Pop Mart International Group, the leader of China’s ‘blind box’ and collectible toy industry, recently attempted to freeze its cooling market sentiment by launching a limited-edition appliance: the Labubu-themed refrigerator. Part of the 'The Monsters' lifestyle series, the units were released on the evening of April 30 and sold out across major e-commerce platforms like JD.com and Tmall within seconds. This foray into household electronics marks a significant move for the company as it seeks to transform from a niche toy seller into a broader lifestyle brand.
Despite the immediate sell-out of the 999 units available worldwide, the fervor on secondary trading platforms has shown signs of rapid cooling. Before the official launch, speculative sellers on platforms like Dewu and Xianyu were listing the units—which retail for approximately 5,999 RMB ($830)—at prices exceeding 10,000 RMB. However, transaction data reveals that once the product hit the market, actual trading prices quickly slumped to between 7,000 and 8,000 RMB, with some sellers even listing units near the original retail price as panic flippers sought to offload stock.
Market observers note that this price volatility highlights a shift in the Chinese 'hype economy.' On the Dewu app, the average transaction price for the 'Home' red model dropped by over 7% within just two hours of the launch, while the 'House of the Monsters' white model saw a steeper decline of over 13%. This suggests that while Pop Mart’s core intellectual properties (IP) like Labubu still command attention, the speculative ceiling for its non-toy merchandise is significantly lower than during the company's peak growth years.
The launch also exposed the persistent challenge of professional scalping. Despite Pop Mart’s 'one per person' policy, secondary market records show multiple units being sold by single individuals, indicating that professional 'yellow cows' continue to bypass purchase restrictions. As Pop Mart’s stock price remains under pressure compared to its 2021 highs, these cross-sector experiments in high-end home goods are viewed as a double-edged sword: they generate immediate cash flow and buzz but risk diluting the brand if the secondary market bubble bursts too quickly.