Is Labubu's Growth Slowing? What Pop Mart Numbers Show
Pop Mart's Labubu boom is cooling: first-half 2026 revenue is seen up about 44%, down from 200%+ a year earlier. Here is what the numbers mean for collectors.
Is Labubu's growth slowing down?
Yes. Labubu maker Pop Mart is heading into a sharp slowdown. First-half 2026 revenue is expected to rise about 44% year over year, far below the more than 200% pace in the same period a year earlier. The stock has lost roughly $32 billion since the peak of Labubu mania, and investors are questioning whether one character can keep driving the whole business.
What do the numbers say about the slowdown?
The concentration risk is the core issue. The Labubu-led Monsters franchise generated 14.2 billion yuan in 2025, about 40% of Pop Mart's total revenue, up from 23% in 2024. That means a growing share of the company depends on a single IP.
- U.S. sales: down 45% year over year in March.
- China online sales: down 5% year over year in May.
- Forecast growth: about 44% for H1 2026, versus 200%+ a year earlier.
The cooling is showing up in both overseas and home markets at the same time, which is why analysts are focused on it ahead of results.
Why is Pop Mart facing a growth slowdown now?
Three pressures are stacking up. First, the law of large numbers: after 200%+ growth, matching that base again is close to impossible. Second, "one-hit wonder" concerns, because Labubu carries so much of the revenue. Third, softer momentum for other intellectual property like Crybaby and Monster Family, which analysts want to see grow to reduce reliance on a single hit.
The trend is timely because Pop Mart is due to report results, and the market wants proof the company can grow beyond Labubu. For background on the company, see Pop Mart on Wikipedia.
What does a hype slowdown mean for collectors and resellers?
When a collectible cycle cools, secondary-market premiums usually compress first. Buyers who paid resale markups during peak demand can see values fall faster than retail prices. The durable lesson is to separate the item you want to own from the item you hope to flip, and to treat any price as a bet, not a guarantee.
The same caution applies to any chance-based collectible purchase. Before you buy, confirm the real odds and the retail value of what is inside, rather than the hype price attached to a name.
How does TroveDrops fit into collecting during a cooldown?
If you enjoy the surprise of opening a sealed box but want transparency over speculation, look at the mystery boxes on TroveDrops. Each box lists the possible items and the odds up front, so you can weigh cost against expected value before you spend. You can browse boxes and odds to compare, and if you land an item you would rather not keep, you can ship it or sell it back to credit.
Because a slowdown often means less reliable resale, verifiable fairness matters more, not less. TroveDrops publishes its method so you can verify fairness for every open and check that outcomes were not altered after the fact.
Will Labubu recover, or is the trend over?
Neither extreme is confirmed by the numbers. A 44% growth forecast is still growth, just slower than the extraordinary 200%+ base it is measured against. The open question is whether Pop Mart can spread revenue across more IPs so it is less exposed if Labubu demand keeps normalizing. For collectors, the practical takeaway is to value items on what they are, not on how loud the trend was at purchase.
Trends FAQ
How much has Pop Mart's stock fallen since the Labubu peak?
The stock has lost roughly $32 billion in value since the peak of Labubu mania, as investors question whether the brand can keep driving results on its own.
How much of Pop Mart's revenue comes from Labubu?
The Labubu-led Monsters franchise generated 14.2 billion yuan in 2025, about 40% of Pop Mart's total revenue, up from 23% in 2024, which is why concentration risk is a concern.
Are Labubu sales falling in the United States?
Yes. U.S. sales fell about 45% year over year in March, while online sales in China fell about 5% year over year in May, suggesting demand is cooling in both markets.
How is TroveDrops different from chasing a hyped collectible?
TroveDrops shows the possible items and the odds before you buy and lets you verify each result as provably fair, so decisions rest on disclosed value rather than resale hype.
See the odds for yourself
Every TroveDrops box shows its exact item odds and values before you open, and every result is provably fair.
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