There was a time when the Labubu figure seemed unstoppable.
Adults and children alike are rushing to buy "blind boxes" containing these weird little monsters. These sealed mystery packages often cost US$15 (108 yuan; NT$480) or more each.
People who are unable to get the central instrument model are more willing to pay a much higher price to buy it in the second-hand market.
The craze surrounding Labubu even caused a super fan from North Carolina, USA, with the online name Ensito, to quit his job in the technology industry in 2024 to produce Labubu-related content full-time, and traveled to Italy and Spain to pursue the latest products for sale.
Ensito has so far spent more than US$50,000 (360,000 yuan; NT$1.6 million) and collected more than 400 Labubu. He told the BBC that this was a number that "I feel embarrassed to say".
He even asked a dentist to make a row of custom-made dentures modeled after Labubu's zigzag teeth to wear at events.
But in recent months, the performance of Ensito's past hit Labubu videos has significantly weakened.
He said: "In the past, those videos could quickly exceed 10,000 views, but now it is difficult for me to even do that."
Ensito has now shifted its focus to other trendy products such as Hello Kitty and Squishies (soft relief toys that slowly rebound after being pressed).
This suggests the Labubu craze may be running out of steam. Previously, this trend had made the market value of parent company Pop Mart exceed the combined value of U.S. toy giants Hasbro (Hasbro) and Mattel (Mattel).
Analysts believe the Beijing-based brand is struggling to turn a brief viral craze into lasting appeal.
Bubble Mart recently announced that global sales fell by up to 50% year-on-year in the three months to the end of September.
The decline in markets outside mainland China was particularly pronounced, with revenue in the U.S. market falling by at least 70%.
ebb and flow
Bubble Mart is not the inventor of the "blind box" concept, but its dolls have undoubtedly promoted the popularity of this sales model around the world.
Katelynn Carlson, who is engaged in marketing, said that one of the attractions of blind boxes is that they evoke the feeling of opening gifts as children, making the collection process full of "nostalgia."
Carlson met Labubu through social media and now has 36 in his collection. She said that one of her early purchases of Labubu was a rare model, which made the whole experience "even more exciting."
Labubu, launched in 2019, is Bubble Mart’s most successful toy series. These little monsters have since become symbols of fashion trends, with celebrities such as American celebrity Kim Kardashian and Lisa, a member of the Korean (South Korean) girl group Blackpink, publicly displaying related products.
Labubu often attracts a large number of customers queuing up to buy it. The craze even once caused Bubble Mart to temporarily remove related toys from its stores in the UK due to customer competition for the product. A collector once purchased a life-size Labubu for more than $150,000.
Dr Samer El Hajjar, a marketing lecturer at the National University of Singapore, said one of the main attractions of Labubu is that some styles are extremely difficult to obtain. In order to get the centerpiece style, many fans will repeatedly buy blind boxes, further increasing the craze.
Bubble Mart currently has 500 stores in more than 30 countries and operates 2,000 vending machines worldwide. The company, which was listed in Hong Kong in 2020, still has a market capitalization of nearly US$24 billion. Although its stock price has fallen by more than 50% from last year's high, it is still one of the world's most valuable toy companies.
El-Hajar said investors worry that Pop Mart's global success is just a viral phenomenon rather than sustainable growth driven by long-term customer loyalty.
For Ensito, Labubu’s scarcity is clearly a big factor in driving the craze.
"It doesn't feel that way anymore," he said. "I go into a Bubble Mart store and the entire Labubu collection is there."
Ashley Dudarenok, founder of Chinese market research company ChoZan, said that as Bubble Mart has significantly increased its production to meet market demand, the feeling of uniqueness and rarity has gradually disappeared.
Bubble Mart declined to comment on share price performance and did not respond to questions about the sales decline.
Competitors launch blind boxes
As the Labubu craze cools down, some of its competitors are growing in popularity.
Blind box collectibles such as Sonny Angel, a naked, cherub-like doll, and glow-in-the-dark Smiski mini-dolls have been selling like hotcakes lately. Nowadays, even brands such as My Little Pony (My Little Pony) and Kpop Demon Hunters have launched blind box products.
Miniso, headquartered in Guangzhou, China, currently sells Disney and Marvel character series blind boxes in more than 8,000 stores around the world.
Vincent Huang, a manager at Miniso, said earlier this year: "Consumers actually don't particularly care where the brand comes from."
"They care more about the shopping experience, such as design, cost-effectiveness, and fun in the purchasing process."
Experts point out that one of the biggest challenges facing Bubble Mart is whether it can create a long-lasting character brand.
Analyst Boustani believes that Hello Kitty parent company Sanrio has a clear advantage in this regard. Sanrio recorded record results for the fiscal year ended in March this year.
Some experts believe that Bubble Mart has invested heavily in expanding its brand influence in recent years, including opening a theme park in Beijing and announcing the filming of the Labubu movie, similar to franchise giants such as Disney and Lego.
However, Ashley said that unlike Disney, which first creates characters through stories and then sells toys, Bubble Mart is taking the opposite route.
She said: "The real test next year will be whether Bubble Mart can still make people fall in love with a character without the blessing of celebrities."
"Now I only buy what I like."
After spending huge sums of money collecting these little monsters, Ensito said he now begins to reflect on how much time and money people invest in collectibles whenever a new trend emerges.
"Every year there's always a new trend, there's always something that suddenly becomes very popular," he said.
Lawrence Yu, a content creator from Melbourne, said that after chasing Labubu for two years, he is likely to become "more picky" if he wants to add new members to his approximately 50 Labubu collection in the future.
His Labubu buying and unboxing videos used to rack up 1 million views, but as the craze faded, he rarely produces related content anymore.
"I do think the craze has slowed down... people will be crazy about it for a while and then it will die down," he said.
Clara Barbero from Canada believes that Labubu has become an "outdated trend", but she will still pay attention to whether there are new products worthy of collection.
For Carlson, it’s not the internet craze that keeps her collecting, but the joy these figures bring. She still gets excited about new Bubble Mart products, such as the recently launched cat-themed Labubu range, which has become one of her favorite lines.
"I think there's something special about embracing your inner child and liking something simply because it makes you happy," she said.
