A university senior in Hebei, known by her online alias Xuxu, has a dedicated cabinet for her collection of "gu zi" (anime merchandise), estimated to contain around two to three thousand "badges" (pins featuring anime or game characters), approximately a thousand paper-based items, and numerous plush dolls. Xuxu began collecting in 2022, purchasing from official domestic websites, using agents and second-hand platforms for Japanese items, and even creating and selling decorative accessories for the merchandise.
Enthusiasts like Xuxu are part of a growing trend among youth. According to a report by iiMedia Research, China's anime merchandise market expanded rapidly from 580 billion yuan in 2020 to 1.689 trillion yuan in 2024, nearly tripling in size, and is projected to surpass 3 trillion yuan by 2029.
A recent survey targeting primarily college students, which gathered 2,327 valid responses, found that 40.65% of respondents have purchased such merchandise. Common purchasing channels include online e-commerce platforms (80.02%), physical stores (68.82%), comic conventions (23.04%), online group purchases (24.31%), second-hand trading platforms (26.96%), and overseas purchasing agents (11.31%). Most respondents spend under 300 yuan monthly, with 47.67% spending less than 50 yuan, 25.69% spending 50-100 yuan, and 15.96% spending 100-300 yuan. A smaller portion spends more: 5.81% spend 300-500 yuan, 3.17% spend 500-1,000 yuan, and 1.69% spend over 1,000 yuan.
For many, collecting is tied to identity and emotional comfort. Mu Qiu, a 23-year-old who operates two anime merchandise stores in Beijing named "San Cao Yue," explains that the term "gu zi" generally refers to lighter collectibles like badges, acrylic keychains, and paper items, though higher-priced figures and models are also popular. The survey indicates that collectors use various methods to display their items, including posting on social media (53.59%), using special storage (41.54%), wearing related accessories (39.96%), using functional items like towels or cups (38.69%), accessorizing the merchandise (34.88%), and creating "itabags" dedicated to displaying pins (31.92%).
Beyond expressing a fan identity (56.13%), a key motivation is the sense of companionship the items provide. A significant 83.08% of respondents reported feeling a sense of陪伴 from owning or wearing merchandise of their favorite characters. Other reasons include emotional relaxation and pleasure (91.12%), the aesthetic appeal of the items (91.86%), and enrichment of daily life and inner world (91.22%).
Wu Wanping, a student in Shaanxi and a fan of the game "Love and Deep Space," often chooses plush dolls for long-term companionship. She views the merchandise as living entities that offer irreplaceable emotional support, sometimes even becoming a spiritual pillar. The narratives from anime and games can influence her values, promoting positivity and shaping her emotional world.
The hobby also serves as a social platform. The survey shows 91.33% believe it fosters social connections. Xuxu has made many friends through shared interests, with some online acquaintances becoming close "kin" or dear friends.
The merchandise economy has spawned a extensive industrial chain. Bei Ji Xing, a recent graduate in Shenyang, spends about 1,000 yuan monthly on merchandise and related activities. She purchases from official stores, major platforms like Bilibili and Taobao for niche items, physical stores, fan conventions, and second-hand platforms like Xianyu for out-of-print items. Merchandise is often sold in blind boxes containing different characters, leading to group-buying practices where fans split costs to get their preferred characters.
However, group purchases can be risky. Xuxu had negative experiences with slow shipping, product discrepancies, unexpected fees, and even group leaders absconding with funds. To counter this, she started her own group purchases in July 2025, having successfully organized nearly 80 types of merchandise for over 10,000 items. She often adds value with decorative packaging.
The survey found that 35.20% of collectors also sell items to "recoup costs," primarily on second-hand platforms (60.04%), through online shops (11.42%), or at stalls in malls or conventions (11.21%). Xuxu herself sells older items to fund new purchases.
Offline engagement is also significant. Brands are opening theme stores, and cities are developing anime-centric malls and districts, creating "itabag cities" like those in Beijing and Shanghai. The survey indicates 67.12% of collectors have visited such offline landmarks to buy merchandise (62.47%), take photos (60.36%), or participate in events (44.40%). Furthermore, 60.68% have attended comic conventions, primarily to buy (67.55%), sell (21.67%), or trade (45.88%) merchandise.
Bei Ji Xing frequently visits conventions, pop-up shops, and landmarks, particularly in Shanghai, where she has participated in events for IPs like "Light and Night" and "Line Friends," enjoying immersive experiences and purchasing limited-edition items. She values the spontaneous interactions with fellow enthusiasts at these venues.
The market is not without issues. Popular ("hot door") characters often command high premiums on the secondary market, especially for limited editions, which can be resold for thousands, even tens of thousands of yuan, becoming "sea view gu zi." Wu Wanping, who spends about 100 yuan monthly, will save up or forego other purchases for must-have items, but only within her budget. The survey shows that while 7.72% will go to great lengths to acquire desired items, 62.68% will only buy within their means, and 24.52% deem them not worth the price.
Regarding price speculation, 36.79% believe it increases costs and ruins the experience, while 33.00% feel it fosters unhealthy competition and anxiety. Others see it as a matter of free choice (37.52%) or a normal market phenomenon (27.80%). Xuxu advocates for a balanced approach, prioritizing personal financial well-being over chasing hyped items, citing examples where re-releases caused prices to crash.
Security is another concern. Bei Ji Xing was scammed out of 1,000 yuan when a buyer tricked her into an off-platform transaction. She now strongly advises always conducting chats and payments within official platforms. Xuxu also warns about fraudulent group purchases and has created instructional videos to help others avoid them.
Some enthusiasts turn their passion into a career. Mu Qiu, with an engineering background, entered the industry driven by passion and market potential. He notes that most industry participants are young, around 25, which helps them understand consumer preferences, but finding skilled professionals remains challenging.
While in university, Mu Qiu started live-streaming card reveals on Douyin and later opened a club offering merchandise, manga reading, and cosplay areas. His current stores, "San Cao Yue," host events like character birthday parties and merchandise markets, which drive foot traffic. These weekly markets allow fans to sell items and often reinvest earnings into new merchandise.
The market also fosters micro-entrepreneurship. During a winter break, Xuxu started making decorative accessories for merchandise, eventually earning nearly 10,000 yuan from over 600 orders on a second-hand platform. She now runs a social media account with nearly 20,000 followers, earning income from unboxing videos and advertisements, and plans to continue this as a side business after graduation. She observes that the community is not just about spending but also about finding creative ways to generate income, such as through fan art or reselling.
Mu Qiu identifies product homogeneity as a market challenge, with many stores offering similar items. His strategy involves securing product launches, sourcing rare overseas exclusives, and fostering community through offline events to create uniqueness.
For sustained growth, Xuxu believes compelling IP content is crucial, as new releases or stories can revitalize demand. The survey indicates strong preference for both domestic and international IPs across games and anime. Product design and marketing are also vital; new product launches attract significant crowds to Mu Qiu's stores.
In Mu Qiu's view, the domestic anime industry is developing steadily. For many young people, the merchandise market is like a supermarket, and the items have become everyday essentials.