Recently, a securities firm released a research report predicting that China’s overall IP-derived market could surpass 500 billion yuan. Within this, the “Goods” economy—referring to merchandise derived from popular culture elements such as anime, games, and idols (e.g., badges, keychains, and figurines)—is expected to drive mainstream consumption along with the rise of domestic cultural trends. The market is currently experiencing rapid growth and is projected to reach 308.9 billion yuan by 2029. For the fashion industry, the explosion of the Goods economy is giving rise to a new retail model that integrates content ecosystems and brand influence.
According to incomplete statistics, over 60 core commercial districts in more than 20 major cities across China are actively developing as hubs for ACG (Anime, Comic, and Games) consumption. Data also shows that Beijing alone hosts more than 220 Goods stores, while Guangzhou and Shenzhen together have nearly 300 such shops.
01：The trend of brand collaborations and offline activations is increasingly leaning towards “Goods-ification.”
For example, Pop Mart recently launched its first jewelry pop-up store, “Popop,” at Shanghai IFC Mall. Products such as the Labubu pendant quickly sold out on the first day of sales.
Additionally, skincare brand CNP teamed up with the popular IP character “Lina Bell” to create a playful limited-time themed space, “CNP Night Owl Planet,” at TX Huaihai. The collaboration featured star products like the CNP Propolis Energy Ampoule and the CNP Propolis Cushion.
Clinique partnered with Sanrio’s Hello Kitty to release a limited-edition gift set, featuring a science-inspired green Hello Kitty design that blends professionalism with cuteness. Netizens have hailed it as the perfect gift for best friends with a flair for girlish charm.
With the rise of national pride among young consumers and the popularity of the “New Chinese Style” trend, more traditional cultural IPs are emerging as the latest “Goods.” Brands have been quick to tap into this shift.
Gap, for instance, collaborated with “A New Day at the Palace Museum” around Chinese New Year to launch a limited-edition collection. Drawing inspiration from artifacts in the Palace Museum, the collection fused traditional patterns with Gap’s signature American design. The brand also hosted in-store activations, including fortune scratch cards, lucky red envelope giveaways, and a parent-child event featuring mythical creatures.
At the end of last year, Forest Cabin held an exhibition at The Ritz-Carlton Beijing, collaborating with artist Li Yongfei, curator Yang Xuzi, and renowned art installation studio Sanshu Art. Drawing inspiration from the ancient text Shan Hai Jing (Classic of Mountains and Seas), the brand incorporated various traditional Chinese intangible cultural heritage techniques to create the 21st-anniversary Shan Hai Jing·Camellia Goddess limited-edition art gift box. Recently, the brand continued exploring the connection between camellias and its brand philosophy by launching the first-ever Forest Cabin Camellia Art Festival.
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02：Beyond brands establishing Goods stores in shopping malls, commercial real estate developers are increasingly exploring innovative retail models.
In mid-February, Galeries Lafayette launched its “Comfort Shopping” concept, integrating soothing and emotionally appealing brands—such as Jellycat and Teddytale, both of which have gained popularity among young consumers in recent years—on the first floor of the mall. Positioned alongside luxury retail brands, this layout creates a multifaceted shopping space that caters to both consumer needs and emotional well-being.
Similarly, when the BFC Bund Finance Center rebranded itself as the “Bund Fashion Community,” it not only introduced ten trendy luxury brands, including alexanderwang, Versace, and Snow Peak, but also incorporated a Jellycat section into its Yue Bund bookstore, a favorite among young “Goods lovers” (爱吃谷). Furthermore, from Christmas through New Year’s, the mall collaborated with the classic IP Harry Potter to host a 79-day “Winter Magic Wonderland” event. According to industry data, foot traffic on the opening day of the Harry Potter event hit a record high in recent years.
A report by the China Business Industry Research Institute indicates that the primary consumer base for Goods stores falls between the ages of 12 and 22, with middle school students accounting for 60% of the demographic. In terms of gender, female shoppers dominate. As consumer preferences shift, the new generation is reshaping trends, making items like badges, acrylic standees, and plush toys the mainstream merchandise—unlocking new market opportunities in the process.
According to iResearch’s “Marketing White Paper on Anime and ACG Consumers,” post-90s consumers spend an average of over 1,500 RMB annually on anime and related merchandise, while post-95s consumers spend around 1,300 RMB.
Whereas traditional retail primarily focuses on “meeting demand,” Goods stores are fundamentally geared toward young consumers, centering on “creating emotional connections.” This retail model not only enhances the cultural appeal of shopping malls but also stimulates surrounding industries, including dining and entertainment, fostering a dynamic commercial ecosystem. This, in turn, generates new revenue streams for retail projects.
It is worth noting that in the early stages of Goods stores entering the Chinese market, “Japanese Goods” dominated the landscape. However, in recent years, domestic IPs have been on a rapid rise, becoming a major driving force behind the Goods economy. POP MART has not only conquered the Chinese market but is also demonstrating significant overseas expansion, particularly in Southeast Asia, with Thailand as a key market. Meanwhile, the rapid ascent of Chinese IPs such as the Forbidden City and Nezha further validates this trend.
