China’s Billion-Dollar Mood Booster: Unpacking the “Guzi Economy” Sweeping its Youth

Hello from China! As an American living here and running this blog, I often find myself trying to bridge the gap between what life is like back home and the fascinating, sometimes bewildering, realities of modern Chinese society. Today, I want to delve into a phenomenon that’s been absolutely exploding among young people here over the past year or so: the “谷子经济” (Gǔzi Jīngjì), or “Guzi Economy.”

You might see headlines about China’s economic shifts or its tech scene, but this trend offers a unique window into the hearts, minds, and wallets of the younger generation. It’s a complex mix of pop culture fandom, evolving consumer values, social connection, and even a surprising form of retail therapy that’s breathing new life into old shopping malls. For anyone trying to understand contemporary China, especially its youth, the Guzi Economy is a story worth exploring. So, grab a coffee (or maybe some bubble tea, more fittingly!), and let’s unpack what this is all about.

What in the World is “Guzi”? Decoding the Terminology

First things first, let’s get the name straight. “谷子” (Gǔzi) literally translates to “millet” or “grain” in Chinese. But this economic trend has absolutely nothing to do with agriculture.¹ Instead, “Guzi” is a playful homophone, a transliteration of the English word “Goods”.¹ Some sources also trace the transliteration through the Japanese word for “goods” (グッズ, guzzu), given the strong influence of Japanese pop culture, especially in the early days of this trend.⁶

So, what kind of “goods” are we talking about? Primarily, “Guzi” refers to licensed merchandise and peripheral products derived from popular culture intellectual property (IP), particularly within the ACGN sphere – Animation, Comics, Games, and Novels.² Think posters, badges, keychains, collectible figurines, acrylic standees, character cards, plush toys, and other decorative items, often featuring specific characters.¹

These items are typically small, lightweight, and often made from materials like metal (for badges), acrylic plastic, or paper, making them relatively inexpensive compared to larger collectibles like high-end statues or figures.⁵ Unlike traditional merchandise that might serve a practical purpose (like mugs or t-shirts), Guzi items are often purely decorative and collectible.¹⁰

The act of buying these items has its own slang term: “吃谷” (chī gǔ), literally “eating Guzi”.² This quirky phrasing highlights how essential and satisfying these purchases feel to enthusiasts – like consuming something vital, a form of “soul food” for Gen Z and Gen Alpha.⁸ The community of fans and collectors is known as the “谷圈” (gǔ quān), or “Guzi circle”.² Entering a dedicated “谷子店” (gǔzi diàn), or Guzi store, can feel like stepping into a whole new world for the uninitiated.²

This entire ecosystem – the products, the consumers, the retailers, the online communities, and the cultural significance – constitutes the “Guzi Economy.” It’s a phenomenon that was once a niche interest, a “secret code” among younger generations like Gen Z (born roughly 1997-2012) and Gen Alpha (born after 2010), but has rapidly broken into the mainstream, becoming a significant economic force and a hot topic in investment circles.¹

The “Why” Behind the Buy: Drivers of the Guzi Craze

Why has this trend taken off so dramatically, especially now? Several factors converge to explain the Guzi Economy’s explosive growth.

The Quest for Emotional Value in Uncertain Times:

Perhaps the most crucial driver is a shift in consumer priorities among China’s youth. In an environment marked by economic headwinds, a challenging job market, and the lingering psychological effects of the pandemic, many young people are prioritizing “emotional value” over purely functional or material gains when making purchasing decisions.1 A 2024 report noted that young internet users consider not just value-for-money but also the emotional connection a product delivers.7 Another study found nearly a third of young people would pay for emotional value 39, and a McKinsey survey indicated 64% of Chinese consumers prioritize emotional over functional consumption.18

Guzi items perfectly cater to this need. They are seen as “self-pleasing consumption” (悦己消费, yuè jǐ xiāofèi), purchases made primarily for personal joy and satisfaction.¹ For many, these small items provide comfort, stress relief, and a sense of companionship.⁷ As one post-95 programmer, Li Jie, put it, “The moment I buy ‘guzi’ products, I feel as happy as when I receive a salary notification… Placing ‘guzi’ products at my workstation gives me a reassuring sense of companionship”.⁷ Another white-collar worker, Xiaolin, described her Guzi items as “partners” that help her relax amidst high work pressure.⁴³ In a high-pressure world, these trinkets act as lifelines.⁹

