Core Insights - The price of the Labubu series has significantly decreased, with the price of the complete Labubu 3.0 series dropping to about one-fourth of its peak value [1][5] - The mini version of Labubu has seen a rapid decline in prices shortly after its release, indicating a shift in market dynamics [1][8] - The overall trend in the secondary market reflects a return to rational consumer behavior, moving away from speculative pricing [9][13] Price Trends - The average transaction price for the third generation "Loyalty" Labubu has decreased from a peak of 2987 yuan to 683 yuan [1] - The mini version of Labubu has seen its price drop from 2000 yuan to approximately 1634 yuan shortly after launch [1] - The prices of various hidden and popular models have also seen significant declines, with some down by as much as 60% [2][6] Market Dynamics - The increase in production capacity by Pop Mart has contributed to the price drop, with monthly production now exceeding ten times that of the previous year [4][8] - The secondary market for Labubu has experienced a reversal in supply and demand, leading to a significant drop in prices as supply increases [11][12] - Analysts suggest that the decline in secondary market prices may be a positive sign for the long-term health of the market, as it indicates a move towards sustainable pricing [7][15] Consumer Behavior - Consumers are shifting from viewing Labubu as a "social currency" to focusing on the intrinsic value of the products, leading to more rational purchasing decisions [13][15] - The trend indicates a maturation in consumer attitudes, with a growing rejection of inflated prices driven by speculation [13][15] - The market is moving towards a healthier ecosystem, where the focus is on genuine consumer demand rather than speculative trading [12][15]