Core Insights - Consumption is a persistent driver of economic growth and reflects the quality of life for residents in Jiangsu, with a significant transformation towards high-quality, intelligent, and green consumption patterns expected by 2026 [2][4] Consumption Trends - The "Su New Consumption" initiatives and improved livelihood policies are expected to lead to three main characteristics in consumer expectations: the release of service consumption potential, the collaboration between urban and rural markets, and the emphasis on quality experiences [2][4] - The survey covered over 6,000 residents across ten key consumption areas, revealing a strong focus on education, tourism, health, and wellness, indicating a shift from material satisfaction to spiritual enjoyment [4] Sector-Specific Insights - Tourism is projected to see a nearly 40% increase in spending, leading the consumption growth, followed by education and health-related sectors [4][5] - In education, 46% of respondents plan to increase spending on quality education, with rural areas showing a higher inclination at 51.6% [4] - Health consumption is shifting towards proactive health measures, with significant interest in sports and wellness, particularly among different age groups [6] Emerging Consumption Patterns - The cultural and entertainment sectors are thriving, with 58% of respondents engaging in movie consumption, and a notable interest in local sports events [7] - The pet economy is also growing, with 64.1% of pet owners being from the 80s and 90s generations, indicating a shift towards emotional companionship rather than just functional ownership [7] Rural Consumption Dynamics - There is a positive trend of consumption moving towards rural areas, supported by policies aimed at enhancing county-level commercial systems and rural e-commerce [8] - Consumers are becoming more rational, prioritizing value for money in sectors like tourism and home services [8] Future Outlook - The Jiangsu consumption market is expected to evolve towards greater vitality, creativity, and sustainability, driven by technological advancements and the growth of new consumer groups [9]

健康消费的转型则勾勒出"主动健康"的全民共识。随着"健康中国"战略在江苏落地见效，居民健康消费 从"疾病治疗"转向"多元预防"，2026年运动养生、保健养生消费预期分别位列第三、第四位。不同年龄 段呈现阶梯式需求特征：青年群体偏爱智能穿戴与形象管理，中年群体愿为高端营养品、中医理疗支付 溢价，老年群体保健消费人均支出达青年群体的1.5倍。中医调理等传统养生方式备受青睐，42.1%的受 访者愿意为其支付更高费用，农村居民意愿甚至高于城镇居民1.3个百分点，这与江苏推进基层中医药 服务全覆盖的政策导向高度契合。养老消费领域，"品质享老"成为新趋势。在人口老龄化加深背景下， 江苏大力推进居家社区机构相协调、医养康养相结合的养老服务体系建设，"长者食堂""社区康养中 心"等惠民设施持续扩容。调查显示，59.6%的居民选择居家养老，但48.2%的人将社区医疗健康服务视 为首要需求，36—45岁养老责任群体需求更加强烈。值得关注的是，农村居民养老消费意愿增速领先， 文娱旅游、康养服务领域增长意愿分别高于城镇居民2.1和1.7个百分点，"乡村享老"模式正在形成。区 域差异方面，苏中、苏北对"长者食堂"等普惠服务需求强度比苏 ...

Core Viewpoint - The article explores the emerging trend of "kigurumi" or "kig" culture among young people, highlighting its growth as a niche market within the broader ACG (Anime, Comic, Game) culture in China, and the entrepreneurial opportunities it presents in the customization of character head shells [5][14][35]. Group 1: Industry Overview - The kigurumi culture allows individuals to transform into 2.5D characters, providing a lower barrier to entry compared to traditional cosplay, as players do not need to show their real faces or have perfect body types [6][7]. - The average price for a kig head shell is around 3,000 yuan, with some high-end products reaching up to 10,000 yuan, indicating a lucrative market despite its niche status [7][11]. - The number of pan-2D users in China has grown from 212 million in 2017 to an expected 503 million by 2024, reflecting a significant expansion in the ACG market [14]. Group 2: Company Insights - KIGLAND, a kig head shell customization service, has gained attention by offering a popular head shell at a promotional price of 998 yuan, which has raised skepticism about quality among potential customers [9][13]. - The founder, Li Mingwei, has a diverse background and has been involved in the ACG community for years, which has informed his approach to the business [14][19]. - The company aims to standardize production processes to meet the growing demand, moving away from the small workshop model that currently dominates the industry [22][23]. Group 3: Technological Innovations - Li Mingwei is developing an AI model to assist in 3D modeling and production, aiming to streamline the customization process and improve efficiency [31]. - The company has implemented innovative cost-cutting measures, such as hiring professional hairstylists to produce wigs, which traditionally required significant manual labor [27]. - The goal is to create a "super factory" for kigurumi products, capable of handling larger volumes while maintaining quality [18][28]. Group 4: Market Dynamics - The kigurumi market is witnessing an influx of new players offering lower-priced options, which is changing the competitive landscape and making the products more accessible to a broader audience [35]. - The demand for kigurumi products is driven by a desire for self-expression and social identity among young people, with many players seeking to showcase their love for virtual characters [14][34]. - The article notes a growing presence of kigurumi at events, indicating a rising popularity and acceptance of this culture within the broader ACG community [36][38].

