The myth of Labubu shattered? Bubble Mart's US revenue plummets by 70%, blind box craze wanes

The once unstoppable “Labubu” blind box craze seems to be gradually fading. According to recent data from Beijing-based toy manufacturer "Pop Mart", in the third quarter as of the end of September this year, its global sales plummeted by as much as 50% compared with the same period last year, with revenue in the US market falling by at least 70%. Analysts pointed out that the brand, which once made Bubble Mart's market value exceed that of Hasbro and Mattel combined, is in trouble and is unable to sustain its popularity.

The British Broadcasting Corporation (BBC) reported that Labubu has become Bubble Mart’s most successful toy series since its launch in 2019. This furry monster with jagged teeth has quickly become a fashion standard thanks to celebrities such as Kim Kardashian and Lisa, a member of South Korean pop girl group Blackpink. During the craze, some fans even spent more than US$150,000 (approximately NT$4.92 million) to buy a life-size Labubu. British stores even temporarily removed the product from the shelves due to conflicts caused by customers rushing to buy it.

Ensito, a super fan from North Carolina, quit his job in the technology industry in 2024 to devote himself full-time to Labubu content creation and spent more than $50,000 to collect more than 400 dolls. However, as Bubble Mart has significantly increased its production capacity to meet demand, this sense of scarcity that "a baby is hard to find" has disappeared. Ensito said frankly: "It feels different now. When I walk into Bubble Mart, there are a whole row of Labubu on the shelf." The traffic of his unboxing videos has dropped significantly, forcing him to turn his focus to other themes such as Hello Kitty.

Samer El Hajjar, a marketing lecturer at the National University of Singapore, pointed out that investors are worried that Pop Mart's global success is just a temporary Internet sensation, rather than sustainable growth based on long-term customer loyalty.

As the Labubu craze cooled, other competitors took advantage. Blind box dolls such as Sonny Angel and Smiski with luminous function are taking the market by storm; Miniso, which was founded in Guangzhou, also relies on blind boxes authorized by Disney and Marvel to occupy more than 8,000 stores around the world.

Experts believe that the biggest challenge for Bubble Mart is to create long-lasting characters. Ashley Dudarenok, founder of Chinese market research company ChoZan, pointed out that Disney “sells stories first, then toys,” but Bubble Mart does the opposite. "The real test next year will be whether Bubble Mart can still make people fall in love with these characters without the blessing of celebrity halo."

Although the company has invested in building a theme park in Beijing and announced plans to produce the Labubu movie in an attempt to imitate the IP licensing model of Disney and Lego, the results remain to be seen.

The spending habits of many veteran players are changing. Melbourne content creator Lawrence Yu said that after chasing Labubu for two years, he will now be "more cautious" when choosing dolls; Canadian player Clara Barbero bluntly said that Labubu has been "outdated" to a certain extent and will only buy designs that he really likes in the future, and will no longer blindly pursue the latest series.

Still, the furry monsters have a loyal following. Hedy Khaled from Liverpool believes that there is a difference between people who blindly follow trends and "real fans". The decline in sales does not mean that Labubu has lost its charm. For many players, the emotional value brought by blind boxes and the joy of embracing their inner child are the driving force for their continued collection.