China 101
Guzi economy (ACG merch)
谷子经济
The booming youth market for anime, comic, and game merchandise such as badges, standees, and trading cards; guzi is Chinese transliteration of the English word goods.
Guzi is how young Chinese fans say goods: character merchandise from anime, comics, and games. The guzi economy refers to the explosion of spending on small collectibles like tin badges (baji), acrylic standees, photo cards, and plush charms tied to beloved characters.
Several forces converged to make this a headline economy in the mid-2020s: a Gen Z with disposable income and strong fandom identities, domestic Chinese games and animations producing hit IP, and retail chains rushing to open merch stores in malls. Limited-edition runs create scarcity, and rare items trade at multiples of their sticker price on secondary markets.
Chinese media treats guzi spending as evidence of an emotional consumption shift: young people cutting back on big purchases but paying readily for small objects that deliver joy and community belonging. Shopping districts now compete to host guzi events precisely because they pull Gen Z foot traffic.