This focus on emotional well-being represents a significant evolution from previous generations who might have focused more on accumulating traditional status symbols or purely practical goods. Today’s youth are seeking happiness and connection, and Guzi provides an accessible way to achieve that – “spending small money to buy happiness” (花小钱买开心) is a common sentiment.³¹

Social Currency and Community:

Beyond individual emotional fulfillment, Guzi serves a powerful social function. Collecting, displaying, and trading these items has become a key way for young people to express their identity, signal their interests, and connect with like-minded peers.1 Spotting someone with Guzi from the same fandom can instantly break the ice and lead to new friendships.11

Tang Qiao, an associate director at the Chinese Academy of Social Sciences, emphasizes this social value, noting that Guzi represents fans’ loyalty to IPs and serves as a crucial tool for interaction.² Visiting Guzi stores together has become a social activity, strengthening bonds.⁸ Online communities thrive around sharing collections and trading tips.⁸ As one popular saying among enthusiasts goes, “If you don’t show off your guzi, it’s like you never bought it”.⁸ Guzi acts as a “social currency,” facilitating belonging and identity within specific fan circles.³

Growth of the ACGN Industry and Fanbase:

The Guzi boom wouldn’t be possible without the underlying growth of the ACGN industry in China and its expanding fanbase. High-quality domestic games (like Genshin Impact, Honkai: Star Rail, Eggy Party) and animations (like Ne Zha) have achieved massive popularity both domestically and internationally, creating a huge pool of passionate fans eager for related merchandise.1

The number of “pan-ACGN” users in China has surged, reaching an estimated 503 million in 2024, up from 354 million in 2019.³ While “pan-ACGN” is a broad category, this massive user base provides a solid foundation for the Guzi market.³ As these fans, particularly those born after 2000, enter the workforce and gain purchasing power, their ability and willingness to spend on their hobbies increase.²¹

Accessibility and Lower Entry Barrier:

Compared to high-end collectibles like detailed figurines or statues, many Guzi items like badges (“吧唧,” bā jī – derived from the English word “badge” 5) or acrylic stands (亚克力立牌, yàkèlì lìpái 2) are relatively affordable, often costing from around 10 yuan (about $1.40) to a few dozen yuan (under $10).8 This lower price point makes them accessible “small fortunes” or “little certainties” (小确幸, xiǎo què xìng) for a wider range of young consumers, including students.12 While rare or limited-edition items can fetch high prices, the basic entry point is much lower than for many other collectible hobbies.8

The Frugality Paradox: Saving Here, Splurging There

Now, here’s where things get interesting, especially for an American audience often hearing about either China’s luxury boom or recent economic anxieties. The rise of the Guzi Economy coincides with another widely discussed trend among Chinese youth: increased frugality, sometimes dubbed “consumption downgrade” (消费降级, xiāofèi jiàngjí) or “reverse consumption” (反向消费, fǎnxiàng xiāofèi).⁴⁸

Faced with economic uncertainty and a tough job market ⁴⁰, many young people are indeed becoming more budget-conscious. They’re actively seeking discounts, comparing prices meticulously, and cutting back on non-essential spending.⁴⁸ Online communities dedicated to saving money, like豆瓣 (Douban) groups focused on being “stingy” (抠门, kōumén), have gained massive followings.⁴⁸

One manifestation of this is the growing popularity of buying “临期食品” (línqī shípǐn) – food products nearing their expiration date but still safe to consume, sold at steep discounts.⁵² What was once perhaps seen as something only older, extremely budget-conscious people did is now embraced by millions of young, urban consumers aged 25-35, framed as being rational, smart, and even environmentally conscious.⁵² Dedicated online platforms and physical discount stores specializing in near-expiry goods have proliferated.⁴¹ In 2020, it was estimated that 2.1 million people were buying near-expiry food on Taobao alone.⁵² The market for these goods was projected to reach 40.1 billion yuan (about $5.5 billion) by 2025.⁶⁰

