The global craze for Labubu dolls appears to be cooling as sales decline, social media engagement weakens and collectors increasingly turn their attention to other toy trends.

According to a BBC report published on November 8, Pop Mart, the Beijing-based company behind the furry, toothy characters, reported a year-on-year decline of up to 50% in global sales in the three months ending September. Revenue in the United States fell by at least 70%.

Labubu dolls became a global sensation through their distinctive appearance, limited availability and blind-box purchasing model, in which customers buy sealed packages without knowing which character they will receive.

The craze attracted celebrities including Kim Kardashian and Blackpink’s Lisa, while collectors regularly queued outside shops to get their hands on new releases. Some rare figures also fetched significantly higher prices on resale markets.

At its peak, the popularity of Labubu helped propel Pop Mart’s market value beyond those of major toy companies Hasbro and Mattel combined.

However, collectors say the excitement surrounding the dolls has gradually faded as the company expanded production and made previously hard-to-find figures more readily available.

Ensito, a North Carolina-based collector who left his technology job in 2024 to create Labubu-related content, has spent more than $50,000 on a collection of over 400 dolls. He told the BBC that his videos, which once attracted thousands of views quickly, are now struggling to generate similar engagement.

The growing availability of Labubus has also weakened their sense of exclusivity, which was a major part of their appeal, according to marketing experts.

Meanwhile, competitors are gaining ground in the collectible toy market. Sonny Angels, Smiski figurines and blind-box collections featuring characters from My Little Pony and KPop Demon Hunters are attracting consumers.

Retailers such as China’s Miniso are also expanding their blind-box offerings, featuring popular Disney and Marvel characters across thousands of stores worldwide.

Analysts say Pop Mart’s biggest challenge is building characters with lasting appeal rather than relying on short-lived viral popularity. The company has invested in expanding its brand through initiatives such as a Beijing theme park and a planned Labubu film.

However, experts question whether the company can build the kind of enduring character loyalty enjoyed by established entertainment franchises such as Disney and Sanrio.

Despite the slowdown, Labubu retains a dedicated collector base. Some fans say they remain interested in new releases, while others are becoming more selective about purchases rather than chasing every new series.

For many collectors, the appeal now lies less in the hype and more in the personal enjoyment of owning the quirky figures.