Labubu Envy: Fluffy Collectibles Steal the Show During China's 618 Online Shopping Festival

Yahoo

4 hours ago

SHANGHAI —This year's 618, China's largest midyear online shopping festival, had a noticeably subdued tone as shoppers continued to sober up from splurging and stockpiling due to an uncertain economic outlook and a softer growth prospect following April's tariff agreements with the U.S.
However, that sentiment was offset by a wave of Labubu frenzy that pushed limited-edition collectibles to sell out within minutes.
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On June 18, Labubu's parent company, Popmart, launched its first livestream on the Alibaba-owned cross-border e-commerce platform AliExpress, which attracted over 220,000 viewers. All 500 items, including the company's most recognizable fluffy creatures — Labubu, Cry Baby, Baby Molly, and Skullpanda — sold out in a flash.
According to Tmall, the 'toys and trendy collectibles' category saw six brands — including Paper Presented, Popmart, MiHoYo, Disney Store, Jellycat, and Lego — exceed the 600 million renminbi, or $83.4 million, sales mark.
Dubbed 'sneakers for the Gen-Z generation,' the broader 'fandom goods' category has created 17 stock keeping units that exceeded 10 million renminbi, or $1.39 million, during the 618 period.
According to data from Statista, China's trendy toys market is expected to reach 110 billion yuan, or over $15 billion, by 2026.
A recent report by Zhongtai Securities revealed that homegrown character-based toys — fueled by a booming subculture — have already outsold Japanese anime toys during this year's 618 shopping festival. 'Over 60 Chinese and foreign films are set to hit theaters this summer, which is bound to create fresh momentum for IP-related merchandise,' the report added.
'It's over-the-top, 'proclaimed Tmall's star livestreamer Austin Li during a recent broadcast, urging shoppers to steer clear of the hype. 'It's overpriced, it's a no, the prices will come down,' he added.
Still, it was up to Li and the platform he lives on to revive enthusiasm around 618 amid waning consumer confidence.
This year, major e-commerce players such as JD.com and Tmall simply canceled complicated sales mechanisms and began offering straightforward discounts and a wide array of coupons.
According to data from Syntun, this year's 618 sales totaled 855.6 billion renminbi, or $119 billion, an increase of 15.2 percent year-on-year. However, the data took into account a week's extension compared to 2024.
Two years ago, Chinese e-commerce players stopped unveiling official 618 sales results. Instead, JD.com touted the 'explosive increase' in the number of purchasing users, which more than doubled year-over-year. At Taobao and Tmall, sales 'remained resilient,' with 453 brands surpassing the 100 million renminbi, or $13.9 million, mark in terms of gross merchandise value.
'The unusually early campaign start on May 13 caught many consumers off guard, leading to a first wave that some missed entirely, which may have temporarily dampened engagement. That may contribute to a feeling that this year's 618 felt more subdued, but we're still expecting solid GMV growth for the festival,' said Jacob Cooke, chief executive officer and founder at WPIC, a Beijing-based e-commerce consulting agency.
Cooke expects this year's Singles' Day to follow a similar path as 618, with an extended timeline and consistent discount mechanisms.
'We're seeing a shift away from flash sales and gimmicks toward simplified pricing, loyalty-driven engagement, and full-funnel marketing strategies,' said Cooke. 'Tmall's emphasis on its 88VIP program, for example, shows a clear pivot toward retaining high-value consumers,' said Cooke of its membership program that also spans other platforms within the Alibaba ecosystem, such as the food delivery app Eleme, the travel booking site Fliggy, and the video streaming platform Youku.
With governmental subsidies that cover categories such as home appliances and digital products, sales of these categories rose 283 percent year-over-year during the the first leg of the promotional period, which ran from early May to May 30, according to data from Moojing Market Intelligence.
The apparel segment, which contributed around 50 percent of total 618 sales, rose 7.2 percent during the May period, trailing by 6.8 percent year-over-year growth in the beauty category, according to Moojing.
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