Is the Labubu craze over? POP MART's Q3 2026 sales and resale prices
Updated November 13, 2026. Is the Labubu craze over? The hard numbers now say it is cooling fast. On October 27, 2026, POP MART International Group, the company behind Labubu, told the Hong Kong stock exchange that revenue for July–September fell 45–50% from a year earlier. The Americas, which include the US and Canada, took the biggest hit at 70–75%; Europe and other regions fell 50–55%. The quarterly update does not mention Labubu by name, but POP MART's half-year report had already shown THE MONSTERS line, Labubu's family of characters, earning 7.5% less in the first half of 2026. Here is what the filing says, why the drop looks so steep, what an original Labubu costs at POP MART right now and what the resale data really shows.
POP MART's Q3 2026 update, region by region
| Region | Q3 2026 vs Q3 2025 | Q3 2025 vs Q3 2024 |
|---|---|---|
| Whole company | −45% to −50% | +245% to +250% |
| Mainland China (PRC) | −25% to −30% | +185% to +190% |
| Asia-Pacific outside the PRC | −65% to −70% | +170% to +175% |
| Americas | −70% to −75% | +1,265% to +1,270% |
| Europe and other regions | −50% to −55% | +735% to +740% |
The figures are unaudited and POP MART warns they may be adjusted. The filing gives no reasons. Inside China, offline sales (stores and vending machines) fell only 5–10% while online sales dropped 45–50%. The shares trade in Hong Kong under the code 9992; there is no separate Labubu stock.
Why the drop looks so steep
The comparison quarter was the peak of the boom: in Q3 2025 POP MART grew 245–250%, and revenue in the Americas was roughly 13.7 times the year before. Multiply the two official ranges together (our calculation, rounded) and Q3 2026 revenue is still about 1.7–1.9 times the Q3 2024 level for the whole company, 3.4–4.1 times in the Americas and 3.8–4.2 times in Europe and other regions. So the fall is a step down from the top, not a return to pre-craze sales, except in Asia-Pacific outside the PRC, which is roughly back at (0.8–1.0 times) its Q3 2024 level.
POP MART tells the same story. Chief operating officer Si De put the decline down mainly to the high 2025 base (Inside Retail Asia, October 30, 2026). Back in August, after the half-year results, CEO Wang Ning said the company might miss its own target of 20% growth for 2026 and would not chase it aggressively (Yicai, August 21, 2026). Spring was still strong: Q1 2026 revenue rose 75–80%.
How Labubu itself is doing
POP MART only breaks revenue down by character line twice a year. For the first half of 2026 (report of August 20, 2026):
| Line | H1 2026 revenue | Change vs H1 2025 |
|---|---|---|
| THE MONSTERS (Labubu) | RMB 4,454.4 million, 26.0% of sales | −7.5% (share was 34.7%) |
| Twinkle Twinkle | RMB 2,650.0 million | +580.6% |
| HIRONO | RMB 1,008.9 million | +38.5% |
For the whole of 2025, THE MONSTERS brought in RMB 14,161.1 million, or 38.1% of the company's revenue. Explaining weaker online sales in the Americas, the same half-year report puts it plainly: "The popularity of the core IPs returns to normal levels." Nyota, Zsiga and Peach Riot launched their first plush pendants in that half, and late October brought Peach Riot × KPop Demon Hunters.
The US and UK picture
In the first half of 2026, Americas revenue fell 16.5%. Sales through POP MART's own website and app dropped 44.6% and all online channels 45.6%, while offline sales rose 19.5% as the number of stores in the region grew from 64 to 86 between January and June. The signs were visible earlier: in October 2025 Forbes found Labubus in stock at Target and Walmart, Wacky Mart and Lazy Yoga blind boxes from $20 on Amazon during Prime Day, and none of the 60 most expensive Labubu listings on eBay drawing a bid. A US collector interviewed by the BBC described walking into a POP MART store and finding whole Labubu series simply sitting on the shelves (as retold by AGI and Qatar Tribune, November 9, 2026); POP MART did not respond to questions about falling sales (Qatar Tribune).
The UK sits in POP MART's "Europe and other regions", which was still growing in the first half: up 5.9% to RMB 505.7 million. Behind that, offline sales, stores plus vending machines, rose 49.8% as the region went from 36 to 45 stores between January and June, while online sales fell 59.0%. By the third quarter the region was down 50–55% too.
Labubu retail prices at POP MART (UK and Europe)
Prices on POP MART's official UK store and its European store, checked November 13, 2026. A whole set is a sealed case of boxes, with no repeats in every series except the Coca-Cola plush keychains (two regular designs, and POP MART warns of possible duplicates).
| Series | One box: UK / Europe | Whole set: UK / Europe |
|---|---|---|
| Big into Energy | £18 / €20 | £108 / €120 (6 boxes) |
| Have a Seat | £18 / €20 | £108 / €120 (6) |
| Exciting Macaron | £18 / €20 | £108 / €120 (6) |
| Wacky Mart figures | £14 / €15 | £168 / €180 (12) |
| Coca-Cola figures | £14 / €15 | £140 / €150 (10) |
| Coca-Cola plush keychains | £26 / €29 | £156 / €174 (6, duplicates possible) |
| × Hello Kitty and Friends | £26 / €30 | £156 / €180 (6) |
Secret odds, from the game-rules cards on the product pages: 1/72 in the plush series, 1/120 for the Coca-Cola figures, 1/144 for Wacky Mart. We did not check stock levels, and US prices are not included. The ColleX catalogue tracks 55 pieces across these six Labubu series.
