Labubu doll prices dropped globally due to a tenfold production surge, not falling demand, despite initial hype and celebrity endorsements.

Labubu doll resale prices have dropped globally, with some variants falling from over 500 yuan to around 108 yuan, but Pop Mart and analysts attribute the decline to a tenfold increase in production—now 30 million units monthly—rather than weakening demand. Despite a 25% stock dip from August highs, Pop Mart’s revenue surged 250% in July–September, and the company maintains supply adjustments have stabilized the market. While celebrity endorsements fueled initial hype, experts caution that resale trends may not reflect true demand, and long-term sustainability remains uncertain.