search volume for Labubu reached the peak interest score of 100 in July, but as of October 22, it had dropped to 0. This index is calculated by setting the day with the highest search volume over the past year (from October 22, 2024, to October 22, 2025) as 100, and all other days are measured relative to that peak. The current level is similar to October of last year, indicating that the surge in interest has returned to its initial stage.

Resale prices also reflect Labubu's waning popularity. In June, the "Labubu Self Keyring" soared to as much as 1 million won on Naver's limited-edition trading platform "Kream," but as of October 22, it was only 140,000 won. Other Labubu series are also being traded below the official Pop Mart store prices.

At one point, limited-edition Labubu figures were so scarce that resale prices skyrocketed to hundreds of millions of won. For example, a Labubu collaboration with the sports brand Vans was released at 599 yuan (about 110,000 won), but in the resale market, it traded for as much as 14,839 yuan (about 2.8 million won). At an auction held in Beijing in June, a Labubu figure was sold for more than 200 million won, drawing significant attention.

Considering these circumstances, analysts say the Labubu craze has passed its peak. Australian hedge fund Arnot Capital interpreted Labubu's popularity as following a pattern similar to that of the character "Hello Kitty." Just as Hello Kitty enjoyed global popularity in the 1990s before its fever subsided, Labubu is also experiencing a gradual cooling after a period of explosive demand.

According to Alibaba's secondhand trading platform "Xianyu," 50% of surveyed consumers predicted that prices for mini Labubu figures would fall further, while 38% expected prices for larger Labubu figures to decline as well. Bloomberg pointed out that this indicates weakening confidence in Labubu's resale potential.

Labubu, meanwhile, is a character created in 2015 by Hong Kong-based art toy artist Kasing Lung (age 53), inspired by Norse mythology as part of "The Monsters" series. The character is known for its fluffy fur, rabbit ears, and nine teeth. Labubu figures are sold in blind boxes, meaning buyers do not know the design until they open the package. This rarity has made certain designs highly sought after, further driving up resale prices.