【Epoch Times News on December 29, 2025】On December 29th, news of the collapse in resale prices of LABUBU, a core IP product of Bubble Mart, hit the top trending list on Weibo. The topic labeled “Bubble Mart starting a half-price clearance sale” also temporarily took the number one spot.
Last year, scalpers were reported to be making a net profit of 20,000 yuan a day by reselling Bubble Mart blind boxes. However, the situation has now completely reversed.
In December this year, the average resale price of the Labubu Sit Party Vinyl Plush series, originally priced at 594 yuan per box, on second-hand platforms has dropped from around 1478 yuan to about 632 yuan. Some individual styles, originally priced at 99 yuan, have even dropped below their original price, with the lowest selling for only 82 yuan in flash sales.
At the end of December, a player in Liaoning province listed a brand new unopened “High Energy Ahead” series hidden edition on a second-hand platform for 600 yuan, while platform data indicated that the average selling price for the same item in the past three days was only around 558 yuan.
When the fourth-generation mini Labubu was released online on August 28th, it sold out instantly, with the resale price of the whole box on second-hand platforms soaring to 1600 yuan and the hidden edition reaching almost 800 yuan. However, by late December, platform data showed that the average selling price of the hidden edition had dropped to 264 yuan, and the whole box price had fallen to 1077 yuan.
The Labubu Weird Flavor Convenience Store series, released on June 12th, saw its price skyrocket from 199 yuan to over 4600 yuan on the second day of release, with over 170 units sold that day. As official restocks caught up, prices quickly dropped back to under a thousand yuan and then further to around 260 yuan.
On platforms like Xianyu, Qiandaoshima, and Dewu, the number of Labubu listings has visibly increased, while selling prices have been consistently decreasing. Some discounted retail stores have old Bubble Mart products prominently displayed, being sold at discounts of up to fifty percent or even lower. This kind of change alone is enough to indicate a shift for an IP that was once only available through limited releases and high demand.
The report stated that when prices are no longer under constant scrutiny and new products are no longer flying off the shelves instantly, the market has provided direct feedback – the first thing to cool down in the collectibles market is not sales volume but confidence. It seems that the hype around Bubble Mart is clearly on the decline.
In response, tech blogger and Weibo influencer “Buyer Zhang Jun” expressed, “The collapse of LABUBU’s resale prices may put downward pressure on Bubble Mart’s stock prices, potentially leading to further declines. The expansion of production capacity has broken the scarcity, and the market sentiment is becoming more rational. Scalpers panicking to sell off, offline clearance sales at low prices reflect the cooling of the collectibles market, consumers are no longer blindly chasing, and investors are doubting the sustainability of the business model, all of which can impact stock prices.”
Auto blogger and Weibo influencer “Car314” remarked, “Actually, I’ve always thought that Bubble Mart is a bit like a gambling-like thing, blind boxes capitalize on people’s curiosity, leading them to buy continuously, to keep collecting. The dolls inside are not really worth tens or hundreds of yuan, the key is that even such things are being hyped up, just like certain kinds of wine, which, originally being just a fanciful item, were artificially inflated to astronomical prices. Many people are proud to own it, and it has even become a form of ‘hard currency’ within a circle. I really can’t understand this world anymore!”