Pop culture breathes new life into offline biz

As the trend of hedging with gold products is increasingly appealing to younger consumers, the collaboration aims to further tap gold consumption growth among young people, while also helping the legacy brand engage in dialogue with the younger generations, said Li Minghao, deputy manager of the brand's marketing department.

As ACGN culture and guzi thrive on its wide-ranging reach across different merchandise forms, they can be seamlessly integrated into traditional retail, and are expected to help stimulate consumption with its strong consumer appeal, said Zhang Shule, an analyst in the culture and entertainment industry.

The rise of domestic IPs has also played a crucial role in fueling the guzi economy, Zhang said. Popular IPs such as classic NetEase Games' Onmyoji, Tencent Games' Honor of Kings, and new hits like MiHoYo's Genshin Impact, Tencent Games' Light and Night, and Game Science's Black Myth: Wukong have all cultivated dedicated fanbases, driving huge domestic demand for related merchandise, he added.

"The core strength of the guzi economy lies in strong IPs capable of creating shared cultural experiences," said Sun Jiashan, an associate researcher at the Central Academy of Culture and Tourism Administration. "These experiences can help fulfill one's psychological need for companionship, especially among younger consumers."

Sun added the guzi economy represents more than material consumption — it also reflects a shift among young consumers toward spiritual and cultural fulfillment.

"The consumption of guzi also has a social dimension, with ACGN fans finding a sense of connection through their purchases," Sun said.

"Chigu makes the happiness derived from ACGN culture works tangible. These items evoke real emotions and memories of the characters they represent," said Li Zeyu, a guzi enthusiast.

Data from an iiMedia Research report show that the pan-ACGN user base in China has grown significantly during recent years, from 354 million in 2019 to 503 million in 2024, and is likely to reach 570 million by 2029. The expanding demographic is believed to further drive relevant demand and help gradually shape a new economic form, it said.

While the guzi economy opens up vast opportunities for consumption and business innovation, it also requires effective regulation to mitigate potential negative impacts, particularly on younger audiences, Sun added.

"Proper guidance can help ACGN culture guide positive values and contribute to the healthy development of China's cultural industries," he said.