Core Insights - The offline "谷店" (Grocery Store) market is experiencing a significant downturn, with many stores closing and a general sense of despair among consumers and industry observers [1][3] - Despite the closures, the overall "谷子经济" (Grocery Economy) is not collapsing but rather transitioning from rapid expansion to a more refined and sustainable growth model [3][4] Industry Overview - In 2023, 1,292 new "谷店" opened, indicating ongoing expansion despite the closure of some stores [6] - The closures are part of a natural industry evolution, where many entrants lacking core competencies are exiting the market, leading to a consolidation phase [4][35] - Notably, while some brands like "潮玩星球" and "暴蒙" have seen significant store closures, others like "三丽鸥主题店" and "独角星COMIC" have expanded their presence [8][9] Market Dynamics - Consumer sentiment is low, with over 61% of respondents in a survey believing the "谷子经济" is failing [1] - The market is still showing signs of demand, as evidenced by a 50% year-on-year increase in sales during the National Day holiday at "静安大悦城" [10] - The industry is facing pressure from broader economic conditions, with retail sales growth slowing down [15] Future Outlook - The "谷子经济" is expected to benefit from upcoming popular IP releases, which could stimulate market activity [21][22] - Brands are increasingly focusing on creating differentiated products and enhancing consumer experiences to adapt to changing market conditions [30][35] - The industry is moving towards a phase where merely selling products is insufficient; brands must create engaging experiences to attract consumers [28][30]

纽约，2025年10月14日——卡游（Kayou）近日首次亮相纽约动漫展（New York Comic Con），以"为 超级粉丝而来"为主题，在为期四天的展会中打造了一场融合创意、互动与收藏文化的沉浸式体验。作 为卡游在北美市场的首次集中展示，本次参展不仅成功展现了其国际化运营能力，也通过多项互动环节 与产品体验，加深了与当地粉丝群体的情感联结，标志着其全球化战略进入进一步实质性推进阶段。 展位现场吸引了大量IP粉丝参与，多位国际级嘉宾助阵提升了现场热度：《火影忍者》中漩涡鸣人的声 优Maile Flanagan与《小马宝莉》Twilight Sparkle的配音演员Tara Strong亲临卡游展区，为持卡粉丝进行 签名互动，营造了多个交流亮点。同时，tokidoki创始人Simone Legno携手粉丝共庆品牌二十周年，现 场派发定制主题蛋糕与收藏饼干，而《小马宝莉》首席漫画家Andy Price在八小时内现场手绘完成巨幅 Twilight Sparkle 卡牌，其精湛技艺引得观众驻足赞叹。 卡游亦通过多元互动活动增强观众参与感。现场提供《小马宝莉》主题面部彩绘，观众可化身IP经典角 色穿梭展馆；《火影 ...

Group 1 - The core viewpoint of the article is that the "Guzi economy" is rapidly evolving, driven by a mature manufacturing chain, deepening digital infrastructure, and the emergence of young consumers, with the market expected to exceed 240 billion yuan by 2025 and 300 billion yuan by 2027 [1][11] - As of August 2025, the number of "pan-2D active users" reached 351 million, with "core 2D active users" at 92 million, indicating a significant engagement from younger demographics [1][13] - The interest user base for Guzi reached 30.17 million in August, with 12.36 million being active consumers, highlighting a strong market potential [1][13] Group 2 - The Guzi economy has transitioned from a subculture to a mainstream market, with women emerging as a significant consumer force [5][11] - The Guzi economy has established a closed-loop model, integrating upstream IP incubation, midstream product design, and downstream production and sales, which enhances IP popularity [2][8] - Young consumers are increasingly willing to pay for emotional tokens that allow them to touch, own, and display their interests, indicating a shift in consumption behavior [11][19] Group 3 - The rise of domestic IPs is driven by cultural confidence and industry maturity, with domestic IP content attention surpassing imported IPs by 26.7 percentage points as of August 2025 [27] - Successful domestic IPs like "Wang Wang Mountain Little Monster" and "Nezha 2" have amplified their popularity through deep development and immersive experiences [29][34] - The emotional resonance and character development of IPs are crucial for their appeal, with a large user base and active UGC creation driving the heat of gaming IPs [31][38] Group 4 - Guzi IP collaborations have become a standard marketing strategy for brands, providing benefits such as audience attraction and brand rejuvenation [45][48] - Brands are increasingly partnering with mature fan culture IPs to attract younger consumers, making IP collaboration a normalized marketing approach [50][51] - Successful IP collaborations create a self-reinforcing cycle of content exposure, emotional connection, consumption conversion, and asset appreciation [63]

Core Insights - The "Guzi economy" has emerged as a new consumption hotspot, particularly among young consumers during the recent "National Day" holiday, with significant foot traffic in stores selling related merchandise [1][2] - The market for "Guzi" products, which include various IP-derived goods, is projected to reach a scale of 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029 [2] Group 1: Market Trends - The "Guzi economy" is primarily driven by consumers aged 15 to 25, including students and young professionals, who are increasingly engaging in emotional consumption experiences [1][2] - The rise of domestic animation and IPs, such as "Nezha," has led to a growing share of sales for related merchandise, revitalizing traditional commercial spaces [2] Group 2: Business Impact - The transformation of shopping malls into emotional experience hubs has been facilitated by the popularity of "Guzi" culture, with significant increases in foot traffic, such as a daily average of nearly 30,000 visitors during the holiday period at a major mall [2] - The emergence of over 50 "Guzi" stores in a single shopping center illustrates the rapid growth and establishment of this niche market [2] Group 3: Future Outlook - Experts suggest that the "Guzi economy" reflects a shift in consumer demand from material needs to emotional values, indicating a need for high-quality original IP development and a complete industry chain from creation to merchandise [3]

