读研报 | 谷子经济，增速之外还要关注哪些关键词？

Core Viewpoint - The article emphasizes the rising potential of the "谷子" economy, which refers to the market for derivative products based on IP from animation, comics, games, and novels, highlighting its growth driven by a large consumer base and increasing demand for low-cost, high-frequency consumption [2][3][4]. Group 1: Market Potential - The "泛Z世代" demographic, born between 1995 and 2019, is significantly influenced by two-dimensional culture, with an expected user base exceeding 500 million by 2024, providing a substantial foundation for the growth of the "谷子" economy [4]. - The two-dimensional market is projected to grow from 18.9 billion in 2016 to 221.9 billion in 2023, reflecting a compound annual growth rate (CAGR) of 42.17%, while the derivative market is expected to increase from 5.3 billion to 102.4 billion during the same period, with a CAGR of 52.66% [4]. Group 2: Supply Chain Dynamics - The "谷子" economy encompasses a supply chain divided into four segments: IP production, IP operation, product development, and product sales, with upstream companies profiting mainly through IP licensing [6]. - The rise of popular IPs is a fundamental driver of the "谷子" economy, supported by a surge in offline retail stores and commercial transformations catering to the two-dimensional market, with over 1,000 stores established by at least 42 notable retail brands [7]. Group 3: Competitive Landscape - The current supply side of the "谷子" economy is characterized by a fragmented market with numerous players, leading to low bargaining power for suppliers and high competition due to the low technical barriers for entry [7][8]. - The market's low concentration and high profitability attract many potential entrants, resulting in intense competition and a diverse array of products available to consumers [7][8].