How China's Gen Z Is Driving the Nation's Merchandise Economy

Gen Z and the "Goods" Economy 🧸🪀

Word of the week: 谷子 (gǔ zi)

Meaning: a slang term derived from the English "goods", refers to the merchandise surrounding ACG (anime, comics, and games).

Are you a fan of collecting anime or gaming merchandise? If so, China might just become your next paradise after Japan. Recent statistics reveal that Chinese Gen Z consumers are propelling the merchandise economy to unprecedented heights.

Let’s take a look at Chinese “guzi economy” (谷子经济) and uncover how young people have emerged as its leading consumers. Bonus for our business-savvy readers: this text is packed with useful marketing vocabulary!

Photo: i.ifeng.com

近年来，随着Z世代逐渐成为消费主力，二次元文化的影响力不断扩大。我国完善的产业链支撑，更进一步催生潜力无限的“谷子经济”。

• z世代 (z shì dài) – generation z; people born roughly between 1995 and 2010

• 消费主力 (xiāo fèi zhǔ lì) – main consumer force; the dominant group driving consumption

• 二次元 (èr cì yuán) – literally "two-dimensional"; refers to ACG (anime, comics, and games)

• 产业链 (chǎn yè liàn) – industry chain; the complete chain of production and supply

• 支撑 (zhī chēng) – support; backing or sustaining

• 催生 (cuī shēng) – to spur; to give rise to or accelerate the emergence of something

• 潜力 (qián lì) – potential; capability for future development

• 谷子经济 (gǔ zi jīng jì) – "merch economy"; refers to the economy surrounding ACG merchandise (谷子 is a slang term derived from the English "goods")

In recent years, as Generation Z has gradually become the main force of consumption, the influence of ACG (anime, comics, and games) culture has continued to grow. Supported by China's well-developed industrial chain, this has further given rise to the immensely promising “merch economy.”

Photo: mini.caixin.com

作为中国二次元浓度最高的城市，上海的二次元主题街区堪称遍地开花。从迪美购物中心到静安大悦城，百联ZX从南京路开到五角场……这些被年轻人奉为心中圣地的商业地标，正形成独特的文化消费集群，吸引来自全国各地的爱好者专程前来“吃谷”。

• 浓度 (nóng dù) – concentration; density

• 主题街区 (zhǔ tí jiē qū) – themed district; themed street area

• 堪称 (kān chēng) – can be called; worthy to be called

• 遍地开花 (biàn dì kāi huā) – to blossom everywhere; widespread flourishing

• 大悦城 (dà yuè chéng) – Joy City (a chain of shopping malls)

• 奉为 (fèng wéi) – to regard as; to revere as

• 圣地 (shèng dì) – sacred place; holy land

• 商业地标 (shāng yè dì biāo) – commercial landmark

• 集群 (jí qún) – cluster; group

• 专程 (zhuān chéng) – specially; making a special trip

• 吃谷 (chī gǔ) – literally “eat goods”; slang for buying and enjoying ACG merchandise

As the city with the highest concentration of ACG (anime, comics, and games) culture in China, Shanghai has seen a flourishing of ACG-themed districts. From the Dimei Shopping Center to Jing’an Joy City, and from Bailian ZX stretching from Nanjing Road to Wujiaochang—these commercial landmarks, hailed as sacred sites by young enthusiasts, are forming unique cultural consumption hubs that attract fans from all over the country to make special trips just to “chī gǔ” (buying ACG merchandise).

什么是“谷子”？这一潮流热词，源自英文“Goods”的谐音，指代由漫画、动画、游戏等ACG领域版权作品衍生出来的周边产品，包括玩偶、徽章、亚克力制品等相关产品。

对于广大二次元爱好者而言，这些周边产品既是情感寄托，也是社交货币。部分具有稀缺性的特别款谷子，甚至在二手市场可溢价数百倍，具备了一定的收藏与投资价值。

• 潮流热词 (cháo liú rè cí) – trendy buzzword; popular catchphrase

• 谐音 (xié yīn) – homophonic; words that sound similar

• 指代 (zhǐ dài) – to refer to; to represent

• 版权作品 (bǎn quán zuò pǐn) – copyrighted works

• 衍生 (yǎn shēng) – to derive from; to generate

• 周边产品 (zhōu biān chǎn pǐn) – peripheral products; merchandise (related products)

• 玩偶 (wán ǒu) – doll; figurine

• 徽章 (huī zhāng) – badge; emblem

• 亚克力制品 (yà kè lì zhì pǐn) – acrylic products

• 情感寄托 (qíng gǎn jì tuō) – emotional support; emotional attachment

• 社交货币 (shè jiāo huò bì) – social currency (items or status used for social interaction)

• 稀缺性 (xī quē xìng) – scarcity; rarity

• 特别款 (tè bié kuǎn) – special edition; limited edition

• 溢价 (yì jià) – premium price; selling above market value

• 收藏 (shōu cáng) – to collect; collection

• 投资价值 (tóu zī jià zhí) – investment value

What is “gǔzi”? This trendy buzzword originates from the Chinese transliteration of the English word “goods” and refers to merchandise derived from copyrighted works in the ACG world. These items include figurines, badges, acrylic stands, and other related products.

For many ACG enthusiasts, such merchandise serves not only as a form of emotional attachment but also as social currency. Some rare or limited-edition gǔzi can even fetch prices hundreds of times their original value on the second-hand market, giving them a certain level of collectible and investment appeal.

