Core Insights - The report highlights the rise of domestic cultural IPs and the structural transformation of the "Guzi" (goods) market, driven by national style elements and domestic game IPs, with young women and post-2005 consumers becoming the main consumer groups [1][2][3] Market Overview - The "Guzi" market, which refers to lightweight merchandise derived from anime, games, and other media, has seen a significant shift from Japanese IPs to domestic IPs, with domestic transaction volumes surpassing Japanese ones for the first time in Q1 2025, reflecting a 105% year-on-year increase [1][2][10] - The overall market is experiencing rapid growth, with the first quarter of 2025 achieving historical peak transaction volumes [1][12] IP Performance - Domestic game IPs have emerged as the biggest winners, with titles like "Love and Deep Space" and "Identity V" topping sales charts, outperforming traditional Japanese IPs [2][16] - The sales of national style "Guzi" surged by 167% year-on-year in Q1 2025, with the "Nezha" IP seeing a staggering 2346.2% increase due to the release of the movie "Nezha 2" [2][19] Consumer Demographics - The proportion of female consumers in the "Guzi" market increased from 67% in 2023 to 78% in Q1 2025, indicating a strong female dominance in purchasing [3][26] - The post-2005 generation is the fastest-growing demographic, with these young consumers averaging 2.9 purchases per month, spending over 100 yuan per transaction [3][31] Product Categories - "Baji" (badges) continue to dominate sales, accounting for over 60% of total "Guzi" sales, while paper products like postcards and colored paper have seen a notable rise, making up 19% of transactions in Q1 2025 [2][22] - The demand for products that combine utility and emotional value is evident, as consumers seek items that serve both practical and sentimental purposes [2][3]

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," 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]

Group 1 - The rise of emotional economy is reshaping consumer behavior, with 64% of Chinese consumers prioritizing emotional satisfaction as their primary need [3][5][11] - The emotional economy is becoming a new economic engine, with significant growth in sectors like trendy toys, pets, and sports, as evidenced by the explosive sales during events like the Tmall 618 shopping festival [3][30] - Over 80% of surveyed consumers reported engaging in emotional consumption in the past year, with preferences varying by age group [6][8][10] Group 2 - Emotional consumption is defined as purchasing behavior aimed at achieving psychological compensation, indicating a shift from functional to emotional-driven consumption [5][10] - The "谷子经济" (Goods economy) market is projected to reach 168.9 billion yuan in 2024, reflecting a 40.63% increase from 2023, driven by the popularity of trendy toys and related products [30][34] - The pet industry is evolving into an emotional compensation system, with Gen Z spending an average of over 1,200 yuan per month on pet-related products and services [34][35] Group 3 - The silver economy is expected to reach a market size of 50 trillion yuan by 2050, driven by the new retired demographic who are financially stable and seeking quality experiences [35][36] - The healing economy is gaining traction, with a projected market value exceeding 240 billion yuan this year, fueled by rising demand for emotional wellness and immersive experiences [37][40] - Emotional marketing is widely accepted, with over 80% of respondents recognizing its influence on purchasing decisions, particularly among younger consumers [22][23]

Core Insights - The article highlights the transformation of commercial spaces in China, focusing on the shift from traditional shopping environments to experiential and culturally rich venues that cater to the evolving preferences of consumers, particularly the younger generation [42][44]. Group 1: Commercial Space Trends - Increasingly, commercial spaces are adopting themes such as "park-style," "cultural arts," and "pet-friendly" to attract consumers, reflecting a deeper understanding of target market needs [1][20]. - The "first store + first launch" strategy is being implemented in various shopping centers, introducing designer brands and lifestyle stores to enhance consumer experience [12][10]. - The pop-up store industry is projected to exceed 800 billion yuan by 2025, indicating a growing trend towards limited-time experiences that create excitement and higher price premiums [3]. Group 2: Consumer Engagement and Experience - Shopping centers are integrating art and local culture, as seen in exhibitions and installations that draw in visitors and enhance the shopping experience [6][8]. - The rise of "night markets" and themed events in commercial areas is contributing to increased foot traffic and consumer engagement, with night-time spending accounting for a significant portion of overall retail sales [33][37]. - The integration of diverse activities, such as pet-friendly spaces and family-oriented attractions, is becoming essential for attracting a broader audience [20][22]. Group 3: Market Dynamics and Consumer Behavior - The report indicates that the number of urban pets in China has surpassed 120 million, with the pet-related market exceeding 300 billion yuan, reflecting a growing consumer segment [24]. - The "Z Generation" is becoming the dominant consumer group, showing a preference for high-quality, trendy, and experiential shopping environments [19]. - The shift in consumer habits, driven by the rise of e-commerce, is prompting shopping centers to innovate and adapt their offerings to remain competitive [43][44]. Group 4: Future Outlook - The article suggests that the boundaries of commercial spaces are continuously expanding, with a focus on creating immersive experiences that blend culture, technology, and retail [45][46]. - Government initiatives aimed at boosting consumption and enhancing the shopping environment are expected to further stimulate market growth [44].

