Fantasy to Fortune

Now a multi-billion-yuan industry， the sale of anime-related products shows no sign of slowing down.But who are the beneficiaries， and what impact has this explosion in popularity had on the subcultures it grew out of？

從小眾走向主流，“谷子”經濟爆火撐起千億二次元市場，卻也讓粉絲喜憂參半

n the desk of 21-year-old college student Bian Lanqi proudly sits several of her latest acquisitions.Among them is a Zelda figurine， several badges fromThe Lost Tomb，anda handmadebag decorated with limited edition cards from TheKing'sAvatar.To anoutsider， thesevideo gameand anime trinkets might seem like mere decorations，but for Bian， theyare something deeper： fragments of a world where stress fades，dreams feel tangible，and belonging is just one collectible away.

Inrecentyears，Chinahaswitnesseda monumental rise in the“goods economy”—a marketwherevirtualandfantasy-themed products，from anime figurines to digital avatars， arebought，sold，and traded with fervor.At the heart of thisphenomenon lies erciyuan =ππ ，or “two-dimensional.” Originally referring to Japan's 2D anime and manga culture，the term has since evolvedintoabroadereconomicandfan-driven force in China.

But as its popularity continues to grow， what does themovement's future look like，now that its once-small fan community goes up against market forces eager to cash in？

From niche subculture to economic powerhouse

The first wave of erciyuan culture hit Chinese shoresin the l98Os and 9Os，with the arrival of several popularJapanese animations like Astro Boy and Dragon Ball.In the beginning，it spread among a small group of millennial and Gen Z enthusiasts. To the broader public，the trend remained largely unfamiliarandalien—someevenlabeled it deleterious to minors due to its“addictive”nature.

Erciyuan'smeteoricrise in recent years can be attributed in part to the popularity of the videostreaming siteBilibili，which，since its launch in 2009，hasserved asa de facto home foranime content in China—organizing anime expos in major cities and helping transform the subculture intoamainstreamcommercial force.

\"When I saw goods on someone's ‘itabag， especially if they were from the same manga IP I liked， I'd get really excited， feeling like I had found my tribe.\"

Bian，an early adopter of erciyuan culture，has witnessed firsthand the change in people'sattitudes toward it in her hometown of Hangzhou， the capital of Zhejiang province.“When I was in elementary school，there were rarely any erciyuan goods shops，” she recalls.“However， now almost every shopping center in myhometown has shops dedicated to erciyuanIPs.Hangzhou iseven considered tobe one of the largest erciyuan economic hubs in China.\"

Guzi （谷子），derived from the phonetic translation of the English word “goods，\"but also meaning grain， encompasses IP-derived merchandise such as baji （吧唧），orbadges; figurines; acrylic keychains; and tongbao （痛 包，\"itabags\"），backpacks often decorated with all of the aforementioned paraphernalia.The act of purchasing these goods is called chigu （吃 谷）， literally“eating grain，\" on account of fans subsisting on these itemswhile waiting for new releasesfromtheirfavorite franchises.

Therefore， the goods economy refers specifically to the peripheral merchandise economy centered around ACG （anime，comics，games） and virtual idolIPs.To fans， these cartoons and theircollectibles provide emotional value and a sense of community， whilebehind the scenes，they'reat theheartofa burgeoning，multi-billion-yuan industryand the forefront of several new economic forms.

As of last year， the number of ACG consumers in China was estimated to be 5O3 million， accordingtodatafromiiMediaResearch.In addition， China'sACG industrywasvalued at nearly 600 billion yuan in 2024，making it the world's largest market for anime， comics，games， and related products.That figure is projected to reach 834billion yuanby 2029.

Escapism or empowerment？

Originally， erciyuan culture was synonymous with the fictional， illustrated，andanimated worlds distinct fromreal life，and canbe traced back to post-WorldWarIIJapan.AstroBoy，whichaired in 1963，features its eponymous hero，a robot boy with incredibleabilities，navigatinga world of conflictbetweenhumansand robots.The series is considered apioneeringwork ofJapanese animation and thus one of the precursors of the erciyuanmovement.

