The price of Labubu plush dolls is plummeting. According to a recent Bloomberg report, the price of the "Mini Labubu" blind box released by the Chinese art toy brand Pop Mart has dropped 24% from its highest price before launch. Currently, on the Chinese figure trading platform "Qiandao," the average transaction price of Mini Labubu is 1,594 yuan (about 311,000 KRW), which is higher than the retail price of 1,106 yuan, but the premium margin has decreased.

As speculative demand from consumers declines, voices calling for a cautious approach among collectors are growing louder. According to a survey by "Xianyu," a second-hand trading platform under Alibaba, 50% of respondents believe that the price of Mini Labubu will fall further. In contrast, only 38% expected a price drop for the larger-sized Labubu.

A month ago, Labubu became a highly sought-after item after famous celebrities such as BLACKPINK's Lisa and David Beckham were seen holding Labubu, making it an item that was "impossible to get even if you wanted to." When Mini Labubu was released, it sold out within minutes in China, the United States, Japan, and South Korea.

However, the prices of two hidden editions in this series have also fallen on "Dewu," China's largest underground trading platform. Pop Mart cited increased production as the reason for the price decline. A company spokesperson stated, "We increased production so that more consumers can easily purchase the product," adding, "This will help the company's growth in the long term."

Nevertheless, this price drop has negatively impacted Pop Mart's stock price. The stock, listed on the Hong Kong Stock Exchange, has fallen 11% over the past three trading days. Morgan Stanley warned that the disappearance of the resale premium for Mini Labubu could lead to deteriorating performance.

The Labubu craze was the driving force that propelled Pop Mart to become a leading consumer goods stock in China. Thanks to Labubu's popularity, Pop Mart's stock price surged 200% this year, with a market capitalization reaching 370 billion Hong Kong dollars (about 66 trillion KRW). The founder of Pop Mart quickly became the "youngest billionaire in China."

However, there are also evaluations that the release of the mini version is accelerating the price decline of the existing Labubu series. The hidden edition of the "Labubu 3.0" series, which traded for over 4,000 yuan on Qiandao last June, has now dropped to 752 yuan. Although this is still higher than the retail price of 99 yuan, the premium is collapsing.

These changes suggest that Labubu's popularity is not just a passing trend but reflects consumer demand and market volatility. Collectors are now recognizing that Labubu's value may no longer be guaranteed. This could negatively affect collectors' trust in Labubu in the future.