中国的二次元市场，已从过去的小众亚文化，逐渐走向主流。据艾媒咨询数据，2024年中国泛二次元用户群体数量攀升至5.03亿人，市场规模超过千亿元。全球谷子市场年增长率超20%，中国更是增长核心引擎之一。数据显示，2024年我国“谷子经济”市场规模达1689亿元，较2023年增长40.63%，预计2029年将超3000亿元。

• 小众 (xiǎo zhòng) – niche; minority group

• 亚文化 (yà wén huà) – subculture

• 主流 (zhǔ liú) – mainstream

• 泛二次元 (fàn èr cì yuán) – pan-ACG; broadly related to anime, comics, and games culture

• 用户群体 (yòng hù qún tǐ) – user group; user base

• 攀升 (pān shēng) – to climb; to rise sharply

• 市场规模 (shì chǎng guī mó) – market size

• 千亿元 (qiān yì yuán) – hundreds of billions of yuan

• 年增长率 (nián zēng zhǎng lǜ) – annual growth rate

• 增长核心引擎 (zēng zhǎng hé xīn yǐn qíng) – core growth engine

China’s ACG market has gradually shifted from a niche subculture to the mainstream. According to data from iiMedia Research, the number of pan-ACG users in China reached 503 million in 2024, with the market size exceeding 100 billion yuan. Globally, the merchandise ("gǔzi") market is growing at an annual rate of over 20%, with China emerging as one of its core growth engines. In 2024, China’s “gǔzi economy” was valued at 168.9 billion yuan, marking a 40.63% increase compared to 2023. It is projected to surpass 300 billion yuan by 2029.

Labubu doll has gained attention of young consumers worldwide. Photo: popmart

如此火热的产业，自然谁都想分上一杯羹——阿里鱼与环球影业、三丽鸥、宝可梦等版权方建立合作，近年又拿下吉伊卡哇等人气IP；凭借“盲盒模式”走红的泡泡玛特，其旗下明星IP“LABUBU”在国内国外都被疯抢。

行业内，动画电影算是较早开始在谷子领域试水，《魁拔》《哪吒之魔童降世》等都曾通过众筹发售衍生周边的形式获取来自影迷的支持。

• 火热 (huǒ rè) – booming; very popular

• 分一杯羹 (fēn yī bēi gēng) – to take a share of the benefits; literally “to share a bowl of soup”

• 版权方 (bǎn quán fāng) – copyright holders; IP owners

• 人气 (rén qì) – popularity

• 凭借 (píng jiè) – to rely on; by means of

• 盲盒模式 (máng hé mó shì) – blind box model (a sales model where the item is a surprise)

• 走红 (zǒu hóng) – to become popular; to go viral

• 旗下 (qí xià) – under the banner of; affiliated with

• 明星IP (míng xīng IP) – star IP; popular intellectual property

• 疯抢 (fēng qiǎng) – to scramble to buy; to be snapped up quickly

• 试水 (shì shuǐ) – to test the waters; to try out something new

• 众筹 (zhòng chóu) – crowdfunding

• 发售 (fā shòu) – to launch for sale; to release

• 衍生周边 (yǎn shēng zhōu biān) – derived merchandise; spin-off products

• 影迷 (yǐng mí) – film fans; movie enthusiasts

With such a booming industry, it’s no surprise that everyone wants a share of the profits. Alifish, Alibaba’s licensing platform, has established partnerships with major IP holders such as Universal Pictures, Sanrio, and Pokémon, and in recent years has also acquired rights to popular franchises like Chiikawa. Pop Mart, which rose to prominence through its “blind box” business model, has seen its star IP LABUBU become a sensation, with fans scrambling for it both in China and overseas.

Within the industry, animated films were among the early adopters to test the waters of the merchandise economy. Titles like Kuiba and Ne Zha (2019) garnered fan support by launching crowdfunded campaigns for spin-off products—an approach that not only helped finance production but also deepened fan engagement.

每逢节假日，二次元爱好者都会出现在上海的大街小巷。从动漫游戏展、主题快闪店到声优偶像见面会……这股以Z世代为主力的文化消费浪潮，正推动上海的二次元经济形成完整的线下生态链。

• 每逢 (měi féng) – whenever; every time

• 大街小巷 (dà jiē xiǎo xiàng) – streets and alleys; every corner of the city

• 主题快闪店 (zhǔ tí kuài shǎn diàn) – themed pop-up store

• 声优 (shēng yōu) – voice actor

• 偶像 (ǒu xiàng) – idol; celebrity

• 见面会 (jiàn miàn huì) – meet-and-greet event

• 主力 (zhǔ lì) – main force; mainstay

• 文化消费 (wén huà xiāo fèi) – cultural consumption

• 浪潮 (làng cháo) – wave; tide (figurative, meaning a trend or movement)

• 线下生态链 (xiàn xià shēng tài liàn) – offline ecosystem chain

During holidays, ACG enthusiasts can be spotted all across the streets and neighborhoods of Shanghai. From anime and gaming conventions to themed pop-up shops and voice actor or idol meet-and-greets, this wave of cultural consumption—driven primarily by Generation Z—is propelling the growth of a comprehensive offline ecosystem for the city’s ACG economy.

Do you own similar merchandise? Share in the comments!

Antoine & Dorota

Referenced author: 澎湃新闻