The Goods Economy: How IP Marketing is Dominating the Consumer Market

What is "Eating Goods"?

"吃谷" (literally "eating goods") refers to the hobby of collecting merchandise related to anime, games, and other ACG (Animation, Comics, Games) subcultures. These collectible items are called "goods", a transliteration of the English word. Common types of "goods" include:

Badges (吧唧) – Small metal pins featuring anime characters, such as a Conan-themed circular badge.
Transparent Cards (透卡) – Clear plastic cards printed with anime characters.
Holographic Tickets (镭射票) – Long PVC cards with printed character images.
Other Merchandise – Flowing sand mahjong sets, keychains, acrylic stands, etc.

While most "goods" are affordably priced in the range of tens of yuan, rare or limited-edition pieces can sell for thousands, even tens of thousands, of yuan on secondary markets.

The Rising Influence of "Goods" in the ACG Economy

As a key segment of the ACG economy, goods merchandise is gaining increasing importance.

Online Market Boom: The second-hand market for "goods" is thriving, with rising demand. According to data from Juyang Shushu (a Chinese analytics platform), searches for the keyword "谷子" (goods) have increased by 39.04% year-on-year in 2024.
Offline Expansion: Physical "goods" stores are growing rapidly. Meituan data shows that between January 1 and April 23, 2024, searches for "goods stores" nationwide surged by 8,227.2% year-on-year. Recent reports even highlight how "goods" stores have revitalized aging shopping malls.

Across the supply chain, companies from upstream IP holders to downstream retail channels are betting big on the "goods" trend.

IP Holders Developing Merchandise: Leading companies like miHoYo, Tencent, NetEase, and Bilibili are heavily investing in self-developed IP-based products. According to GAMELOOK, 5%–10% of miHoYo’s game development plans are allocated to peripheral merchandise. In miHoYo’s official Taobao store, multiple badge designs for games such as Genshin Impact, Honkai: Star Rail, Tears of Themis, and Honkai Impact 3rd have exceeded 100,000 sales per product.

Retailers Expanding Offline Presence: Companies specializing in ACG IP merchandise—such as March Beast (三月兽), Mankoo (漫库), Bugushe (布谷社), Goodslove, and ChaoWan Xingqiu (潮玩星球)—are rapidly opening offline stores. As of October 14, 2024, March Beast and Mankoo have opened 23 and 25 new stores, respectively.

Mainstream Retailers Joining the Trend: Large multi-category retail brands like Miniso, KKV, and Jiumu Zawuwushe have launched dedicated "goods zones" in their stores. These areas feature a wider range of IPs beyond anime and games, including popular internet icons like Chiikawa, Loopy, Butter Bear, and Line Dogs. Many of these stores are strategically located near specialized "goods" shops to attract traffic.

Despite economic challenges, the cultural sector is thriving. As society shifts its focus toward spiritual and emotional satisfaction, brands are leveraging IP marketing to tap into this trend.

Today, competition for anime IP licenses remains fierce, but the race extends beyond anime. Game IPs, meme IPs, and other digital icons have also become hotly contested resources for brands looking to capture consumer interest.

Miniso, a major player in the IP industry, recorded IP licensing fees of 183 million RMB in the first half of this year, marking a 24.2% year-on-year increase. The company has collaborated with over 100 globally renowned IPs, including Disney, Sanrio, Pokémon, and Barbie.

Data shows that the Chiikawa-themed pop-up store in Shanghai generated over 2.68 million RMB in sales within just 10 hours on its opening day. Despite limited-time and purchase restrictions, the store achieved a remarkable 8 million RMB in sales within the first three days. Additionally, Miniso’s Barbie collaboration products had a sell-out rate of 70%.

IP is a Profitable Business, But How Should Brands Leverage It?

It’s now widely recognized that IP is a valuable business asset, but how should brands utilize it? There are two mainstream approaches:

Using IP to attract a broader audience and enhance product value – A strategy exemplified by Luckin Coffee.
Developing products based entirely on IP collaborations – A model adopted by Miniso.

However, IP is merely a marketing tool—the brand and product itself remain the core. If a brand only pursues short-term social buzz without ensuring its products stand out, it risks missing the bigger picture. Once the hype fades, if the product lacks lasting appeal, the collaboration becomes meaningless and fails to deliver long-term brand value. Moreover, failed collaborations are not uncommon, making it crucial for brands to fully understand the IP, its audience, values, and story details.

The Key to IP Marketing: Immersive Experience & Authenticity

Successful IP marketing is about creating an immersive experience that stays true to the original content. If a brand fails to even get the basics right, any goodwill it builds will quickly collapse, or worse—backfire.

Pingu, the little penguin character made of clay, has recently gained the affection of countless young people and brands. Pingu's plush toys are designed with various outfits and scenes, making the penguin's anthropomorphic image even more vivid. It feels almost like a real pet, with emotions and sensations similar to humans, experiencing joy, anger, sadness, and happiness.

As Pingu's popularity continues to rise, its commercial value has been increasingly recognized by brands, leading to numerous collaborations. For example, Luckin Coffee partnered with Pingu to create a series of co-branded merchandise, including paper bags, cup sleeves, stickers, fridge magnets, thermos cups, plush bags, and phone stands.

According to netizens, Pingu has already collaborated with brands 23 times in 2024.

In summary, Pingu, while aligning with the aesthetic of contemporary youth, has successfully entered the communication space of young people through its "cute yet ugly" and quirky charm. Through its emotionally resonant expression, it has become a new social tool for the younger generation.

IP is at the core, and the essence is to sell products through IP. Therefore, it is essential to consider what kinds of products will best match the IP. Many businesses opt to develop IP-based products with weaker functionality, such as plush toys, goods, cards, and blind boxes. In this case, the saying "the use of useless things is the greatest use" is quite fitting—because the greatest value lies in tapping into emotional resonance.