Is Labubu still popular in 2026? If you've noticed fewer sold-out banners, calmer resale prices and a lot of headlines about POP MART's share price, you're not imagining it. On August 20, 2026, POP MART published its half-year results, and the numbers gave the clearest answer yet to a question collectors have been asking since last autumn. The short version: Labubu is still POP MART's biggest character by a wide margin, but it is no longer growing, a star-shaped newcomer is growing at over 500 percent, and plush has quietly taken over the whole company. Here's what the data actually says, and what it means if you collect.
What POP MART's August 2026 results revealed about Labubu
POP MART's revenue for the first half of 2026 reached 17.17 billion yuan, up 23.8 percent year on year, which sounds healthy until you compare it with the 200-plus percent growth of a year earlier. The Monsters family, which is Labubu plus Zimomo, Mokoko and friends, brought in 4.45 billion yuan. That is down 7.5 percent from the same period in 2025, and its share of POP MART's total revenue fell from 34.7 percent to 26 percent.
Two more figures explain the mood. Overseas revenue fell 11.1 percent overall, with the Americas down 16.5 percent, even as Greater China grew 47.3 percent. And CEO Wang Ning told analysts the company's 20 percent full-year growth target would be difficult to reach, adding that the pressure in the second half would be greater than in the first. Shares fell as much as 8.9 percent the next day. So no, the Labubu frenzy of 2025 is not still running at full speed. But "not growing" and "not popular" are very different things.
So is Labubu still popular, or is the hype over?
Consider the scale. A 7.5 percent decline still leaves The Monsters at 4.45 billion yuan in six months, which is more than Crybaby, Dimoo and SKULLPANDA each earned in the same period, and roughly five times what Molly made. POP MART also confirmed in the same results that it will keep rolling out new Labubu products. What has changed is the type of demand. The speculative buyer who queued for a box to flip it is largely gone; the collector who wants a specific series, a matching outfit or a rare secret is still here. That is why common figures have drifted back toward retail while confirmed secrets and Mega sizes have held their value, a shift we break down in our 2026 Labubu price guide.
For collectors this is the best buying environment in two years. Series that were impossible to find at any sane price in 2025 are now sitting in stock. At DidaPop, the V3 Big Into Energy vinyl plush pendant is available at $32.99 per box with full sets on hand, and the newer V4 Heart Code mini plush keychain can be bought as a complete alphabet set rather than hunted letter by letter.
Who is replacing Labubu? Meet Twinkle Twinkle
The most striking line in the results belonged to a character many Western collectors still haven't met. Twinkle Twinkle, a star-shaped figure with rosy cheeks created by Chinese illustrator Daxin in 2020, generated 2.65 billion yuan in the first half, up 580.6 percent, making it POP MART's second-largest IP at 15.4 percent of revenue. Its blind boxes retail at just $12.99 to $14.99, secret odds sit around 1 in 144, and POP MART has been pushing it hard: a Farm Tales pop-up took over a Kuala Lumpur mall from August 13 to 23, with the new Farm Tales series launching on August 21 and the artist signing in person.
Whether Twinkle Twinkle becomes a global phenomenon on Labubu's level is an open question. Its growth so far is heavily concentrated in China, where POP MART's revenue jumped 47 percent, and overseas familiarity is exactly what management blamed for the weak Americas numbers. If you want the wider field of contenders, our who's the next Labubu roundup covers the characters with real momentum outside POP MART, including WAKUKU, whose On A Roll plush series remains one of our most consistent sellers at $17.99.
The real winner of 2026: plush, not any single character
Underneath the character headlines sits a format story that matters more for what you'll see in stores this autumn. POP MART's plush revenue reached 9.82 billion yuan, up 60 percent, and now accounts for 57.2 percent of everything the company sells. Figure toys, the original blind box format, were flat at 5.19 billion yuan. Two years ago the ratio was reversed.
Labubu started this by proving that a vinyl-faced plush could be a fashion accessory, and the whole industry followed. It's why POP MART's older characters are getting plush lines, such as the Pucky Close For Today plush series that landed at DidaPop last week, and why crossovers like THE MONSTERS x Hello Kitty and Friends launched as pendants rather than figures. It's also why non-POP MART brands such as Baby Three built their entire business on plush, a comparison we made in Labubu vs Baby Three.
What should Labubu collectors do now?
First, stop treating every box as an investment. With The Monsters revenue declining and supply catching up, commons are unlikely to appreciate; buy the series you like at a fair price. Second, if you've been waiting for a discontinued series such as Exciting Macaron or Have a Seat, watch reseller stock rather than POP MART's site, because those won't be restocked. Third, take authenticity more seriously, not less: a cooler market pushes counterfeiters toward the high-value secrets, so the checks in our Labubu authentication guide matter most on exactly the pieces worth faking. Finally, keep one eye on Twinkle Twinkle and the plush wave generally. The next thing everyone wants in 2027 will almost certainly be soft, clip-on, and already popular in China.
FAQ
Is Labubu still popular in 2026?
Yes, but growth has stopped. POP MART's first-half 2026 results showed The Monsters revenue down 7.5 percent to 4.45 billion yuan, still the company's largest IP but a smaller share of sales than in 2025.
Is the Labubu craze over?
The speculative frenzy is over; the collecting is not. Resale prices for common figures have normalised, while rare secrets and Mega sizes still command strong premiums, and POP MART has confirmed more Labubu releases are coming.
What is the next Labubu?
Inside POP MART, Twinkle Twinkle grew 580 percent in the first half of 2026 to become the company's second-largest character. Outside POP MART, plush-first brands like Baby Three and WAKUKU have built their own followings.
Is now a good time to buy Labubu?
For collectors, yes. Stock is available, prices for commons are closer to retail than at any point since 2024, and full sets can be bought outright instead of assembled from resellers one box at a time.
Whether you're finishing a Labubu set or starting on whatever comes next, DidaPop stocks authentic POP MART, Baby Three, WAKUKU and dozens of emerging designer toy brands with fast worldwide shipping. Explore the full collection at didapop.com.