Core Insights - The Z generation is becoming the main consumer force in China, leading to explosive growth in the ACG (Anime, Comic, and Game) and trendy toy economy, with the number of pan-ACG users expected to reach 503 million by 2024, transitioning from subculture to mainstream culture [1][4] Group 1: Market Dynamics - The Hangzhou West Lake shopping district has seen a significant rise in ACG-related businesses, with 137 pan-ACG brands present, resulting in a dimension concentration of 17.6%, surpassing traditional shopping areas and approaching levels seen in first-tier cities like Beijing and Shanghai [3][9] - The shopping district attracts an average of 1.94 million visitors daily, with 40.81% being from outside the area, and 44.5% of visitors aged 19-29, indicating a strong presence of the Z generation [4][8] Group 2: Government and Industry Support - Hangzhou's ACG development can be traced back to 2005, with the city aiming to become an "ACG capital" and hosting the largest ACG festival in China, leading to a significant increase in industry revenue from 6.21 billion yuan in 2016 to an expected 50 billion yuan in 2024, with an average annual growth rate of 20% [4][7] - The local government has implemented multiple policies to support the ACG industry, creating a solid foundation for consumer growth in this sector [4][7] Group 3: Shopping Center Innovations - The Hangzhou Lakefront Yin Tai in77 shopping center pioneered the ACG commercial layout in 2020, creating a Z generation-themed street that has attracted numerous ACG brands and events, enhancing its appeal to young consumers [11][20] - The Lakefront 88 shopping center has undergone significant renovations to focus on ACG, with over 60% of its brands being pan-ACG, creating an immersive experience that combines retail, dining, and social interaction [14][16] Group 4: Consumer Engagement and Experience - The shopping centers have successfully created immersive environments that foster community and social interaction among ACG fans, with features like dedicated cosplay areas and frequent IP events that enhance consumer engagement [20][23] - The frequency of IP events and pop-up activities has increased, with the Lakefront 88 hosting 23 pop-up events this year alone, significantly boosting foot traffic and sales [16][19] Group 5: Future Outlook - The Hangzhou Lakefront shopping district exemplifies a successful transformation of traditional retail into a vibrant ACG culture hub, attracting the Z generation and creating a unique commercial identity as a "food and culture haven" [20][24] - The ongoing evolution of consumer preferences in the ACG sector presents both opportunities and challenges, necessitating continuous innovation and adaptation from operators to maintain relevance and attract young consumers [23][24]

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" is projected to exceed 240 billion yuan by 2025 and 300 billion yuan by 2027, driven by a mature manufacturing chain, deep digital infrastructure, and the rise of young consumers [4][17]. Market Overview - The Guzi Economy is transitioning from subcultural circles to the mainstream market, with a significant increase in interest and consumption among diverse user demographics [11][12]. - As of August 2025, the number of active users interested in Guzi reached 3.0174 million, with 1.2358 million being active consumers [18][20]. User Demographics - The core user base of the Guzi Economy is predominantly young, with 57.5% of users under 24 years old and a notable female user base making up 54.1% of interest users [5][20]. - The Guzi Economy is characterized by a blend of traditional "二次元" (2D) enthusiasts and a new generation of consumers who engage actively in both online and offline spaces [22]. Economic Drivers - Young consumers are motivated by "self-pleasure" and "collecting," which influence their purchasing decisions, leading to a growing market for emotional and collectible products [23][25]. - The "pain culture" has emerged as a significant trend, reflecting a strong desire for identity expression and personalization among young consumers [25][29]. Industry Development - The Guzi Economy has established a closed-loop model encompassing IP incubation, product design, and sales, which enhances the popularity of associated IPs [15][6]. - The rise of domestic IPs is notable, with a 55.1% interest in domestic content compared to 26.7% for imported IPs as of August 2025 [32][34]. Marketing Insights - Collaborations with established Guzi IPs have become a standard marketing strategy for brands targeting younger demographics, providing benefits such as audience engagement and brand rejuvenation [50][52]. - Successful marketing models include creating immersive consumer experiences and leveraging emotional connections through IP collaborations [60][66].