Core Viewpoint - The article discusses the emerging trend of "kigurumi" or "kig" culture among young people, where individuals transform themselves into life-sized dolls using oversized heads and costumes, creating a unique blend of 2D and 3D aesthetics [3][4][36]. Group 1: Kigurumi Culture - Kigurumi players, known as "kig players," wear custom-made heads and costumes to embody their favorite 2D characters, allowing them to express their fandom in a tangible way [3][4]. - The kigurumi culture is distinct from traditional cosplay, as it focuses on hiding the player's identity and presenting a pure representation of the character [3][4]. - The market for kigurumi products is growing, with prices for custom heads averaging around 3000 RMB, and some high-end options exceeding 6000 RMB [4][9]. Group 2: Market Dynamics - The kigurumi market is becoming increasingly competitive, with new entrants like KIGLAND offering lower-priced options, such as a head for 998 RMB, which has raised concerns about quality among consumers [11][37]. - The demand for kigurumi products is expanding, with the number of participants in the culture increasing significantly, as evidenced by the growing number of players at events [37][39]. - The overall size of the broader ACG (Anime, Comic, Game) market in China has grown from 212 million users in 2017 to an expected 503 million by 2024, indicating a shift towards more open expressions of fandom [13]. Group 3: Entrepreneurial Ventures - KIGLAND, founded by a young entrepreneur, has quickly gained traction in the kigurumi market, securing seed funding within a year of its establishment [4][12]. - The founder, who has a diverse background in sports and technology, aims to standardize production processes to meet the growing demand for kigurumi products [17][20]. - The company is investing in technology, including AI models, to streamline the customization process and improve the quality of their products [30][31]. Group 4: Production Challenges - Many kigurumi head manufacturers operate as small workshops, struggling with production capacity and long lead times, which can range from three months to over a year [16]. - The founder of KIGLAND is addressing these challenges by learning 3D modeling and establishing a more efficient production process, which has allowed them to reduce costs significantly [18][22]. - The company has also hired skilled professionals to enhance the quality of wigs and other components, moving away from the traditional reliance on hobbyists [25][26].

Core Insights - The article discusses the trend of emotional consumption among young people in China, highlighting how they engage in purchasing items that provide emotional satisfaction and personal fulfillment [1][2][3] Group 1: Emotional Consumption Trends - Young consumers are increasingly purchasing items, referred to as "谷子" (Goods), which represent not just products but also emotional experiences and connections to their interests [2][3] - Activities such as buying blind boxes, attending concerts, and participating in themed markets are popular among young people as they seek emotional companionship and psychological satisfaction [3][4] Group 2: Online and Offline Experiences - The combination of online and offline experiences forms a comprehensive emotional holiday for young consumers, where they share their experiences on social media after participating in activities [4] - The cycle of experiencing, recording, and sharing emotions creates a warm connection among young people, transforming them from mere consumers into "editors of emotions" [4] Group 3: Rational Consumption - Young consumers are beginning to adopt a more rational approach to their spending, focusing on quality over quantity and ensuring that their purchases align with their true interests [5][6] - Regulatory measures are being implemented to address issues in the blind box market, including guidelines for transparency in odds and restrictions on sales to minors [6]

