(ECNS) -- Pop Mart, maker of the popular Labubu figurine, is reeling as the price of one doll has generally dropped more than 40%, according to trading platform data.
On Aug. 28, Pop Mart released its fourth-generation mini Labubu series online, selling blind boxes for 79 yuan each or 1,106 yuan per set. Each set includes 14 regular figures and one hidden version, with odds of drawing a hidden figure at 1 in 168.
On the first day of sale, the series instantly sparked a buying frenzy, with product links on multiple platforms quickly selling out.
However, as of Sept. 8, data from online shopping app Dewu shows that the average transaction price for the mini Labubu has fallen to 107 yuan, and the price for a whole box (14 pieces) to 1,446 yuan. Although these prices still represent a premium, they have fallen by more than 50% compared to the initial post-launch period.
Some speculators complained that the Labubu figures they had hoarded were essentially attracting no buyers.
On secondary markets, a full unopened box of 14 figures once sold for as much as 3,200 yuan, while hidden editions traded for close to 1,000 yuan.
Data from Xianyu, a Chinese online marketplace for second-hand goods, further indicates that the average transaction price for Labubu over the past seven days was 105 yuan, a decrease of 5 yuan from the previous week.
Notably, 67% of users on the platform believe prices will continue to fall.
Amid the sharp price swings, speculators have turned cautious. Some users on social media said they were suspending purchases of the Labubu series.
Pop Mart has remained silent on the price volatility. However, industry insiders have disclosed that the company is adjusting its product strategy, potentially by controlling production volume and increasing product diversity to maintain market health.
京公网安备 11010202009201号