Group 1 - The "Guzi Economy" is driving significant growth in the printing and packaging industry, particularly in Wenzhou, where demand for cultural peripheral products is surging among young consumers [1][2] - The term "Guzi" refers to IP peripheral products derived from anime and gaming, which have become popular among younger generations, evolving from niche collectibles to mainstream cultural products [1][2] - In 2024, the total output value of the printing and packaging industry in Longgang City is projected to reach approximately 23 billion RMB, marking a continuous growth from 11 billion RMB in 2019 [2] Group 2 - The "Guzi Economy" serves as a conduit for cultural industries and a lucrative opportunity for the printing and packaging sector, with companies expanding production to meet rising demand [2] - For instance, the sales revenue from peripheral products of the popular IP "The King's Avatar" exceeded 30 million RMB last year, highlighting the economic potential of this market [2] - The local printing industry is innovating various printing technologies and developing diverse processes to cater to the evolving consumer preferences of the younger demographic [2]

Group 1 - The article highlights a transformation in traditional commercial spaces, with a focus on the rise of new consumption patterns driven by technology and culture, leading to the revitalization of old business models [1][2] - The "Guzi economy," which refers to the market for anime and gaming-related products, has significantly changed the customer demographics in traditional shopping centers, with 80% of visitors now being post-95s, and some stores achieving monthly revenues exceeding 1 million yuan, doubling from before the transformation [2] - The integration of cultural and technological elements in various sectors, such as bookstores and rural tourism, is creating new consumer experiences and driving growth in service consumption [3][4] Group 2 - The emergence of "digital nomad" communities in rural areas is fostering creativity and stimulating consumption potential, as urban youth engage in entrepreneurial activities that enhance local tourism and hospitality [3][4] - The overall retail sales in China reached 37,174 billion yuan in April, reflecting a year-on-year growth of 5.1% and a month-on-month increase of 0.24%, indicating a vibrant and potential-rich consumption market [4]

Core Viewpoint - Hangzhou is experiencing a paradox where it has high per capita consumption but relatively low total retail sales, indicating that residents earn money but spend it elsewhere [1][3][9]. Retail Sales and Consumption Data - In Q1 2024, Hangzhou's total retail sales reached 207.5 billion yuan, a year-on-year increase of 6.3%, ranking it tenth among major cities in China [2]. - In 2024, Hangzhou's per capita consumption expenditure was 52,996 yuan, surpassing Shanghai and making it the city with the highest per capita consumption in the country [3][7]. Reasons for Consumption Discrepancy - Hangzhou's residents have a lower consumption willingness compared to other regions, with high-end consumption often flowing to Shanghai [3][9]. - The city lacks sufficient high-end consumption venues, which contributes to the disparity between high per capita consumption and lower total retail sales [9]. Future Consumption Strategies - Experts suggest that Hangzhou should leverage its strengths in digital economy and artificial intelligence to attract young consumers and enhance local consumption potential [3][10]. - The city aims to become an international consumption center by 2027, targeting a total retail sales figure of 900 billion yuan and aligning growth with GDP [9][10]. Urban Renewal and Commercial Revitalization - Hangzhou is actively promoting the renovation of commercial districts, integrating elements that appeal to younger consumers, such as digital and two-dimensional culture [4][11]. - The city is focusing on creating a vibrant shopping environment, with initiatives to enhance the consumer experience and attract more visitors [16]. Emerging Consumption Trends - Recent developments in Hangzhou's retail market include the rise of new business models and themed stores, particularly in the two-dimensional culture sector [11][12]. - Events and exhibitions related to popular culture are being organized to engage consumers and enhance the shopping experience [12][14].

Core Insights - The rise of "eating谷" (referring to purchasing peripheral products related to anime and games) is becoming a new driving force in the cultural tourism industry, particularly among younger tourists [2][4] - The integration of二次元 culture with local tourism resources is enhancing visitor experiences and attracting a significant number of young tourists to various cities [2][4] Industry Trends - The "eating谷" trend is transforming二次元-related industries into new tourist destinations and themes, with cities like Nanchang, Shanghai, and Wuhan becoming popular spots for young visitors [2] - The demographic shift towards "post-90s" and "post-00s" generations is leading to a more youthful and personalized tourism market [2] Market Potential - According to iMedia Consulting, the market size of China's泛二次元 and peripheral market is expected to reach 597.7 billion RMB by 2024, with the谷子 economy projected to exceed 300 billion RMB by 2029 [4] - Companies are encouraged to organize events like anime carnivals to enhance city cultural competitiveness and attract more visitors [4] Collaborative Efforts - Companies like谷子科技集团 are working with local governments in Nanchang to create new cultural tourism experiences that combine technology with traditional economic elements [4] - The二次元 culture is increasingly influencing urban youth expression, leading to the emergence of niche subcultures and related industry chains [4]