So, how does the seemingly indulgent spending on Guzi fit with this frugality trend? It’s not necessarily a contradiction, but rather reflects a more strategic approach to spending. Young consumers aren’t just cutting back across the board; they are making conscious choices about where their money goes. They might ruthlessly cut costs on daily necessities or postpone large purchases, but they are willing to spend – sometimes significantly – on things that bring them genuine joy, emotional satisfaction, or social connection.⁴⁸

This philosophy is captured by the popular phrase “该省省，该花花” (gāi shěng shěng, gāi huā huā), meaning “Save where you should save, spend where you should spend”.⁴⁸ Guzi falls squarely into the “spend” category for its enthusiasts because it delivers high emotional returns. A survey from early 2025 found that while over half of young respondents practiced “consumption downgrade” in areas like luxury goods or dining out, many simultaneously increased spending on experiences, personal growth, and hobbies like gaming or ACGN merchandise.⁵⁰ They are optimizing for happiness and well-being within their budget constraints, prioritizing function and value for some items, and emotional resonance for others. Guzi spending, therefore, isn’t necessarily frivolous; it’s a calculated allocation of resources towards what truly matters to them personally.

Manifestations of Fandom: Collecting, Displaying, Trading

The Guzi Economy isn’t just about buying things; it’s a whole culture with its own rituals and practices.

The Thrill of the Hunt and the Joy of Collecting:

At its core, it’s about collecting. Fans often aim to gather items featuring their favorite characters (“我推,” wǒ tuī – “my push,” meaning the one they support/promote) or complete sets.16 Some amass huge collections numbering in the hundreds or even thousands of items.2 Part of the appeal lies in the hunt, especially for rare or limited-edition items. Blind boxes, where the contents are a surprise, are also a popular format, adding an element of gambling and excitement.8

Displaying the Passion: Pain Tables and Ita-Bags:

Collecting isn’t just about possession; it’s about display. Fans meticulously arrange their Guzi on “痛桌” (tòng zhuō) or “pain tables” – desks or shelves turned into shrines showcasing their favorite items.19 The term “pain” (痛, tòng) here, borrowed from Japanese otaku culture (痛車, itasha – decorated cars), signifies an intense, almost painfully strong level of devotion, or perhaps the “pain” inflicted on the wallet.

This public display extends to fashion through “痛包” (tòng bāo) or “ita-bags”.¹³ These are typically bags, often with a clear window or panel, specifically designed or modified to display badges, keychains, and small plushies. Carrying an ita-bag is a bold statement of fandom, instantly identifying the owner as part of the Guzi circle and sparking conversations with fellow enthusiasts.²⁶ The hashtag #ItabagSharing is popular on social media platforms like Xiaohongshu (often called RedNote in English), with users showcasing their creations, sometimes even incorporating high-end designer bags.²¹

Trading and the “Plastic Gold” Phenomenon:

The Guzi market has a vibrant secondary trading aspect, facilitated largely by online platforms. Some Guzi items, due to their rarity, limited release, or the popularity of the IP, can become highly sought after, leading to significant price appreciation in the resale market.3

This has led to Guzi being nicknamed “塑料黄金” (sùliào huángjīn) or “plastic gold”.³ Terms borrowed from real estate, like “海景谷” (hǎijǐng gǔ) or “seaview Guzi,” are used to describe ultra-rare, premium-priced collectibles.⁵ There have been reports of individual badges selling for tens of thousands of RMB, or pairs of acrylic tiles fetching over 80,000 RMB (around $11,000) at auction.¹³ While these are extreme examples, the potential for value increase adds another layer of excitement (and risk) to the hobby.

Voices from the “Guzi Circle”: Personal Stories

Behind the market data and trend analysis are individuals finding joy, connection, and sometimes even business opportunities through Guzi.

