Nan Fang Du Shi Bao·2026-01-07 11:05Core Viewpoint - The second-hand market prices for LABUBU, a popular IP under Pop Mart, have significantly declined, with some products selling below their official prices, indicating a shift in market dynamics from speculative investment to consumer-driven demand [1][6]. Group 1: Price Trends - On January 7, the resale price for the LABUBU 3.0 "Frontline High Energy" series dropped to 400 yuan for a set of six boxes, a notable decrease from the official price [1]. - The average transaction price for LABUBU products fell from 83.5 yuan on December 30, 2025, to 78.5 yuan by January 7, 2026 [2][3]. - Over 60% of users surveyed expressed a bearish outlook on the future price trends of LABUBU products [4]. Group 2: Market Dynamics - Analysts attribute the price decline to a rational market correction, moving away from the "investment" narrative back to the essence of "consumer goods" [1][6]. - Factors influencing this shift include market saturation, insufficient appeal of new products, and changes in the macroeconomic environment [6]. Group 3: Sales Strategy Adjustments - Pop Mart has adjusted its sales strategy, allowing direct purchases of certain LABUBU products online, with some series selling over 500,000 units [7]. - However, the "Frontline High Energy" series remains unavailable for direct purchase, indicating a disparity in product availability [7]. Group 4: Global Expansion and Strategy - Pop Mart is accelerating its global expansion, with overseas revenue growth reported at 365%-370% year-on-year for Q3 2025, including significant increases in various regions [9]. - The company is adopting strategies from the luxury goods sector, focusing on scarcity and cultural value to transition from blind box products to a luxury brand [10].