Core Insights - The Chiikawa flagship store opened in Shanghai on September 27, 2023, attracting a large number of fans and offering exclusive merchandise [1][4] - The store implemented a reservation system for entry, with all time slots fully booked, indicating high demand for the products [4][10] - Some customers expressed frustration over the limited availability of certain items, despite the store's efforts to restock [8][10] Group 1 - Chiikawa, a popular manga character, gained significant popularity since its online debut in 2020, leading to the opening of its first official store in Shanghai [1] - The store features exclusive items such as retro plush keychains and Chinese-themed merchandise, which have become highly sought after [1][4] - Fans traveled from various cities, including Nanjing and Hangzhou, to visit the store, highlighting the character's widespread appeal [4][6] Group 2 - The store's opening day saw long queues, with many fans attempting to purchase items through scalpers, indicating a robust secondary market for the merchandise [4][6] - Some customers reported spending over 1000 yuan on exclusive items, which were priced higher than expected, reflecting the strong demand [6] - Despite the store's efforts to replenish stock, certain items sold out quickly, leading to customer dissatisfaction regarding product availability [8][10]

Core Viewpoint - The "Guzi Economy," represented by the popularity of the animated film "Wang Wang Mountain Little Monsters," is reshaping the consumer market by driving demand for related merchandise and creating a vibrant market for collectibles and emotional consumption experiences [1][3][7]. Group 1: Market Dynamics - The "Guzi Economy" is projected to reach a market size of 168.9 billion yuan in 2024, with a year-on-year growth of 41%, and is expected to surpass 200 billion yuan in 2025 [3][7]. - The primary consumer demographic for the "Guzi Economy" is Generation Z, particularly those born after 2005, who are driving the rapid growth of this market [2][3]. Group 2: Impact on Traditional Retail - The influx of the "Guzi Economy" is revitalizing traditional shopping malls, which are facing challenges from e-commerce and homogenization of retail experiences [4][5]. - By integrating "Guzi Economy" elements, traditional malls are enhancing customer engagement and increasing foot traffic, particularly among younger consumers [5][6]. Group 3: IP Development and Challenges - Despite the promising outlook, the "Guzi Economy" faces challenges such as insufficient IP development and a lack of leading works, which limits the market's potential [7][9]. - The industry is still in its early stages, with a need for improved collaboration across the IP development, licensing, and sales processes [9]. Group 4: Future Prospects - Companies are actively pursuing comprehensive IP strategies to create a complete industrial chain, from IP resource development to the production and sale of related merchandise [8][9]. - The rise of the "Guzi Economy" is expected to contribute significantly to China's cultural industry, both domestically and internationally, as policies encourage the growth of this sector [9][10].

Core Insights - The secondary market for anime-related merchandise is experiencing extreme volatility, with items originally priced at a few dozen yuan being resold for as much as 30,000 yuan, indicating a speculative bubble in the market [1] - The market for figurines is described as resembling a roller coaster, with prices often halving upon resale, highlighting the risks associated with investing in this sector [1] Industry Summary - The anime merchandise market is characterized by significant price fluctuations, leading to concerns about whether investors are recovering their investments or getting trapped in losses [1]

Core Insights - The rise of "pain culture" in China has led to a booming market for related merchandise, particularly among young female consumers, with platforms like Xianyu reporting significant sales figures [1][2] - The market for "pain economy" is expanding rapidly, with projections indicating that it will exceed 200 billion RMB by 2025, driven by events like BilibiliWorld2025 and increasing consumer engagement [3] - The distinction between official and unofficial merchandise is crucial, as consumers show a strong preference for authentic products, leading to significant price differences [4][5] Group 1: Market Dynamics - Xianyu's report indicates that 250,000 pain bags were sold in a year, with over 90% of buyers being female and more than 70% being post-95s [1] - The price range for pain bags is between 30 RMB and 200 RMB, making them accessible to students, which contributes to their popularity [2] - The "pain economy" has created a complex supply chain, with rising sales of related products like anime badges and custom stickers [5] Group 2: Consumer Behavior - Young consumers view pain bags as more than just decorative items; they serve as emotional tokens that enhance their daily lives [6] - Social media plays a significant role in the culture, with users showcasing their pain bags as a form of social currency [2] - The emotional connection to the merchandise drives consumers to purchase more, often leading to a collection of items that may not be used practically [5][6] Group 3: Industry Challenges - The prevalence of counterfeit products poses a risk to the market, as consumers are often misled into purchasing lower-quality items [4][5] - There is a growing concern about the practicality of merchandise, as many items are seen as decorative rather than functional [5] - The industry faces challenges in maintaining a balance between consumer enthusiasm and the potential for market saturation or exploitation [6]

Core Insights - The "Guzi Economy," referring to merchandise derived from popular IPs in anime, games, and films, is experiencing significant growth in China, with a market size projected to reach 168.9 billion yuan in 2024, representing over 40% growth from 2023, and expected to exceed 300 billion yuan by 2029 [1][2] Demand Side Analysis - The primary consumer base driving the "Guzi Economy" consists of the younger generation, particularly those born in the 1990s and 2000s, who are characterized by a strong desire for self-expression and emotional fulfillment, leading to lower price sensitivity and inelastic demand for these products [1][2] Supply Side Analysis - The flourishing cultural industry in China is producing a wealth of quality IPs, while a robust manufacturing supply chain enables efficient production of various merchandise. Marketing strategies such as limited releases and collaborations create artificial scarcity, further stimulating consumer demand [2] Economic Impact - The rise of the "Guzi Economy" not only diversifies consumer choices for young people but also injects new momentum into the cultural industry, transforming niche interests into substantial economic sectors and showcasing significant economic vitality and growth potential [3]

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]