ManyofChina'smillennialsandGen Z grew up with comic books and video games. Born amid the country’s one-child policy， which officially ended in 2O15，the pressures to succeed academically left them little time outside of the classroom.Nevertheless，a longing to rebel and a need for belonging pervaded， and ACG culture offeredamuch-needed means for escape，a safe haven for their imaginations，anda form of resistanceagainst parentalauthority.Alongside this trend，ACGcharacter cards，figurines，and badges have graduallybecomea form of social currency for China's Gen Z，providing a sense of belonging within the fan community.

“I used to be a passionate erciyuan fan in my teenage years.WhenIsaw goods on someone's ‘itabag，'especiallyif theywere from the same mangaIPIliked，I'd getreally excited，feeling like I had found my tribe，” 24-year-old postgraduate student Zhong Shangyun from Guangzhou tells TWOC.Within these communities， fans usually share their love for virtual idols，games，and even develop their own linguistic systems，allowing them to recognize each otherand furtherdeepen ties. For example，mengxin （萌新） is used to refer to new members，whereastaitai（太太）isatermofrespect used in reference to prominent creators.

While erciyuan was bornas a subculture in China， both its connotation and manifestation have changed significantly inrecent years.Inresearch conducted by The Paper， a Chinese news outlet， 22 erciyuan fans were asked about their hobby. Interviewee Qu Ye，born in the 198Os，espoused

thebenefits of how erciyuan's artistic style is not fixed，and therefore，thedefinition ofACGis constantly evolving.

“At theheart of erciyuanis theair of zhong'er （中二），\"Liu Yi，a respondentborn in the 80s， explainedduringtheirinterview.Liuwas referring to the Chinese transliteration of the Japanese termchunibyo（中二病），or‘second year of junior high syndrome.\"Zhong'er hascome to symbolize the onset of adolescence-a pivotal time whenateenager'sworldviewandsenseofself begin to take shape.“Erciyuan fulfillsa spiritual need for this particular age group，”Liu added.

However， in China， despite many fans now being in their 2Osorolder， theirlove for2Dworlds has not faded.On the contrary， for many，erciyuan now offers an escape from real-world pressures in adulthood.“Mickey Mouse was a constant presence throughout my childhood. Even now， I still get emotional support in erciyuan when I'm navigating uncertainties in real life，”says Zhao Shucai （pseudonym），a 32-year-old independent artist，inaninterviewwithTWOC.

Zhao's fascination with erciyuan began in elementary school.In college，she rediscovered her passion for animation and later interned at \"In the past， we connected With erciyuan by admiring illustrations or reading comics. Now，fans are seeking emotional comfort by purchasing merchandiserelated totheir favorite characters.\"

ananimation studio.Since then， she has forged a deep，enduring connection with the erciyuan world. “One of my favorite erciyuan IPsis Mob Psycho 100.Its world feels warm and comforting， and it reallyresonated with me duringa particularly low and discouraging time in my life，” Zhao says. Around 2024， she began creating fanart for Mob Psycho 10o.With encouragement from fellow fans， shebecameaself-employed artist， designing and selling merchandise like badges and pins inspired by the series.

As the young generation's spending power increases，theirloveforACGhasalsomadethem aformidable economic force.“Consumermindsets have evolved，”says Zhao.“In the past， we connected with erciyuan byadmiring illustrations or reading comics.Now， fansare seeking emotional comfortbypurchasingmerchandise related to their favoritecharacters.\"

The price of such merchandise can vary from afewyuanto thousands.Theirvalueisoften determined bythe popularity of the IP， but limited-edition goods and aggressive marketing can also cause certain items to go viral and sell out completely.

The origin of goods is also an important factor in determining their value.“Generally speaking， goods made in China arebetterin terms of design and craftsmanship，buttheydon'tholdvalueorhavethe same collectible appeal as those from Japan—even though the latter often use more basic materialsand arelessdetailed，\"erciyuanfanBiantellsTWOC.

“That's because many IPs originate inJapan， and people feel that officially licensed goods from the original creatorshave more collectible value.\"

And despite the special significance of officially licensed goods，many fans go the extra step and create theirown，resultingina hugemarket for unofficial fan-mademerchandise.Compared to licensed merch， fan-made goods tend to be more creative，spana wider range of mediums，and cost less.Like Zhao，Bianalso runsa merchandise business alongside her college studies.“It’s not just about making money. It's a way to express our love and enthusiasm for an IP，and if the buyer is also a devoted fan，I'll often just give it to them for free，” she says.

