Core Viewpoint - The article highlights the booming live-streaming card-selling industry in China, showcasing the lucrative opportunities and the underlying issues related to the market's growth and practices. Group 1: Market Overview - The domestic collectible card market has seen rapid growth, surpassing 10 billion RMB in 2022, compared to just 700 million RMB in 2017 [11] - The popularity of collectible cards is evident on social media platforms, with various types of cards, including sports, anime, and movie characters, gaining significant attention [9] - The market has led to a surge in employment opportunities, with many individuals, especially young women, entering the live-streaming card-selling business [14] Group 2: Sales Dynamics - Live-streaming sessions typically start early in the morning, with hosts like Xiao Liang selling over 100 packs of cards in a single session, achieving monthly sales of around 40,000 RMB [7][8] - The pricing of card packs ranges from 8 to 15 RMB, with rare cards being highly sought after, creating a gambling-like atmosphere for buyers [5][6] - The top performers in the industry can achieve monthly sales exceeding 200,000 RMB, with the overall company sales estimated at around 2 million RMB monthly [8][13] Group 3: Consumer Behavior - The trend of card collecting has permeated various age groups, with children and adults alike participating in the craze, often leading to significant monthly expenditures [16][18] - The phenomenon has influenced consumer behavior, with parents expressing concern over their children's spending habits on cards [16] - Many adults engage in card collecting not out of nostalgia but simply for the thrill of the gamble, spending substantial amounts in the process [18][20] Group 4: Ethical Concerns - The industry faces ethical dilemmas, including the sale of "second creation cards," which are unauthorized reproductions that blur the lines between legitimate and counterfeit products [25][27] - There are reports of individuals spending their savings on these cards, only to find they have purchased low-value items, raising concerns about consumer protection [28][30] - The practices of manipulating card sales and the pressure to perform in a competitive environment have led to a culture of deception within the industry [24][33] Group 5: Future Outlook - The article suggests that the current card craze may not be sustainable, as many participants may end up feeling exploited or disillusioned by the industry's practices [30][34] - The shift towards purchasing second-hand cards is becoming more common, as consumers seek transparency and value in their transactions [34][35]

Core Insights - The rise of furry costumes in the anime community has led to a significant increase in demand, with orders surpassing previous years [1][6] - Custom furry costumes can cost up to nearly 10,000 yuan, reflecting the trend towards personalized and handmade products [2][6] - The furry costume trend is supported by parents, particularly those from the '80s generation, who understand their children's interests in anime and character representation [7][8] Industry Trends - The furry costume market is experiencing a shift from traditional cosplay to more personalized furry outfits, with a focus on custom designs [6][8] - The production process for these costumes is labor-intensive, often taking weeks to complete a single piece, which emphasizes the artisanal nature of the industry [6][8] - The practicality of furry costumes for repeated use in various social settings is contributing to their popularity among children and teenagers [8] Consumer Behavior - Parents are increasingly involved in the furry costume trend, often commissioning custom pieces for their children to enhance bonding experiences [7] - The costumes serve as a means for children to express their identities and connect with peers, indicating a social aspect to the purchasing behavior [7][8] - The demand for furry costumes is primarily coming from regions like Jiangsu, Zhejiang, and Shanghai, highlighting geographic trends in consumer interest [8]

Core Insights - The article discusses the booming second-hand trading market for anime and gaming merchandise, highlighting the volatility in prices and the impulsive buying behavior of consumers in the "二次元" (two-dimensional) culture [1][5][12] - It emphasizes the dual nature of consumers as both buyers and sellers, often leading to a cycle of impulsive purchases followed by attempts to recoup costs through resale [31][46] Group 1: Market Dynamics - The second-hand market for anime merchandise has seen significant fluctuations, with items like character badges experiencing price drops from thousands to hundreds of yuan [1][5] - The rise of IP (intellectual property) economy has led to an increase in merchandise availability, with consumers often engaging in impulsive buying, resulting in a vibrant second-hand trading environment [5][12] - Platforms like Xianyu (闲鱼) and Qidao (千岛) have become central to this trading ecosystem, with Xianyu reporting a user base of 105 million and a 75% year-on-year increase in transaction volume [50][49] Group 2: Consumer Behavior - Consumers often engage in "blind box" purchases, where they buy merchandise without knowing the specific items they will receive, leading to a gambling-like mentality [32][37] - The article notes that many sellers are also significant buyers, with profits from sales often reinvested into new merchandise, perpetuating a cycle of consumption [31][46] - The community aspect of platforms like Xiaohongshu (小红书) plays a crucial role in influencing purchasing decisions, with users often showcasing their collections and purchases [54][52] Group 3: Challenges and Risks - The second-hand market faces challenges such as counterfeit products, high uncertainty due to the involvement of minors, and complex unwritten rules within the community [14][56] - The article highlights the need for better regulation and service standards on trading platforms to address these issues and ensure sustainable market growth [56] - Concerns are raised about the long-term viability of the second-hand market, which heavily relies on the popularity of anime IPs, suggesting that a lack of new content could lead to market decline [56]

