Mini Labubu Prices Sink 24% From Peak as Speculative Mania Cools

The premium once commanded by Labubu collectibles is narrowing in secondary markets in China, signaling fading speculative demand as collectors grow cautious about the value of Asia’s most hyped designer toys.

Toymaker Pop Mart International Group Ltd.’s most-recent release — a blind-box of 14 mini Labubus — has seen resale premiums drop 24% from their pre-launch peak two weeks ago, according to data gleaned from reseller platforms. The set averaged 1,594 yuan ($223) over the past three days on Qiandao, a Chinese reselling and trading platform focused on pop toys, versus its original retail price of 1,106 yuan.