However，as thevalue of erciyuan IPs continues to rise and license holders increasingly lease the rights to secondary companies to sell branded goods，generating significantprofits inreturn， the tightening regulation of themarket has placed fan-made goods in an awkward position.

“One of the biggest challenges is registering authorship rights，” Zhao explains.“It usually takes about a month to complete the filing，and more

than two months to submit a piracy complaint to an e-commerce platform to protect a creator's work.’For small-scale erciyuan merchandise sellers like Zhao， the cost of defending their rights often outweighs the potential gains.

Despite fan-made goods now existing in a legal grayarea，demand neverthelessremainshuge，with some unofficial goods creators gaining significant influence on social media.For example， one fanmadebadge from the JapanesemangaLand of the Lustrous received 13，Ooo likes on Xiaohongshu， or RedNote.Underneath the post， one commenter wrote：“If fan-made goodsare notauthorized by the creator， they constitute infringement，\" to whichanotherreplied：“Italso servesasa form of promotion for theIP，soIbelieve it'sa win-win.\"

When fantasy worlds drive real growth

The rising popularity of erciyuan in China has quickly attracted theattention of the capital market. According to a reportby state-media CCTV， the

multi-billion-yuan goods economy has become anewareaoffocusforA-shareinvestors.Data releasedbybusinessplatform Tianyancha shows that the number of enterprises related to the goods economy in China exceeds6 million，96 percent of which were established in thepast five years.

In addition to stimulating stocks and online sales erciyuan is also seen as a magic fix for revitalizing decliningbrick-and-mortarcommercial districts. Inearly 2025，a15，000-square-meterACGthemed zonecalled ZPARKwasestablished inan undergroundmall inHangzhou'scentral business district.Within four months after its opening， six goods stores had opened in rapid succession，and more thana dozen anime conventions have already been held in the space.A report released in January found thatatleast 39 citiesin Chinahad 30 or more goods stores， totaling 3，239 stores nationwide.

However， the rapid expansion of the goods economyhasalso led fans to lament several issues， including the homogenization of merchandise， inflated prices，and poor-quality products.

Moreover， not all goods stores can survive beyond beinga“fash in the pan”in the increasingly competitivemarket，particularlysmaller， independent shops in less populous cities.Market analysis shows that 6O percent of the erciyuan goods marketshareisdominatedbyahandfulofleading companies，suchasPopMart，Miniso，and 52Toys. Waves of smaller goods stores closing have made headlines since the end of last year.

At the same time， goods-related blind boxes have emerged in recent years， prompting fans to spend more to hunt down specific items.“We call it offline gambling，\" Zhong， the post-graduate student， says.“Some fans are willing to spend hundreds of times the original price just to get a desired My LittlePony blind box card—and asignificant portion of these consumers are kids under l8 years old.\" To curb disputes arising from minors purchasing erciyuan goods，citiessuch asShanghai have passed regulationsbanningbusinesses fromsellingACGrelated products to children under the age of 8.

Although the authoritiesare working to regulate the burgeoning goods market， in the shadows， the buying frenzy continues to grow unchecked.On China's secondhand products trading platform Xianyu，popular trading cardsand limited-edition badges can be found at inflated prices exceeding 10，000 yuan.In one online auction，a Haikyuu！！ badgewas eventually purchased bya Gen Zbuyer for 72，OoO yuan.“Without collecting the erciyuan goodsIwant，my life wouldbe incomplete，\" they told the Portrait magazine after the auction.

Asthe goods economy flourishes， some ask towhat extent the original spiritof erciyuan culture has been erodedby this consumerist feast.Initially， goods were often exchanged freelyamong fans to express their shared love ofa particularIP.Butas the commercial value of some IP increases， there have been reports of people dressing up as specific characters at anime conventions simply to collect free goods， only to resell themata profit to other fans.“I'm disappointedto see erciyuanculture turned intoa tool for earning money，”Bian sighs.

With the influx of capital， goods stores continue to expand across the country， and it seems inevitable that erciyuancultureismoving froma niche interest into the mainstream—something Bian says she's not entirely against.“I'm willing to spend money for mybelovedIP，as long as the goodsare thoughtfully designed and the content is truly worth paying for.\"