Core Insights - The company achieved over 10 billion in revenue within a year, with a net profit of 4.4 billion, indicating strong financial performance in the collectible card game market [1] - The company has successfully dominated the market, capturing 90% of the spending from children under 15 years old, showcasing its significant influence in this demographic [1] Company Focus - The company primarily targets popular intellectual properties (IPs) such as Ultraman and My Little Pony, which are key drivers of its success in the collectible card game sector [1]

Core Insights - The "Guzi Economy" has emerged as a new growth point in the consumption sector, particularly among the youth, with a focus on developing quality anime products and creating hubs for the two-dimensional culture [1][12] - The Beijing government has introduced an action plan to regulate and promote the "Guzi Economy," encouraging the creation of quality content and supporting domestic brands in expanding their markets [1][12] Youth Engagement in the "Guzi Economy" - Young people are actively participating in the "Guzi" culture, with events and markets attracting fans who buy, sell, and trade merchandise related to their favorite anime and games [2][4] - The popularity of "Guzi" has led to a vibrant community where fans connect over shared interests, with many using these interactions as a means of socializing and expressing their identities [6][13] Commercial Impact on Retail Spaces - Traditional shopping malls in Beijing are adapting to the "Guzi Economy" by renovating and introducing "Guzi" stores and markets, resulting in increased foot traffic and sales [8][11] - For instance, the Wangfujing Joy Shopping Center has seen its revenue double compared to the same period before renovations, with the "Guzi" section alone generating nearly 100 million yuan [11][12] Market Growth and Future Projections - The "Guzi Economy" market size in China is projected to reach 168.9 billion yuan in 2024, reflecting a 41% year-on-year growth, with expectations to surpass 200 billion yuan by 2025 [13][15] - The emergence of dedicated two-dimensional commercial spaces, such as the "Bailian ZX Chuangqu" in Shanghai, indicates a growing trend in the market, with significant increases in sales and customer engagement [13][15] Challenges and Recommendations for Retailers - Experts warn that while the "Guzi" stores are popular, retailers may face profitability challenges due to market saturation and the need for differentiation [15][16] - It is suggested that businesses focus on unique content and themes to meet diverse consumer demands and maintain engagement in a rapidly changing market [15][16]

Core Insights - The "Guzi" economy, driven by anime IPs, is reshaping offline consumption ecosystems, attracting young consumers and revitalizing commercial areas [1][2][3] - By 2029, the market size of China's "Guzi economy" is expected to exceed 300 billion yuan, becoming a new driver for regional consumption and urban renewal [1][2] - The appeal of "Guzi" products lies not in their functional attributes but in their emotional and cultural significance, resonating with the Z generation's desire for identity and community [2][3] Industry Trends - Recent consumer events have highlighted the growing trend of "Guzi" activities, with significant sales figures reported, such as over 300 million yuan in sales of related products from the animated film "Nezha 2" within a month [2] - Major cities are witnessing a surge in "Guzi" pop-up events and stores, with long queues and rapid sell-outs becoming commonplace [2][3] - The high engagement of cultural consumption is transforming the operational logic of offline shopping districts, with increased foot traffic reported in locations featuring "Guzi" stores [2][3] Market Dynamics - The "Guzi economy" is expanding into lower-tier cities, with events like anime conventions stimulating local consumption [3] - Brands are leveraging limited releases and collaborations to create a sense of novelty, enhancing customer engagement and extending their stay in stores [3] - Local governments are increasingly linking cultural resources with IPs to achieve dual goals of cultural revitalization and consumption transformation [3] Challenges and Future Directions - Some "Guzi" stores face challenges due to over-reliance on single IPs and lack of content updates, leading to a decline in foot traffic post-peak [4] - Issues such as scalping and counterfeit products are undermining consumer trust, indicating a need for sustainable development in the "Guzi economy" [4] - To unlock the long-term value of the "Guzi economy," there is a need for cities and businesses to shift from merely chasing trends to building platforms that enhance local cultural identity and provide immersive consumer experiences [4]

Group 1 - The core phenomenon of "breaking the wall" in the ACG culture indicates that the subculture of Cosplay has grown into a mainstream cultural trend with significant growth potential, evidenced by approximately 10 million Cosplay enthusiasts globally and a spending of $4.8 billion in 2023, averaging $480 per user annually [1] Group 2 - The Cosplay commercial ecosystem is driven by IP, with upstream content creation from ACG, midstream productization including costumes and accessories, and downstream consumer engagement primarily from the 18-30 age demographic, who are increasingly turning their hobby into a profession [2][3] Group 3 - The global market for Cosplay costumes is projected to grow from $4.75 billion in 2024 to $8.65 billion by 2029, with a production model that favors semi-customization due to the complexity of character designs [4][5] Group 4 - The market for beauty contact lenses and wigs, while smaller than costumes, shows a trend towards refined consumption, with significant user loyalty and a growing market share for domestic brands [6][7][8] Group 5 - Brands have opportunities to penetrate the Cosplay market through IP collaborations and by embedding themselves in cultural scenes, focusing on the expressive motivations of consumers rather than just product needs [10][11]

