谷子经济：感知新客群，拥抱新趋势，把握新机遇

Market Overview - The Chinese ACG (Animation, Comic, Game) industry is experiencing rapid growth, with a market size reaching several hundred billion yuan, specifically 2,219 billion yuan in 2023, up from 189 billion yuan in 2016, reflecting a compound annual growth rate (CAGR) of 42%[3][9]. - The user base for the ACG culture reached 490 million in 2023, with 120 million being core users, indicating a strong potential for market expansion[3][4]. Consumer Insights - Generation Z is the primary consumer group, with nearly 60% of them willing to purchase peripheral products, driven by a desire for personalization and emotional value[4][40]. - Approximately 42% of consumers prioritize self-pleasure in their purchasing decisions, a 9 percentage point increase from the previous year, highlighting a shift towards emotional consumption[28]. Industry Dynamics - The ACG industry value chain centers around IP (Intellectual Property) and distribution channels, with a focus on IP acquisition, product design, and sales through both online and offline platforms[5][49]. - The market for IP-derived products is projected to exceed 1 trillion yuan, driven by the growing consumer base and the increasing popularity of domestic IPs[6][9]. Investment Opportunities - Companies such as Guangbo Co., Morning Glory Co., and Qixin Group are highlighted as key players in the market, leveraging their IP, manufacturing, and distribution advantages to capture market share[6][9]. - The market for game IP derivatives reached 40.6 billion yuan in 2023, with a CAGR of 17% from 2019 to 2023, indicating robust growth potential in this segment[61]. Risks and Challenges - The report identifies risks including intensified market competition, macroeconomic fluctuations, and challenges in acquiring IP resources, which could impact profitability and market dynamics[6].