Core Insights - The "Guzi economy," referring to the consumption culture and economic model surrounding secondary dimension IP peripheral products, is projected to reach a market size of 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029 [2] Group 1: Market Overview - The "Guzi economy" is rapidly growing, with young consumers increasingly purchasing items like badges, standees, cards, and figurines, indicating a significant new consumption trend [2] - Concerns regarding the quality and safety of "Guzi" products have emerged, as there are reports of health issues linked to these items [2][5] Group 2: Quality Issues - There are widespread complaints about the quality of "Guzi" products, including issues like stains, paint peeling, severe color differences, and material shrinkage [3] - Some consumers have reported health symptoms, such as dizziness, potentially due to harmful substances like excessive formaldehyde in the products [3][5] Group 3: Sources of Poor Quality - Investigations reveal that substandard "Guzi" products often use unqualified materials and lack proper quality certifications, leading to safety risks [6][7] - The presence of harmful chemicals, such as plasticizers and heavy metals, in some products poses significant health risks, especially for children [7] Group 4: Sales and Regulation Challenges - There is a market for "three-no products" (no quality certification, no production license, no manufacturer information), which are still sold due to high demand among minors [8] - The lack of clear regulatory standards for new products, such as AI toys, creates a regulatory blind spot, complicating oversight [9] Group 5: Regulatory Actions - Regulatory bodies in regions like Zhejiang and Beijing are increasing oversight of "Guzi" products to ensure compliance with quality standards [11] - There is a call for the establishment of industry standards and regular inspections to ensure product safety in the rapidly expanding "Guzi economy" [10][11] Group 6: E-commerce and Consumer Awareness - E-commerce platforms are urged to enhance merchant vetting processes and require detailed production and quality assurance documentation from sellers [12] - Consumers are advised to be vigilant about product materials and manufacturers to avoid counterfeit and substandard products [12]

Core Concept - The "Guzi Economy" is emerging as a new consumption engine driven by the preferences of Generation Z, focusing on the consumption culture and economic model surrounding secondary IP-related products [2][3] Market Scale - The Guzi Economy is experiencing rapid growth, with the market size for secondary derivative products expected to reach 1.689 billion yuan in 2024, a 40.6% increase from 2023, and projected to exceed 3 billion yuan by 2029 [3] - The number of Guzi-related products sold online is expected to reach 17 million units in 2024, a nearly fivefold increase year-on-year [3] Product Demographics - The Guzi product categories are diverse, with badges being the most popular, accounting for approximately 40% of the market, followed by card products at 30-40% [4] - The consumer base is predominantly female (61.39%), with a significant portion of consumers aged 18-25, indicating a trend towards younger demographics [4] Driving Factors - The Guzi Economy benefits from the "lipstick effect" and "Disney effect," where low-cost, high-emotional-value products attract consumers [5] - The rise of domestic IP and the maturity of supply chains are crucial for the growth of the Guzi Economy, with local IPs increasingly surpassing Japanese counterparts [6] - The integration of online and offline sales channels is a significant factor in driving traffic and sales growth [5][6] Industry Chain - The Guzi Economy's industry chain is centered around IP development and operation, with domestic IPs gaining prominence [6][7] - The sales channels are diversified, including online platforms, social media, and offline stores, with over 3,239 Guzi stores across at least 39 cities in China [8] Competitive Landscape - The global Guzi Economy is thriving, with Japan leading the industry, but Chinese domestic IPs are increasingly competing and differentiating themselves in the international market [10]