Core Insights - The rise of "pain culture" has transformed small accessories into significant "social currency" among young consumers, influencing the sports consumption ecosystem [1][2][3] - The market for "guzi economy" in China is projected to reach 168.9 billion yuan in 2024 and exceed 300 billion yuan by 2029, driven by a complete industrial chain [2][3] - Emotional value has become a key differentiator for brands, allowing young consumers to express themselves at a low cost through customizable accessories [2][3][12] Market Dynamics - The "pain culture" originated from Japanese subculture and has evolved into a mainstream consumer trend, particularly among Generation Z [3][16] - The market for accessories related to "pain shoes" and "pain bags" has expanded significantly, with notable growth in sales for various shoe types beyond just Crocs [2][11] - The industry is characterized by low prices, low decision-making barriers, and low return rates, contributing to its sustained growth [2][12] Consumer Behavior - Young consumers view these accessories not just as decorations but as emotional companions and identity markers, enhancing their personal style [1][16] - The majority of consumers in this market are post-95s, who are driving the demand for personalized and emotionally resonant products [16][24] - The influence of sports-themed anime has led to increased interest in related sports activities, further integrating "pain culture" into everyday life [16][24] Industry Trends - Major sports brands are actively entering the personalized accessory market, with products designed to cater to the emotional consumption trends of younger consumers [5][6][24] - The modular design of accessories allows for versatile use across different products, enhancing market potential and consumer engagement [3][14] - The competitive landscape is shifting, with traditional sports brands facing challenges in adapting to the unique demands of the "pain culture" market [23][24] Supply Chain and Production - The industry relies on a complete supply chain from manufacturing to retail, with significant growth in demand for accessories tailored to sports shoes and outdoor bags [11][21] - Production efficiency is critical, with rapid prototyping and short development cycles becoming essential to meet market demands [11][12] - The market is experiencing a price war, leading to shrinking profit margins, despite increasing sales volumes [12][24]

Group 1 - The "pain culture" consumption trend is gaining momentum, with brands like Converse, LEE, Dickies, and Li Ning increasing their focus on pain bags to attract young consumers [1][2] - Pain bags differ from regular bags primarily due to a transparent compartment designed for displaying merchandise, rooted in Japanese "pain bag culture" where fans showcase their favorite badges [1][2] - The market for pain bags is becoming concentrated, with over ten sports brands, including Adidas and Anta, participating, and prices generally range from 100 to 200 yuan, with some single items selling over a thousand units [1][2] Group 2 - New products are being launched in the pain bag market, such as Converse's white backpack with a large transparent compartment and Skechers' concert-specific pain bag [2] - The influence of "pain culture" is extending beyond bags, with brands exploring DIY options in footwear and clothing, enhancing the emotional connection with consumers [2] - Industry experts note that the Z generation seeks emotional value over mere functionality, suggesting brands should adopt interactive systems and customization options to meet these demands [2]

Group 1 - The "Guzi Economy" in China is projected to reach a market size of 168.9 billion yuan in 2024, with expectations to grow to 308.9 billion yuan by 2029, indicating a sustained upward trend in consumer spending on related products [3] - The rise of "Guzi" consumption has negatively impacted traditional apparel sales, as consumers shift their spending towards "Guzi" products, leading to a decline in clothing performance [3][5] - Among 32 listed apparel companies, 44% reported losses in the first half of 2025, with 59% experiencing a decline in performance, highlighting significant challenges in the apparel sector [5] Group 2 - In the sportswear segment, 5 out of 6 companies reported growth, with Anta, Li Ning, and Xtep International showing varying degrees of sales increases [6][9] - Anta's retail sales are expected to see mid-single-digit growth, while FILA is projected to achieve high-single-digit growth, indicating strong performance in the sportswear market [9] - 361 Degrees reported a revenue increase of 11% year-on-year, while Sanfu Outdoor also showed significant profit growth [9][10] Group 3 - The men's apparel sector is struggling, with 6 out of 10 companies reporting losses, while China Lilang remains the most profitable with a net profit of 243 million yuan [11][12] - Nine Mu Wang is expected to see a substantial profit increase of 200% to 260%, contrasting with other brands that are facing losses [12] - The women's apparel sector is performing relatively better, with only 1 out of 7 companies reporting a loss, and notable growth from brands like Langzi and Xinhe [16][18] Group 4 - The children's clothing segment is facing challenges, with all three companies reporting losses, while the lingerie sector is also experiencing declines [24][25] - The footwear and bag categories are similarly struggling, with 4 out of 6 companies reporting losses, although Tian Chuang Fashion successfully turned a profit [28][32] Group 5 - Apparel companies are actively seeking new growth avenues by optimizing online and offline channels, with some successfully reducing losses through strategic adjustments [34] - Leading companies are exploring flagship store models to enhance growth, with 361 Degrees and Taiping Bird launching innovative retail formats to attract consumers [35][37] - The focus remains on creating appealing products and effectively positioning them in the market to resonate with consumer preferences and brand loyalty [38]

