“谷子经济”崛起：IP为核，破圈新消费

Core Viewpoint - The "Guzi Economy" is rapidly emerging, driven by the Z generation's self-satisfaction demands and the rise of domestic IPs, reshaping the consumption ecosystem in China [1][4][31] Market Size - The overall market for the pan-dimensional and peripheral market in China is projected to reach 5,977 billion yuan in 2024, with the "Guzi Economy" segment expected to reach 1,689 billion yuan, marking a year-on-year growth of 40.6% [4][14] - By 2029, the "Guzi Economy" market is anticipated to exceed 3,000 billion yuan [1][4] Industry Chain - The industry chain is characterized by an "IP-centric" model, with domestic products breaking through traditional boundaries and a diverse channel structure [4][31] - The supply chain has matured, allowing for the development of differentiated domestic IPs that challenge international giants [1][4][28] Consumer Demographics - The consumer profile for the "Guzi Economy" is increasingly female and younger, with 61.39% of consumers being women and the majority aged between 12-20 years [19][20] - The Z generation, particularly those born after 2005, is the fastest-growing consumer group in this market, with significant engagement in purchasing activities [19][20] Competitive Landscape - The competitive landscape is shifting from Japan leading the market to domestic players competing vigorously, with a focus on differentiated IP ecosystems targeting overseas markets [4][31] - Major brands such as Pop Mart and TOPTOY are establishing significant market positions through extensive product offerings and a growing number of physical stores [5][32] Channels and Sales Growth - The integration of online and offline sales channels is a key driver of growth, with online sales on platforms like Taobao reaching 17 million items sold in 2024, a nearly fivefold increase year-on-year [14][32] - The number of physical "Guzi" stores has also expanded significantly, with over 3,239 stores across at least 39 cities in China [14][32] Policy and Cultural Support - Government policies are increasingly supporting cultural consumption and the development of domestic IPs, which is expected to further stimulate the "Guzi Economy" [21][25] - The rise of cultural events and themed pop-up stores is enhancing the visibility and sales of "Guzi" products [21][25]