Why Is the Labubu Craze Cooling?
Thursday, November 12, 2026213 words3 minutes123 reads
Labubu's rise combined celebrity visibility, social-media sharing and the suspense of blind boxes. Buyers could identify a collection without knowing which figure they would receive, while scarcity encouraged queues and resale premiums. The appeal extended beyond collecting: fans displayed the furry monsters as fashion accessories.
Signs of cooling enthusiasm are now emerging. North Carolina collector Ensito, who spent over $50,000 on more than 400 toys, reports declining attention to his videos and has diversified into other collectibles. Increased production may have weakened the attraction of scarcity, while attention shifted toward characters such as Sonny Angels and Smiski. These factors offer possible explanations rather than a single established cause.
Pop Mart reported a 45% to 50% year-on-year fall in total revenue for July to September 2026. The figures describe the entire business, not Labubu separately. Analysts identify waning Labubu excitement as an important contributor, but company-wide revenue cannot establish the character's precise sales trajectory.
Continued buying by committed collectors also complicates any claim that the craze has simply ended. Some fans are becoming selective rather than abandoning the toys. Pop Mart is developing other characters and plans for a Labubu film, although their ability to sustain demand remains unproven. The longer-term challenge is converting momentary attention into an attachment that lasts after novelty fades.
