In a viral Bilibili video titled “Unboxing a 26K RMB ($3,022) Seaview Guzi With Me,” Keyi Liang (@kkeylc), a 22-year-old Beijing-based psychology student, carefully unveils a miniature acrylic figure of Tooru Oikawa, a beloved character from the Japanese manga Haikyu!!. Wearing latex gloves, she delicately places her latest acquisition on her “pain table” (痛桌), a meticulously arranged shrine to her ever-growing collection of anime merchandise. For those unfamiliar with China’s surging anime merch economy, “guzi” (谷子) is a transliteration of the Japanese word “goods.” It refers to all licensed merchandise from anime, comics, and games (ACG), including posters, badges, keychains, and collectible figurines. A “seaview guzi,” a term borrowed from the high-end real estate market, signifies an ultra-rare, premium-priced collectible. For Liang, these pieces are not just purchases — they are emotional investments. “The moment I receive a rare guzi is when I’m the happiest,” she tells Jing Daily. Billion-dollar ‘guzi’ boom China’s so-called “guzi economy” is expanding at an explosive pace. In 2024, the market hit 168.9 billion RMB ($23 billion), up 40% YoY, according to iiMedia Research. By 2029, it is projected to surpass 300 billion RMB ($41 billion). Young women from middle and high-income groups make up 61% of the guzi shopper demographic. Over half reside in top-tier cities, where access to ACG merchandise shops and culture hubs is highest. High-end shopping malls in Beijing, Shanghai, and other major cities are capitalizing on the guzi trend. Once struggling with declining foot traffic amid softer demand for fashion and luxury as the post-pandemic surge waned, more and more retail spaces are now dedicating entire floors to ACG culture. Shanghai’s Bailian ZX Mall and Beijing’s Wangfujing Mall have introduced guzi-themed areas, complete with cosplay dressing rooms, photo walls, and immersive anime exhibitions. This cultural shift signals a broader movement: Guzi is no longer just a niche subculture — it is a mainstream consumer force. From subculture to mainstream retail Forward-thinking brands are tapping into the guzi phenomenon with limited-edition collaborations. Starbucks China, for instance, launched a holiday campaign in November last year featuring two exclusive ita-bags (bags designed to display collectibles) and store-themed badges. Traditionally conservative brands are also adapting — Chow Tai Fook and Chow Tai Seng, two heritage Chinese gold jewelry brands, have debuted IP-themed accessories in partnership with popular video games like Black Myth: Wukong and Game for Peace. For those who believe the guzi craze is confined to youth subcultures, think again. While primarily embraced by Gen Z and Gen Alpha, the trend also has a strong grasp on older millennials engaged with luxury fashion. Not only are they transforming designer handbags into guzi-displaying ita-bags, they often select new designer handbags based on how well they showcase their guzi collections. Under the #ItabagSharing hashtag on the social media platform Xiaohongshu (also known as RedNote), over 78,000 users proudly display their guzi-infused luxury bags, featuring labels from Hermès, Chanel and Gucci. Models with PVC exteriors and transparent compartments — such as Chanel’s Aquarium Backpack, Miu Miu’s Plexi Bucket Bag, and Tory Burch’s Lee Radziwill Raincoat Bag — have emerged as top choices for fans integrating fashion with fandom. More than a fad: ‘Guzi’ as an emotional investment China’s guzi movement is closely tied to a larger global shift toward “kidulting,” where adults indulge in childhood-inspired spending. The trend took luxury by storm last year: bag charms ranked among the hottest accessories of 2024, and collectible toys like Labubu surged in popularity after Blackpink’s Lisa was seen with the fluffy character dangling from her handbag. Similar to Japan’s “kawaii” and South Korea’s “gwiyeoun” aesthetics (both terms mean cute), China’s guzi movement represents a hyper-localized cuteness economy. But unlike Japan’s long-established kawaii culture, China’s guzi economy is a recent phenomenon. The concept became widely known only in 2024, when Chinese Olympic athletes like Quan Hongchan and Pan Tianle were spotted carrying anime-adorned bags, propelling the trend into the cultural mainstream. Jiacheng Zhu, CEO of the guzi retail chain Yuechai Goods, believes the guzi economy is far from a fad. “In the past, ACG culture remained niche in China because its fans were too young,” he tells Jing Daily. “Now, these fans are in their early 20s. They are entering the workforce, gaining purchasing power, and influencing mainstream culture.” This shift is also tied to China’s broader “emotional consumption” trend, where young adults prioritize purchases that provide emotional comfort. Unlike traditional luxury, which often emphasizes status signaling, guzi purchasing is deeply personal. On Chinese social media, fans often describe carrying their favorite anime characters as a form of emotional support — a way to feel “constantly accompanied” in daily life. Many brands now release exclusive guzi on the birthdays of characters as a response. Collectors strive to obtain every birthday edition, symbolizing a commitment to their beloved characters over time. The emotional attachment between guzi collectors and their merchandise extends beyond mere fandom. It is an investment in a new form of relationship. What this means for brands Even amid China’s slowing luxury market, the crossover between fashion, ACG culture, and emotional consumption still represents huge untapped potential. Brands need to recognize that the guzi craze is not just a niche obsession for China’s “kidults” — it is a redefinition of how Gen Z and Gen Alpha engage with retail. As younger generations prioritize self-expression and emotional fulfillment over traditional status symbols, brands that fail to embrace the guzi wave risk missing out on a defining shift in consumer culture.