Core Viewpoint - The millet market is experiencing rapid growth driven by the popularity of ACG (Anime, Comic, and Games) culture and the expansion of its consumer base, with a projected growth rate of 30% year-on-year in 2024 [1] Industry Characteristics - The rapid rise of the millet economy is attributed to the matching of supply and demand, with the female Gen Z being the main consumer group, driven by emotional consumption needs and the rise of quality IPs [1] - The growth is supported by the emergence of quality supply, including the rise of domestic animation IPs and the concentration of millet stores in the market [1] Business Model - The millet economy's value chain is structured into three main segments: upstream IP and raw material supply, midstream product development, and downstream diversified sales [2] - Upstream, IP development is the "heart" of the millet economy, with strong bargaining power and short authorization periods [2] - Midstream participants are numerous but concentrated in specific segments, while downstream sales channels include online, offline, and second-hand markets, with a focus on core business districts [2] - The overall markup in the millet economy's value chain is high, with substantial profit margins across all segments [2] Future Development - The macroeconomic environment and supply-demand alignment are expected to drive significant growth in the millet economy, similar to trends observed in the Japanese market [3] - The current economic foundation and demographic structure in China provide fertile ground for the development of the millet economy, with increasing IP supply and expanding audience demographics [3] - There remains considerable potential for per capita consumption growth compared to developed countries [3]

Core Insights - The rise of the "Guzi economy" is driven by the increasing influence of the Z generation, who are becoming the main consumer force in the market [1][3] - Shanghai is identified as the city with the highest concentration of ACG (Anime, Comic, Game) culture in China, with numerous themed commercial districts attracting fans from across the country [1][3] - The market for "Guzi" (derivative products from ACG IPs) is projected to reach 168.9 billion yuan in 2024, marking a 40.63% increase from 2023, and is expected to exceed 300 billion yuan by 2029 [3][19] Group 1: Market Dynamics - The number of pan-ACG users in China is expected to reach 503 million by 2024, with the market size surpassing 100 billion yuan [3][19] - The global market for "Guzi" is growing at an annual rate of over 20%, with China being a key growth driver [3][19] - The "Guzi economy" is characterized by emotional connections and social currency among fans, with some rare items fetching prices hundreds of times their original value in the secondary market [3][11] Group 2: Cultural Impact - The "Guzi" phenomenon is seen as a form of emotional projection and attachment for fans, with items like badges and acrylic stands serving as tangible representations of their favorite IPs [11][12] - Events and activities centered around ACG culture are becoming new avenues for driving foot traffic and enhancing the vitality of traditional retail spaces [13][15] - The integration of ACG elements into physical retail experiences is reshaping consumer habits and creating immersive cultural consumption scenarios [30][34] Group 3: Industry Players - Companies like Lu Hua Film and GuGuGuGu are at the forefront of the "Guzi economy," with Lu Hua Film being involved in the distribution and promotion of popular anime films [4][19] - GuGuGuGu has secured over 100 popular IP licenses and developed more than 3,700 products, with 70% being self-developed [21][34] - The collaboration between domestic and international IPs is increasing, with Chinese products gaining traction in overseas markets [19][34]

Group 1 - The "谷子经济" (Guzi Economy) is emerging as a significant market, with a projected scale of 1,689 billion yuan in 2024, representing a 40.63% increase from 2023, and expected to exceed 3,000 billion yuan by 2029 [3][4] - The consumer base for the Guzi Economy is predominantly located in first-tier cities, with 57.62% of consumers earning over 10,000 yuan monthly, indicating a strong purchasing power [8] - The popularity of domestic IPs is rising, with over half of the top 20 selling IPs on platforms like Xianyu being Chinese, showcasing a shift towards local content [3][4] Group 2 - Young consumers engage in the Guzi Economy not only through purchasing but also by showcasing their collections, which serves as a social signal to connect with like-minded individuals [9][12] - The Guzi Economy is evolving from mere product transactions to a comprehensive entertainment experience centered around emotional connections with IPs [12] - The Guzi Economy is expanding into various sectors, including culture, commerce, and tourism, with over 3,239 dedicated Guzi stores across at least 39 cities in China [13][16] Group 3 - The success of the Guzi Economy is reflected in the financial performance of companies like Pop Mart, which reported a revenue of 13.04 billion yuan in 2024, a 106.9% year-on-year increase [13][16] - New cultural experiences such as themed restaurants, virtual concerts, and IP collaborations in tourist attractions are being developed, illustrating the broad impact of the Guzi Economy [16] - The Guzi Economy is not only revitalizing traditional retail spaces but also creating new consumer engagement opportunities through events and pop-up activities [16]