Labubu价格跳水，黄牛麻了，等等党：赢了!

The hashtag "Labubu price crash" soared to the top of Weibo's trending topics on Thursday, igniting heated online discussion about the sudden drop in value of the once-coveted collectible.

Industry analysts attribute this sharp price decline to a major restock by Pop Mart, the brand behind the popular Labubu figurines. Beginning Wednesday afternoon, the company's online platforms began issuing frequent restock alerts. Simultaneously, its flagship Tmall stores and livestream sales on Douyin released new waves of inventory.

According to a Pop Mart insider, restocking will remain irregular — a deliberate strategy to deter scalpers. One scalper told local media, "It's not that rare anymore. If I can't sell it, I guess I'll just have to keep it for myself."

Labubu has recently become a cultural phenomenon, with long lines and frenzied buying reported not only in China but also in cities like London and Seoul.

However, the latest developments have cast uncertainty over the broader toy and collectible market. For one, many doll clothing makers and accessory vendors rely heavily on Labubu's popularity. A drop in demand for the figure could cool the entire ecosystem.

Moreover, the "emotional consumption" market that Labubu thrives in is known for its low entry barriers. The recent boom has already triggered a wave of copycat businesses, raising concerns that a glut of similar offerings could lead to a race to the bottom — eroding both product quality and consumer interest.