Core Viewpoint - The article discusses the booming second-hand trading market within the ACG (Anime, Comic, Game) community, highlighting the impulsive buying behavior and the subsequent need for selling items at a loss, driven by the popularity of various IPs and merchandise [4][6][62]. Group 1: Market Dynamics - The second-hand market for ACG products has seen significant growth, with items experiencing drastic price fluctuations, such as a character figure dropping from 3000 yuan to hundreds within six months [4][6]. - The rise of IP economy has led to an increase in merchandise releases, with brands frequently launching new collaborations and products, creating a vibrant trading environment [6][7]. - The impulsive buying behavior is prevalent, with consumers often purchasing items at inflated prices during initial releases, only to later sell them at a loss on platforms like Xianyu [7][16]. Group 2: Consumer Behavior - Consumers in the ACG community exhibit a "buy high, sell low" mentality, often relying on second-hand sales to recoup costs from impulsive purchases [16][34]. - The phenomenon of "blind box" purchases has become common, where consumers buy mystery boxes with uncertain outcomes, leading to increased spending driven by the thrill of potential high-value items [35][40]. - Social media platforms like Xiaohongshu play a crucial role in influencing consumer behavior, where users showcase their collections and engage in community discussions before making purchases on trading platforms [57][58]. Group 3: Platform Analysis - Xianyu remains the dominant platform for second-hand ACG transactions, boasting a user base of 105 million and a 75% year-on-year increase in transaction volume [53]. - The emergence of niche platforms like Qindao and Jihuan She caters to specific segments within the ACG community, offering tailored services and community engagement [52][51]. - Xiaohongshu has unexpectedly benefited from the trading boom, becoming a preferred platform for users to showcase and discuss their collections before transitioning to sales on Xianyu [57][58]. Group 4: Challenges and Concerns - The influx of underage users in the second-hand market has raised concerns about impulsive buying and refund requests, complicating transactions for sellers [58][59]. - Issues such as counterfeit products and the need for better regulatory measures have emerged as significant challenges for the trading platforms [60][61]. - The sustainability of the second-hand market is questioned, as it heavily relies on the ongoing popularity of ACG IPs, with potential risks if new hits do not emerge [62].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights the rapid growth of the "Guzi" economy, driven by multiple factors on both demand and supply sides, with a projected market size increase from 537 billion yuan in 2017 to 1689 billion yuan by 2024, reflecting a CAGR of 17.79% [3][21] - The demand for "Guzi" products is expected to benefit from the rise of emotional consumption and changing consumer attitudes, particularly among younger demographics [12][56] Summary by Sections 1. Emotional Consumption Rise and Market Outlook - The "Guzi" economy is positioned within the broader context of the expanding ACGN subculture, which includes animation, comics, games, and related merchandise [12] - The market for the broader "pan-second dimension" and related products is projected to grow from 221.2 billion yuan in 2017 to 597.7 billion yuan by 2024, with a CAGR of 15.26% [12][19] 2. Demand Side Analysis - The user base for "pan-second dimension" products in China is substantial, with an expected growth to 503 million users by 2024, indicating a strong willingness to purchase "Guzi" products [2][42] - Approximately 88.71% of anime/manga viewers express a willingness to buy "Guzi," with 81.78% having made purchases [45][50] - The average single purchase amount for "Guzi" products is 102 yuan, with consumers increasing their purchase frequency from 2.3 to 2.9 times per month [62][64] - The market penetration in lower-tier cities is still low, presenting opportunities for expansion due to the price advantages of "Guzi" products [68][72] 3. Supply Side Analysis - The "Guzi" economy's supply chain encompasses IP production, authorization, and product sales, with a notable rise in domestic IPs stimulating consumer interest [73][76] - The domestic IP authorization market is growing, with retail sales of authorized products expected to reach 1550.9 billion yuan by 2024, reflecting a CAGR of 11% [86][90] - The report notes that the sales of domestic IPs have surpassed those of Japanese IPs on platforms like Xianyu, indicating a shift in consumer preferences [80][81]

Core Viewpoint - The article discusses the rapid growth and challenges in the "Guzi Economy," particularly focusing on the two-dimensional peripheral industry, highlighting both the flourishing of stores and the recent wave of closures [4][7][54]. Group 1: Industry Overview - The "Guzi Economy" is gaining momentum, driven by strong IPs like "Nezha: The Devil's Child" and a solid foundation laid in previous years [4]. - A surge in the number of "Guzi" stores has been observed across the country, with major chains like Pop Mart and Card Game Center expanding into lower-tier cities [4][10]. - Despite the growth, a wave of store closures has occurred, with nearly a hundred stores shutting down in the first three months of the year, indicating an inevitable industry adjustment after rapid expansion [7][8]. Group 2: Market Dynamics - The current market features around 50 active two-dimensional peripheral brands, with leading companies like Pop Mart, Card Game Center, TOPTOY, and Trendy Planet holding a strong market position due to their extensive store networks [12][13]. - The top four brands have opened over 100 stores each, with Pop Mart and Card Game Center also utilizing vending machines to increase consumer access [15][16]. - Newer brands like Guzi House and March Beast have quickly established themselves, with March Beast achieving over 220 million yuan in sales in its first month [20]. Group 3: Investment Landscape - The investment landscape for two-dimensional peripheral brands is currently sparse, with only two new brands emerging in 2024: HEYZAKKA and MUMULAND [40][45]. - Investment activity has been limited, with only two notable financing events in 2024, indicating a cautious approach from venture capitalists [46][49]. - The market shows a preference for AI toys over traditional two-dimensional products, with several AI toy companies successfully securing funding [52][53]. Group 4: Future Outlook - The two-dimensional peripheral market is characterized by both opportunities and challenges, with established companies dominating and internet giants seeking to enter the space [54]. - A market adjustment is anticipated, which may lead to a new wave of growth for two-dimensional peripheral brands once weaker players are filtered out [54].