Over the years, blind boxes have been all the rage, just look at the amount of unboxing videos that pass by your feed. Pop Mart has been at the center of the blind box hype, building an empire selling its unique and collectible art toy figures. What started as a small retail concept in Beijing in 2010 evolved into a global phenomenon with its whimsical characters, artist-driven collaborations, and partnerships with fan-favorite IPs.
But lately, the once-unstoppable sparkle around the brand has dimmed, at least according to collectors and industry watchers. Resale prices, once sky-high, are dipping. New releases that used to sell out in minutes now linger on shelves. And collectors who once chased every drop are quietly offloading parts of their stash.
So the question is: are we witnessing the beginning of Pop Mart’s fall from grace?
How Pop Mart Blind Boxes Sparked a Global Craze
Pop Mart’s early success relied on its marketing that focused on scarcity, surprise, and social urgency. Psychology shows these factors strongly influence buying behavior. A recent study on blind-box culture found that limited editions and surprise drops, drove purchases by triggering FOMO, impulsivity, and even hoarding. The brand tapped into that emotional response, transforming tiny figurines into must-have items.
But the brand didn’t emerge in a vacuum. Its success coincided with a global wave of micro-collectibles like Sonny Angel and Smiski that dominated social media feeds. The blind-box model added a thrilling edge, offering the addictive pull of pure chance. It’s the same psychological rush that fuels the frenzy around Pokémon cards and gachapon – Japanese capsule toys that are dispensed from coin-operated vending machines.
@nicky.reardon Why is Labubu so popular? Well it all started with Lisa from Blackpink… #labubu #labubuthemonsters #lisablackpink #blackpink #socialmediamarketing #brandstrategy ♬ original sound - Nicky at Night
Pop Mart’s cultural breakthrough came in the form of one character: Labubu.The mischievous, doe-eyed creature evolved from niche collectible to fashion’s hottest accessory. Sightings on celebrities like BLACKPINK’s Lisa, Rihanna, and Dua Lipa sent demand into a stratosphere of its own. Queues started to form of people getting their hands on the item and in extreme cases, the scramble to secure one even led to theft. Labubu wasn’t just a figurine. It became a status symbol with a shockingly lucrative resale market.
This runaway popularity also led to the rise of other characters in the Pop Mart line up and immersive pop-ups and themed installations turned Pop Mart into a global lifestyle phenomenon.
Yet, even the brightest hype cycles have a shelf life. Despite the brand’s creative storytelling and cultural relevance, early signs of fatigue are beginning to appear.
Is POP MART’s Hype Cooling Off?
Several signs have led fans that the home of these beloved IPs are now in decline. Items that were notoriously hard to find – like Labubu figures that used to be tucked safely behind the counter – are now sitting openly on store shelves. Lines that once wrapped around malls have noticeably shortened, hinting that the craze may be settling into a quieter, more predictable phase.
@jihae.0706 Wow I can’t believe it 😆 @POP MART Singapore Online #tiktoksg #justgirlythings #singaporelife #dayinmylife #dailyvlog #whatididtoday #dailylife #popmart #labubu ♬ původní zvuk - Maruška ✨
Resale prices echo this shift. Labubu, once the crown jewel of the resale market, has seen a marked drop in value. But this dip doesn’t necessarily signal the dramatic fall from grace some fans fear. In reality, it aligns with Pop Mart’s intentional strategy. By increasing production, the brand aims to curb scalper influence and make the toys more accessible for genuine fans. The move is part of a broader effort to reclaim the desirability and appeal of the figure, which has dampened because of the boom of the resale market.
And while demand for Labubu has cooled, the broader Pop Mart universe is very much alive. Other IPs are enjoying a fresh wave of attention, especially the plush pendant category. Collectors have been buzzing about recent Skullpanda drops from the dreamy L’impressionnisme series to the exclusive Wednesday Addams collaboration. Other IPs such as Crybaby, Dimoo, and Molly have also found a dedicated fanbase.
Why Pop Mart Will Endure Beyond the Blind-Box Craze
As with many trends, the Labubu hype is definitely seeing a cooling off, but that doesn’t mean the Pop Mart bubble is anywhere close to bursting. If anything, Pop Mart’s longevity is rooted in something deeper than hype.
For Gen Z specifically, buying a Pop Mart blind box is not just a casual purchase. It’s a form of self-expression, a way to participate in fandom culture, and feel part of a community. Research shows that Pop Mart’s characters have evolved into cultural symbols, resonating with young collectors who crave identity, storytelling, and a sense of belonging.
Each figure becomes a mirror, a mood, or a personal manifesto. People who are emotionally brooding may find resonance in how Hirono depicts human sadness and fear, while collectors who have a girlish-yet-punk attitude may find delight in the Peach Riot series.
@popmartglobal Channeling the cool looks of Peach Riot! 🍑🎸 @эй, крис! rocks their signature style in this quick and trendy fashion moment🤩 #popmart #popmartglobal #peachriot ♬ original sound - POP MART
Another reason Pop Mart isn’t disappearing is its grounding in the art toy niche, a space with roots tracing back to 1990s Hong Kong. Art toys have always been an outlet for creators to explore bold ideas, build distinct worlds, and play with character-driven narratives. The category has a built-in audience drawn to childlike wonder, artistic experimentation, and the thrill of discovering the next breakout IP.
Traditionally, these pieces lived on gallery shelves or in private collections. Pop Mart changed that by democratizing the medium. Through the blind-box system, fans can now access imaginative, artist-led creations in small, collectible formats, bringing what was once exclusive into the mainstream.
The brand’s staying power also aligns with today’s “Treatonomics”, a cultural climate defined by the desire for tiny, affordable luxuries. The concept is nothing new; it’s similar to the “lipstick effect” that was first documented in the 1930s during the Great Depression. Not everybody can afford buying a house or a car, but everyone can buy lipstick – or in this case a blind box.
@janetlinxo SEND THIS TO YOUR LABUBU OBSESSED FRIEND 👀 Labubu’s are an economic indicator for a recession??? 😵💫 When money gets tight, we don’t stop spending.. we just trade big luxuries for small comforts. we’re all just coping. Next time someone judges your Labubu obsession, you can tell them it’s a current economics case study #recessioncore #labubu #popmart #recession #economicindicator #consumerbehavior #affordableluxury #economy #recessionvibes ♬ Renewal Breath - Aura Meditation
With a predominantly adult customer base, blind boxes provide a sense of escapism, allowing them to feel that they can afford small luxuries. In an era of widening class divides and financial uncertainty, opening a blind box offers a rush of joy, a moment of escape, and the addictive thrill of chance.
So yes, the hype might not be there like before, but it does not mean disappearance. With a devoted fanbase and a lineup of characters that continue to spark imagination, the Pop Mart has not yet burst. If it will grow like it used to, only time will tell. But one thing is clear: Pop Mart still has plenty of magic left in its tiny boxes.