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]

Group 1 - Adidas reported a revenue of €12.105 billion for the first half of 2025, a 14% year-on-year increase, with an operating profit of €1.2 billion, up 70% [1] - The Greater China region has shown consistent quality growth for nine consecutive quarters, with a revenue of €798 million in Q2, representing an 11% increase, and €1.827 billion for the first half, a 13% increase [1] - The CEO emphasized the effectiveness of the localization strategy, which focuses on understanding local needs and enhancing product performance and fashion [1][2] Group 2 - The Chinese creative team has been increasingly active since 2022, focusing on product design, brand marketing, and supply chain collaboration under a strong localization strategy [2][4] - The aim of the reforms is to regain consumer trust in Adidas, with a focus on product strength as the key to consumer engagement [4] - Adidas has been integrating its historical brand elements with Chinese cultural elements, enhancing emotional resonance with consumers [7][9] Group 3 - The Chinese consumer market has shifted from brand-oriented to self-expression, prompting Adidas to adjust its product offerings accordingly [9] - The running business has become a significant highlight for Adidas in Greater China, contributing nearly 30% growth in global running shoe sales in Q2 2025 [10] - Adidas is responding to more segmented consumer demands, with a growing number of "China-first" creative products launched monthly [12] Group 4 - The concept of "rapid and precise" product launches is emphasized, with a focus on creating products that resonate with consumers while also generating buzz [14] - The strategy includes hidden product releases in flagship stores to create a sense of discovery for consumers [16] - Social media plays a crucial role in understanding consumer needs and driving product innovation [17][20] Group 5 - The localization strategy has empowered local teams, with over 80% of products produced in China and more than half designed locally, indicating a shift towards local talent development [20][22] - The CCS team aims to become a platform for creative talent in China, fostering a connection with consumers through co-created products [22]

Core Insights - Adidas continues its growth momentum, reporting a global revenue of €12.105 billion in the first half of 2025, a 14% year-on-year increase, with operating profit reaching €1.2 billion, up 70% [1] - The Greater China region has shown "quality growth" for nine consecutive quarters, with Q2 revenue of €799 million, an 11% increase, and a total of €1.827 billion for the first half, a 13% rise [1] - The CEO emphasizes the effectiveness of the "localization" strategy, which has been a key focus since Adidas's rebound in 2023 [1] Financial Performance - In the first half of 2025, Adidas achieved a revenue of €12.105 billion, marking a 14% increase compared to the previous year [1] - Operating profit for the same period reached €1.2 billion, reflecting a significant 70% growth [1] - The Greater China region contributed €1.827 billion in revenue for the first half, with an 11% increase in Q2 revenue [1] Localization Strategy - The localization strategy has been pivotal in driving growth, with a focus on understanding local consumer needs and enhancing product offerings [1][22] - The Greater China team has been empowered to make decisions, allowing for greater flexibility in responding to market changes [22] - The creative team in China has been increasingly involved in product design, with over 80% of products produced locally and more than half designed in China [22] Product Development - The Shanghai Creative Center (CCS) has become a key player in product design, focusing on creating products that resonate with Chinese consumers [5][20] - Recent product launches have emphasized a blend of Adidas's historical elements with contemporary Chinese influences, enhancing emotional connections with consumers [9][20] - The running category has emerged as a significant growth area, contributing nearly 30% to global running shoe sales in Q2 2025 [12] Consumer Engagement - Adidas is adapting to the evolving Chinese consumer landscape, shifting from brand-driven to consumer-driven approaches [11] - The brand aims to balance proactive marketing with real-time consumer feedback to create products that reflect individual expression [11] - The introduction of "first launch" products has been a strategy to engage consumers and create memorable experiences [14][16] Future Outlook - The CCS aims to become a platform for creative talent in China, fostering local design and innovation [25] - The brand's commitment to local production and design is expected to enhance its cultural relevance and market position [22][23] - Adidas is focused on building emotional resonance with consumers through tailored products and community engagement [25]

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].