A box can be checked at home: scratch the coating off the holographic label, enter the code on POP MART's verification page, and read our Labubu fake vs real guide for the other signs of a Lafufu.
Labubu resale prices: what the data actually shows
The best-documented series is Big into Energy, and it shows how quickly 2025 resale premiums deflated:
| What | Price | Source |
|---|---|---|
| Luck, on Qiandao (China) | over 500 yuan in June 2025 → about 108 yuan in October 2025 | Reuters, Oct 22, 2025 |
| ID (secret), on Poizon (China) | 4,522 yuan on June 15, 2025 → 540 yuan on Dec 30, 2025 | Yicai, Dec 31, 2025 |
| Big into Energy box in China | 99 yuan at retail; about 117 yuan on Poizon (30-day average, December 2025) | Yicai, Dec 31, 2025 |
| 131 cm Labubu, Yongle auction, Beijing | 1.08 million yuan (about $150,000), June 10, 2025 | Bloomberg, Reuters |
These are Chinese platforms and 2025 data, and apart from the auction the sources do not say whether the figures are asking prices or completed sales. The secret ID dropped to 2,433 yuan right after a large restock on June 18, 2025 (Yicai). POP MART says it raised plush output tenfold, to around 30 million units a month (Reuters; Inside Retail), and Morgan Stanley analysts cautioned that secondary prices do not reflect true supply and demand well (Reuters). We found no public, dated price series for Labubu resale in the US, UK or Europe with a stated method, and ColleX has no prices for these sets yet, so this article gives no "what a Labubu sells for now" figure.
What this means if you collect
- in the US Labubus have been easier to find since late 2025: Forbes found them in stock in October 2025, and a collector told the BBC whole series now sit on POP MART shelves;
- in the case of the ID: one big June 2025 restock took nearly half off its Poizon price in three days (Yicai);
- for Big into Energy, Have a Seat, Exciting Macaron and Hello Kitty, a whole set is the only way POP MART guarantees all six regulars with no duplicates;
- the ColleX checklists for all six series let you log what you own and what you are still missing.
What comes next
POP MART expects every region to grow quarter-on-quarter in the Q4 holiday season and China to grow for the full year (The Standard, October 27, 2026; Inside Retail Asia, October 30, 2026). Full-year 2026 figures, including THE MONSTERS on its own, come with the annual results; last year they were published on March 25. We will update this article when they land.
Frequently asked questions
Is the Labubu craze over?
It has clearly cooled. POP MART's Q3 2026 revenue fell 45–50% year on year, 70–75% in the Americas, and THE MONSTERS line (Labubu) earned 7.5% less in the first half of 2026. By our calculation from two filings, POP MART's revenue is still about 1.7–1.9 times its Q3 2024 level, so demand has not vanished.
Are Labubus worthless now?
The data does not say that. In China, resale prices for Big into Energy fell sharply in 2025, and Reuters and Yicai found some Labubus trading below retail; at the same time, a Big into Energy box averaged about 117 yuan on Poizon in December 2025, above its 99-yuan shop price. There is no public price index for US or European resale.
Are Labubu resale prices falling?
Where dated data exists, yes: Luck from Big into Energy went from over 500 yuan in June 2025 to about 108 yuan in October 2025 on Qiandao (Reuters), and the secret ID from 4,522 to 540 yuan on Poizon by the end of 2025 (Yicai).
What is the retail price of a Labubu?
At POP MART's UK store a Big into Energy, Have a Seat or Exciting Macaron box is £18 and a six-box whole set £108; in the European store it is €20 and €120. Wacky Mart and Coca-Cola figures are £14 or €15 a box (November 13, 2026).
Is there a Labubu stock?
No. Labubu is made by POP MART International Group, which is listed on the Hong Kong stock exchange under 9992. ColleX does not give investment advice.
Can I trade duplicate Labubus on ColleX?
Yes, where the ColleX Market is open. Open the series in the catalogue, set your spare figure to Have with the quantity, and mark the ones you are missing as Want. ColleX matches you with collectors who have what you need and want what you have; you settle the details in chat.
Sources: POP MART announcements on HKEXnews (Q3 2026, October 27, 2026; Q3 2025, October 21, 2025; Q1 2026, May 12, 2026; interim results, August 20, 2026; 2025 annual results, March 25, 2026); The Standard (October 27, 2026), Inside Retail Asia (October 30, 2026), Yicai (August 21, 2026 and December 31, 2025), Reuters (October 22, 2025), Forbes (October 8, 2025), Bloomberg (June 11, 2025), AGI and Qatar Tribune (November 9, 2026, on the BBC interviews); prices from popmart.com (UK, Europe), November 13, 2026.