Labubu Plunges from RMB 1,478 to RMB 629—Resellers Take Heavy Losses and Walk Away

Beijing News Shell Finance (Reporter: Yu Jinmin) reported that on December 30, the topic “Pop Mart starts dumping products at 50% off” surged into heated discussion across social media.

After checking the Dewu app, Shell Finance found that the once hard-to-get Labubu 3.0 “Frontline High Energy” series (boxed set) has been trending downward since December 19, with prices continuing to fall. By December 30, the transaction price had dropped to RMB 629, compared with an official retail price of RMB 594. Earlier this summer, the same boxed set had reportedly climbed as high as RMB 1,478.

A similar cooling trend has also appeared in the mini version of Labubu—THE MONSTERS “Inner Code” series. When it launched in late August, it triggered a major buying frenzy, with some collectors staying up late or lining up overnight, while many online platforms and physical stores experienced shortages. Now, the three-day average price for this series has declined by 10%.

The shift isn’t isolated. On Xianyu, Shell Finance observed that certain single items from the Labubu “Sit-Sit Party” vinyl plush series—originally priced at RMB 99—have already slipped below retail, with the lowest listings around RMB 82.

Across multiple resale platforms, Labubu listings have increased noticeably, while transaction prices have moved lower in tandem. On the evening of December 24, Shell Finance reporters visited Pop Mart’s Beijing Wukesong Huaxi store and saw that both the Labubu 3.0 “Frontline High Energy” series and the THE MONSTERS “Inner Code” series were available without reservations—customers could simply line up and purchase on-site. This suggests the hype around Pop Mart collectibles is starting to ease.

Meanwhile, on social platforms such as Xiaohongshu, some resellers have posted that they are “pausing purchases of the Labubu series.” Li Huan, a long-time buyer in Shanghai, told Shell Finance: “I’ve taken a huge loss. I still haven’t sold everything I bought before, and now prices have dropped so much—I don’t dare to keep buying.”