From the fever of collecting millions of views to the scene of being held by Labubu

Labubu "cools down": From a million-view collection fever to a scene of "stockpiling"

From peak to decline

Photo image Мандалжав С.

In 2024, Labubu - the "tiny monster" of Pop Mart - created an unprecedented collection fever in Vietnam. The "blind boxes" were hunted by young people, pushing the selling price up to 2-5 times higher than the original price; rare versions were even traded for up to 4 million VND/box.

However, after only a few brilliant months, from the beginning of 2025, the Labubu market began to decline. Players switched to the emerging Baby Three line, causing Labubu to gradually lose its appeal. The current price is only around the original price of ~380,000 VND/box, down 50% compared to the peak period.

Reasons for the decline

Explosive supply: Pop Mart expands distribution, eliminating the scarcity factor that once pushed prices up.

Fast trend: Fast attraction but also fades quickly, when the collector community easily "jumps on the trend."

Declining artist effect: The image of Lisa (Blackpink) or many Vietnamese stars once contributed to fueling the fire for Labubu, but now this effect has almost disappeared.

Legal pressure: "Raffle" activities (livestreaming blind box giveaways) are warned to be illegal, causing the heat to decrease further.

Speculators "hold goods"

At its peak, many people bought Labubu wholesale to resell, making double or triple the profit. But now, many speculators admit that they have to "hold the whole warehouse," unable to sell, even displaying it in their homes instead of waiting for customers to buy (CafeF).

The future: Short-term fad or a return opportunity?

According to Times Union, Labubu is likely just a “fad” – a short-term craze that will fade. It is predicted that by the end of 2025, its appeal will continue to decline.

However, some opinions say that if Pop Mart launches limited editions, collaborates with big brands or innovates designs, Labubu still has a chance to return. The prerequisite is to build a sustainable collecting community, instead of relying on temporary effects.

Summary

Time Market status 2023 – 2024 Fever explodes, prices skyrocket Early 2025 Downtrend, Baby Three reigns Mid 2025 Speculators “hoard goods,” the market cools down Forecast Late 2025 Appeal continues to decline, innovation is needed to revive.