Try Google Trends and use Habbo. YOu'll see.

Well I guess people see it as a game for younger kids. Something like Club Penguin.I've never understood why habbo got a reputation for being so bad that people actively hid it from their friends, if they could find a way for it to be considered cool then they would be on to a winner.
For me it was the merge which killed habbo, I don't know why, but too much changed too quickly for lots of people and they all left!
Its a toughie trying to figure out why users fell. One way to look at it is that Habbo was a 'popular craze', and as with all crazes, the interest eventually died, but that seems too easy of an answer. I think blaming the mute is too easy as well. I mean, numbers were low even before the merge.
For me personally, I've grown up with Habbo over the last 11 years and when I come onto the computer I log into Habbo like I log into Facebook (formerly myspace) and Twitter. Whether I pay much attention to it or not, its a habit.
I think Habbo now, as an actual product, is much better than when I first joined. The client is clear and easy to use. Wired is potentially the best furni Habbo ever added, groundbreaking. Rideable Horses are great, as are Badge Display cases, etc, etc, etc. I can only dream about how good Habbo would've been if it'd been like this in 2002. The only change over the last few years I really didn't like is the most recent catalogue they added, though I do like its search feature.
The issue for me with Habbo lies with the community. It is way too segregated and the "community feel" of old is gone. Most the people I knew from 2002-2009 are long gone. You get your casino people, your fansite people, your roleplayers, your games players, etc. No one really mixes and I don't find people are particularly welcoming. In fact, Habbo isn't a welcoming place at all anymore. For example, you go into a 18+ room and what do you get? One big showing off/ p*ssing contest. Most of the time, seemingly never ending, boring conversations about weed and drugs. If I was new and walked into one of these rooms for the first time, I know I'd log out of Habbo and not look back.
Came onto the hotel tonight, seemed very empty for a change.. Usually does be much more online, most rooms were empty plus even my room was quiet too for the time I was on. It went from 26 downwards to nothing. Sulake would really want to do something while they can. Surely they can see the drastic dropping in players.. Hmm, hope they do something!
Search Varnius for Habbo's Official Trading Room.
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