• Finding Happiness and Companionship: We heard from Li Jie, the programmer who equated the joy of buying Guzi to receiving his salary.⁷ Xin Yu, a recent graduate working in Beijing, finds comfort in her Guzi collection after moving away from home, seeing the items as companions that brighten her room and mood after stressful workdays.⁴⁴ Arlene, a 23-year-old cosplayer, happily spends around 3,000 RMB (about $415) in less than a year, declaring the happiness she gains is worth it.¹⁴ Xiaolin, the white-collar worker, finds her desk Guzi to be a source of instant relaxation during high-pressure workdays.⁴³
• Building Connections: Song, born in 2010, shared how she made a new friend at an offline blind box event when another participant generously gave her a Guzi she was hoping for; they exchanged contacts and still chat about their shared hobby.¹⁵ Cui, another enthusiast, highlighted how Guzi offers a new way to interact with friends and makes life more fulfilling.¹⁵ Zhao Siyue found an unexpected connection with her mother, who initially didn’t understand the appeal but eventually became interested in the game characters and stories behind the Guzi, even visiting Guzi stores with her daughter.⁴⁴
• From Passion to Profession: For some, the love for Guzi has turned into a business. Xia Xia, formerly a game company project manager in Guangzhou, invested her savings to open a Guzi store in 2021, seeing an opportunity in the city’s strong ACGN atmosphere. Her store now enjoys significant foot traffic, though she notes profit margins can be slim.¹⁴ The owner of GuGuGuGu store in Beijing was driven by his personal passion as an ACGN fan to enter the industry, with his shop becoming a high-traffic success.⁴³ He Zhiwei, Beijing director for the Guzi store brand Dimension GO, noted their Wangfujing store achieved over 1 million RMB in turnover in its first month, attributing the success to Guzi’s ability to express young people’s interests.¹⁵

These stories illustrate the deeply personal and social dimensions of the Guzi Economy, moving far beyond simple consumerism.

The Scale of the Phenomenon: Market Size and Demographics

The anecdotal evidence is backed by staggering numbers. The Guzi Economy is not a fringe market; it’s a rapidly expanding sector worth billions of dollars.

• Market Size and Growth: According to data analysis firm iiMedia Research, the market size of China’s Guzi Economy reached approximately 168.9 billion RMB (around $23 billion USD) in 2024.³ This represented a dramatic increase of over 40% compared to the 120.1 billion RMB market size in 2023.³ Projections suggest continued strong growth, potentially exceeding 300 billion RMB (over $41 billion USD) by 2029.³ This rapid expansion has caught the attention of investors, leading to surges in related stock prices.³
• Consumer Base: The driving force behind this market is overwhelmingly young. Generation Z and Generation Alpha are the primary consumers.¹ High school and university students are frequently seen browsing Guzi stores.² Interestingly, young women make up a significant majority of Guzi shoppers, estimated at 61% by iiMedia Research and potentially even higher (78% in Q1 2025 according to Xianyu data).¹⁶ Many reside in top-tier cities where access to ACGN culture and shops is highest.²¹ However, the trend also extends to older millennials, particularly those interested in luxury fashion who incorporate Guzi into their style via ita-bags.²¹
• Spending Habits: Individual spending varies, but many enthusiasts spend considerable amounts. Wang Meng, a post-2000s collector, spends an average of 600 RMB ($83) per month, sometimes up to 1,000-2,000 RMB ($138-$276) depending on new releases.⁴² High school teacher Sun Meng spent over 450 RMB ($61) on about 30 pins.¹⁰ Weekly visits to Guzi stores might cost between 50 and 200 RMB ($7-$27).⁸ Some reports suggest core ACGN fans spend over 1,500 RMB ($207) annually on merchandise.¹⁴ While many purchases are small, the frequency and dedication add up, fueling the multi-billion dollar market.

The Digital Domain: Online Communities and Commerce

While physical stores are crucial for the Guzi experience, the online world is arguably the backbone of the entire economy.

Social Media as the Hub:

Platforms like Xiaohongshu (RedNote), Douyin (China’s TikTok), Weibo, Bilibili, and QQ are essential spaces for the Guzi community.9 This is where fans:

• Share their collections: Posting photos of “pain tables,” “ita-bags,” and elaborate displays called “摆阵” (bǎi zhèn – setting up formations) where numerous items are arranged artfully.⁸ The mantra “谷子不晒，等于没买” (“Guzi not shown = not bought”) underscores the importance of sharing.⁸
• Discover new items and trends: Following favorite IPs, artists, and stores for release information.
• Exchange tips and reviews: Discussing quality, prices, and where to find specific items.
• Form communities: Joining groups dedicated to specific IPs or characters, finding friends with shared interests.⁸
• Organize group buys: Coordinating purchases, especially for imported or custom-made items, to share shipping costs and meet minimum order quantities, often through private QQ or WeChat groups.¹⁹

The scale of online engagement is immense. “Guzi” related topics have garnered billions of views on platforms like Douyin and Xiaohongshu.¹⁵

