Fashionable toy Labubu and luxury liquor Moutai — two hit items in China — have seen their prices plunge on the mainland.
Pop Mart International (9992) has reportedly conducted large-scale restocking of its popular Labubu toy series, leading to a sharp drop of nearly 40 percent in resale prices on Chinese second-hand trading platforms, according to mainland media.
On Qiandao, a secondary market for designer toys, the average resale price of certain Labubu figures – including its rare version – fell by 10 percent over the past three days due to the increased official supply.
In addition, Jiemian News reported that Pop Mart launched its first-ever online presale for the Labubu 3.0 soft vinyl plush line last Wednesday evening, with shipping now scheduled as far out as September, reflecting strong demand.
Data from resale platforms showed that the average transaction price for the rare edition Labubu figure, originally priced at 99 yuan (HK$108.11), plunged from 4,607.40 yuan on last Sunday to 2,851.40 yuan on last Tuesday – an almost 40 percent drop.
Meanwhile, The Paper reported that Pop Mart's official mini-program on WeChat sent multiple restocking alerts last Wednesday, though users often encountered issues accessing the purchase page.
Some buyers noted that the volume and frequency of restocking seemed significantly higher than previous rounds, intensifying competition for the figures, the report said.
Previously, due to high demand and limited availability, some users on the secondhand platform GooFish even began offering Labubu figures for rent, targeting scenarios such as photography, social media posts, and wedding displays. Listings with search terms like “Labubu rental” show daily rental prices for the “Labubu 1.0 – Time to Chill” starting at 30 yuan, while figures like ZIMOMO range from 50 to 80 yuan per day.
Sellers typically require a minimum three-day rental and a 2,000 yuan deposit, and buyers must cover return shipping. Deposits may be fully forfeited in cases of damage or substitution.
Meanwhile, prices of China’s Moutai Feitian liquor have dipped below the symbolic 2,000 yuan (HK$2,183.74) threshold in recent days, a shift that experts say could trigger broader price adjustments across the high-end baijiu market.
Loose bottles of 2024 and 2025 Feitian Moutai were quoted at 1,950 yuan and 1,930 yuan respectively as of June 19, according to a local pricing tracker. The per-bottle price for a full case of the 2025 vintage also fell to 1,980 yuan, down 20 yuan from the previous day.
While most online retail listings remain above 2,000 yuan, actual transaction prices on some platforms have dropped to around 1,900 yuan, helped by consumer subsidies offered during the mainland’s "618" mid-year shopping festival.
Mainland media China Wine News cited Wu Peihai, advisor to baijiu distillery Beijing Red Star, saying the price decline may further dampen consumer expectations. Wu urged liquor companies to take strong measures to restore market confidence and avoid destructive competition amid the overall downward trend in alcohol prices.
(Staff reporter)
