Core Insights - The popularity of LABUBU (拉布布) has led to a decline in its secondary market prices, indicating a shift in consumer interest and behavior [1][2] - The initial appeal of LABUBU was driven by its uniqueness and scarcity, which has diminished as it became more mainstream [2][5] Group 1: Consumer Behavior - LABUBU's design, characterized by its unconventional aesthetics, resonates with consumers seeking uniqueness, leading to a perception of "ugly is cute" [1] - The initial hype around LABUBU was fueled by its scarcity, making it a social currency among collectors [1] - As LABUBU became widely available, the sense of exclusivity faded, prompting early adopters to seek new niche communities [2] Group 2: Market Dynamics - The oversaturation of LABUBU in the market has resulted in a loss of its "scarcity" appeal, contributing to a decline in consumer excitement [2] - The blind box mechanism, which initially provided emotional value and excitement, has led to consumer fatigue and a more rational approach to purchasing [2] - The emotional connection consumers had with LABUBU is being reassessed as they experience diminishing returns on their investment [2][3] Group 3: Pricing Trends - A notable auction in June saw a unique LABUBU sell for 1.08 million yuan, highlighting the potential for high-value transactions within the collectible market [5] - Despite high-profile sales, the overall trend indicates a significant drop in secondary market prices for LABUBU products [1][2]