E-commerce and the Crucial Resale Market:

Official online stores on platforms like Taobao, Tmall, JD.com, Pinduoduo, and Bilibili Goods are primary channels for purchasing new Guzi.10 Companies like Kayou leverage these platforms not only for sales but also to gather direct consumer feedback to optimize product design and marketing.42

However, the secondary market is arguably just as important, if not more so, for the Guzi culture. Platforms specializing in secondhand goods, most notably Alibaba’s Xianyu (闲鱼), are critical hubs for:

• Trading and selling: Allowing collectors to manage their collections and recoup costs.¹³
• Finding rare or sold-out items: Providing access to limited editions or older releases that are unavailable through official channels.²⁵
• Price discovery and “investment”: Serving as the main marketplace where the value of “plastic gold” is determined and realized.¹³

Xianyu has become a key indicator of Guzi trends, with transaction volumes soaring.⁴⁶ In early 2024, Nezha merchandise saw daily transactions exceed 3 million RMB on Xianyu following a movie release.⁴⁶ A 2025 report showed Guzi transaction value on Xianyu hit a record high in Q1, with annual growth of 105% in 2024.⁶⁴ This platform is central to the liquidity and dynamism of the Guzi market.

The online ecosystem, therefore, is far more than just a sales channel. It’s the connective tissue – the infrastructure for discovery, acquisition, valuation, and community interaction – that enables and shapes the entire Guzi phenomenon. Even the offline experience of visiting a store is often documented and amplified online, blurring the lines between the physical and digital realms of the Guzi world.

Beyond the Hype: Broader Impacts, Lingering Questions, and the Future

The Guzi Economy’s influence extends beyond the collectors themselves, impacting retail landscapes, brand strategies, and raising questions about its sustainability.

Revitalizing Brick-and-Mortar Retail:

One of the most striking impacts has been the revitalization of traditional shopping malls. In an era where e-commerce has challenged physical retail globally, Guzi stores have become unexpected saviors for some struggling malls by attracting large numbers of young consumers who might otherwise shop online.3

The Shanghai Bailian ZX Creative Field (百联ZX创趣场) is a prime example. Opened in early 2023 in a renovated building on Nanjing Road that previously struggled, it became China’s first mall focused on ACGN culture.³ It quickly became a hotspot, achieving 300 million RMB in sales by the end of 2023 and seeing sales rise 84% and foot traffic 40% in the first three quarters of 2024.³ Its success spurred a second location, Bailian ZX Fun Dimension (百联ZX造趣场).³² Similar stories are emerging across China, with malls in Beijing (e.g., Wangfujing Mall’s in88, Huawei Building, Souxiu City), Guangzhou (Anime Star City, Diwang Plaza), Shenzhen (Zhongzhou Bay), Wuhan (Trend Box X118), and other cities dedicating entire floors or sections to ACGN and Guzi stores, often adding themed cafes, cosplay facilities, and event spaces.³ These malls are transforming into “ACGN consumption city landmarks”.³ This demonstrates how niche, experience-driven retail can draw crowds back offline.

Brand Strategies and Collaborations:

Mainstream brands are taking notice and tapping into the trend. Starbucks China launched exclusive ita-bags and store-themed badges.21 Fast-food chains like KFC and bubble tea giants like Heytea have released Guzi collections.23 Luxury brands like Loewe have seen success with anime collaborations (e.g., Studio Ghibli 23). Even traditional food companies like Synear Food collaborated with the popular game Eggy Party to release character-shaped tangyuan (glutinous rice balls), expanding consumption beyond traditional festivals.47 These collaborations leverage the emotional connection fans have with IPs to drive sales and engagement.

