Credit, Courtesy of Ensito
For years, Labubu dolls seemed unstoppable. Collectors of all ages eagerly bought the "surprise boxes" — sealed packages that contained these peculiar little monsters —, often paying US$15 or more per unit.
Those who were unable to obtain the characters they wanted were often willing to pay much higher prices on the resale market.
The enthusiasm surrounding these creatures convinced a North Carolina superfan who goes by the name Ensito to quit his tech job in 2024 to dedicate himself full-time to creating content about Labubus — even traveling to places like Italy and Spain in search of the latest releases.
Ensito spent more than US$50,000, equivalent to around R$275,000, to build his collection of more than 400 Labubu dolls — a number that, he told the BBC, he is "embarrassed to mention."
Ensito even ordered, from a dentist, a prosthesis with pointed teeth — in the style of the characters — to use at events dedicated to the character.
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However, in recent months, publications about the furry little monsters have lost strength. "In the past, these videos reached 10,000 views very quickly; today, I have difficulty achieving the same result," he says.
Ensito's focus has shifted to other trends, such as Hello Kitty and squishy toys, which are soft and pliable.
This is a sign that the fever that raised the market value of Pop Mart — the company behind the brand — to a level higher than that of American toy giants Hasbro and Mattel combined may be losing steam.
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Analysts believe that the brand, based in Beijing, has had difficulty maintaining public interest beyond an isolated viral moment.
Recently, Pop Mart reported that its global sales for the quarter ending in September were down as much as 50% compared to the previous year.
The drop was especially sharp outside mainland China, with a reduction of at least 70% in revenue earned in the United States.
Credit, Reuters
The rise and fall
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Pop Mart didn't invent blind boxes, but their dolls certainly helped popularize them around the world.
This sales strategy gives the act of collecting a "nostalgic" character, reminiscent of the feeling of opening gifts in childhood, explains marketing professional Katelynn Carlson, who discovered Labubus on social media and now owns 36 of them.
One of her first Labubus was a rare doll, which made the experience "even more exciting," she adds.
The Labubu line, launched in 2019, became Pop Mart's most successful. The little monsters became a fashion reference, being displayed by celebrities such as Kim Kardashian and Lisa, from the group Blackpink.
They often attracted long queues and became so popular that Pop Mart had to temporarily withdraw the products from its UK stores following reports of customers fighting over them. One fan even paid more than US$150,000 for a giant Labubu.
A fundamental part of the appeal lies in the difficulty of finding some Labubu models. Fans repeatedly buy surprise boxes in an attempt to get the version they want, says Samer El Hajjar, a marketing professor at the National University of Singapore.
Credit, Katelynn Carlson/Personal collection
Pop Mart currently has 500 stores in more than 30 countries and 2,000 vending machines around the world.
The company, which went public in Hong Kong in 2020, is valued at almost US$24 billion and remains one of the most valuable toymakers on the planet, despite its shares falling more than 50% from their peak last year.
According to El Hajjar, investors fear that the brand's global success was just a viral phenomenon, rather than sustainable growth driven by long-term customer loyalty.
For Ensito, it is clear that the exclusivity of the dolls helped fuel the fever around them.
"Now, the feeling is different. I walk into a Pop Mart store and find a whole series of Labubus available," he says.
Ashley Dudarenok of Chinese market research consultancy ChoZan says this perception of exclusivity has diminished as Pop Mart has increased production to meet demand.
Pop Mart chose not to comment on fluctuations in its share price and did not respond to questions from the BBC about the drop in sales.
Labubus' rivals
As the Labubus fever cools, some of its competitors are gaining popularity.
Collectible items sold in surprise packaging — such as Sonny Angels (small dolls that resemble cherubs, without clothes) and Smiski miniatures, which glow in the dark — have quickly sold out on shelves. Now, it is also possible to find characters from My Little Pony and K-Pop Demon Hunters in this surprise packaging format.
Miniso, founded in the city of Guangzhou, in southern China, sells a variety of Disney and Marvel characters in surprise packaging, distributed in more than eight thousand stores around the world.
"Consumers don't care much about the origin of the brand," said Vincent Huang, an executive at Miniso, earlier this year. "They're more about the shopping experience — the design, the value for money and the fun."
Credit, Future Publishing via Getty Images
Experts say that one of Pop Mart's biggest challenges is creating lasting characters.
This is an aspect in which Sanrio — owner of the Hello Kitty brand and which recorded record profits in the year ended in March — has a clear advantage, suggests analyst Boustani.
Pop Mart has invested in strategies to expand its brand, including the creation of a theme park in Beijing and the announcement of a film featuring the character Labubu — following, according to some experts, in the footsteps of licensing giants such as Disney or Lego.
However, unlike Disney, which sells a story before selling a toy, Pop Mart does the opposite, notes Dudarenok. "The real test for next year will be whether Pop Mart can get people to love a character without it having to be portrayed by a celebrity."
Credit, Smith Collection/Gado via Getty Images
'Now I only buy what I like'
After spending huge amounts on the little monsters, collector Ensito says he now questions how much time and money people invest in collections with each new trend that emerges. "There will always be a trend every year. There will always be something that becomes very popular."
Lawrence Yu, a content creator based in Melbourne, says that, after two years chasing Labubus, he intends to be "more selective" before adding new items to his collection, which has around 50 dolls.
His videos of shopping and opening Labubus packages, a practice known on the internet as unboxing, reached a million views, but the frenzy died down, and today Yu rarely produces content about them. "I definitely think the trend has lost steam. People go crazy, and then the interest just disappears."
Clara Barbero, from Canada, believes that Labubus are already a "dead trend", but continues to keep an eye out for releases that could be interesting.
"I'm being more careful with my collection. I only buy what I think I'll continue to like for years to come, rather than simply purchasing the latest series that comes out."
Credit, Lawrence Yu/Personal collection
But the cute little monsters still have truly dedicated fans.
Hedy Khaled of Liverpool, England, says that although the doll frenzy is waning, she remains attached to her collection of 70 Pop Mart figurines.
She argues that there is a difference between those who follow trends and "real fans"; therefore, the drop in sales does not necessarily mean that Labubus has lost its charm.
For Carlson, it's the happiness that the dolls provide — not the viral trend — that motivates her to keep collecting. She's still excited about Pop Mart's new releases, like the recent cat-themed Labubus series, one of her favorites.
"I think there's something special about embracing our inner child and enjoying things simply because they make us happy."
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