Everyone Thought Labubu Was Crashing. They Were Wrong.

Labubu resale prices were crashing, and headlines made it look like the craze was finally over. But while the secondary market collapsed, Pop Mart’s underlying business told a very different story. This documentary breaks down how a $28 Labubu plush became a speculative asset, how artificial scarcity and scalpers pushed resale prices into the hundreds, and what happened when Pop Mart dramatically expanded supply. From blind-box FOMO and celebrity hype to counterfeit Lafubus, reseller speculation, and the collapse of the speculative premium, the real Labubu story is not quite what the crash headlines suggested. Bagholder Association investigates the business models, incentives, and market psychology hiding behind the brands everyone is talking about. #labubu #collectibles #businessdocumentary