From toys to trading cards, China’s ‘goods economy’ fills emotional voids, opens wallets
Cute and playful collectibles are a trillion-yuan industry in China, and their impact on commerce is expected to continue surging
Zhu Zuoyi generally keeps her daily expenses tightly in check and spends less than 20 yuan (US$2.74) on most meals, but when it comes to merchandise tied to her favourite cartoon characters or beloved intellectual properties (IPs), she does not hold back.
The 24-year-old’s bedroom is packed with toys and various accessories. There is a vast assortment of LuLu the Piggy figurines and a collection of characters from Sanrio, the Japanese company behind Hello Kitty.
Her monthly splurges on such items can easily run into the hundreds of yuan.
“It’s an emotional investment – having these cute characters around me makes me feel happy and fulfilled,” the Wuhan-based woman said, noting the cost amounts to about a third of her food budget.
Zhu is among a wave of young consumers fuelling China’s “goods economy” – a market centred on spin-off products tied to the universe of anime, comics, games, and novels (ACGN). These range from relatively affordable items such as badges, posters and trading cards to higher-priced figurines and plush toys.
The broader ACGN market in China has been booming, with the number of general participants reaching 503 million in 2024, according to a report released by research firm iiMedia Research last month.