The Rise of “Guo Gu” (国谷) – Domestic IPs:

While Japanese ACGN historically dominated the scene 10, a significant recent development is the rise of “国谷” (Guó Gǔ) – Guzi based on domestic Chinese IPs.12 Driven by the success of Chinese games (Genshin Impact, Honkai: Star Rail, Ne Zha) and animation, domestic Guzi is rapidly gaining market share.12 Xianyu reported that in Q1 2025, domestic IP Guzi transactions surpassed Japanese Guzi, reaching 1.2 times the volume, with “Guofeng” (国风 – Chinese traditional style) Guzi sales soaring 167%.64 This trend reflects not only the growing strength and appeal of China’s own creative industries but potentially also a growing sense of cultural confidence and interest in homegrown content among young consumers.17 Domestic Guzi also often has advantages in price and logistics speed compared to imports.15

Challenges and Risks:

Despite the excitement, the Guzi Economy is not without its problems. The rapid growth has led to several concerning issues:

• Speculation and Price Bubbles: The “plastic gold” phenomenon involves intense speculation, with scalpers (“黄牛,” huángniú) hoarding rare items to artificially inflate prices, sometimes reaching exorbitant levels.³ This creates a volatile market and can price out genuine fans.
• Piracy and Counterfeits: The market is plagued by unauthorized reproductions (“山寨,” shānzhài) and IP infringement, making it difficult for consumers to distinguish genuine items and harming creators and official distributors.¹
• Scams and Fraud: The reliance on informal channels like social media group buys and secondary markets creates opportunities for scams. There are numerous reports of “group leaders” or sellers taking money and disappearing, especially targeting younger, less experienced buyers.¹ Recovering losses is often difficult.³⁴
• Homogenization: Some observers note that many Guzi stores tend to carry similar products focused on the most popular IPs, leading to a lack of variety.⁸
• Excessive Spending and Minors: Concerns exist about young people, particularly minors (who make up a significant portion of consumers, potentially over 35% ²⁶), spending excessively, developing unhealthy obsessions, or neglecting studies.¹ This has prompted regulatory responses, such as Shanghai’s Huangpu district issuing guidelines prohibiting sales to children under 8.²⁶

These challenges raise questions about the long-term health and sustainability of the Guzi market. Without better regulation, consumer protection, and industry self-discipline, the current boom could be undermined by eroding trust and potential crackdowns.¹

Longevity: Fad or Future?

Is the Guzi Economy a temporary bubble fueled by hype, or does it represent a more permanent shift in youth culture and consumption? Experts are divided. Some, like retail chain CEO Jiacheng Zhu, argue it’s far from a fad, rooted in a generation with growing purchasing power prioritizing emotional needs.21 Analysts like Ma Yuanfang see potential for long-term growth driven by evolving IPs and marketing.8 Others express caution about the speculative frenzy and regulatory risks.3 The answer likely lies in whether the underlying drivers – the need for emotional connection, community, and self-expression through fandom – persist, and whether the industry can navigate its current challenges responsibly.

Conclusion: More Than Just Merchandise

The “Guzi Economy” is a fascinating microcosm of contemporary China. On the surface, it’s about young people buying badges and keychains related to cartoons and video games. But digging deeper reveals so much more.

It’s a powerful manifestation of the shift towards emotional consumption, where happiness, comfort, and personal resonance are valued as much as, if not more than, practicality or traditional status symbols.¹ It highlights the enduring human need for community and belonging, with Guzi acting as tangible tokens that connect individuals within shared fandoms, both online and offline.²

It reflects a strategic evolution in youth spending habits amidst economic pressures – a calculated balancing act between frugality in some areas and targeted indulgence in others that deliver high emotional returns.⁴⁸ It showcases the dynamism of China’s domestic creative industries, with homegrown IPs increasingly capturing the hearts and wallets of the nation’s youth, signaling a rise in cultural confidence.¹² And unexpectedly, it has become a catalyst for the revitalization of physical retail spaces, demonstrating the power of niche, experiential offerings.³

For those of us observing China from the outside, the Guzi phenomenon might seem distant, perhaps even trivial. But like the global trends of “kidulting” or the passionate fandoms surrounding pop culture in the West ²¹, it speaks to universal desires for joy, identity, and connection. Yet, the scale, the specific cultural practices (like “eating Guzi” or “ita-bags”), the integration with unique digital platforms like Xianyu and Xiaohongshu, the rapid rise of domestic IPs, and the complex interplay with broader economic and social currents make the Chinese Guzi Economy a uniquely compelling story. It’s a reminder that understanding a place as vast and dynamic as China often means looking beyond the usual headlines and appreciating the power and meaning found in seemingly small things – even if they’re just pieces of “plastic gold.”

References:

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16. 艾媒咨询| 2024-2025年中国谷子经济市场分析报告 – 21财经, 访问时间为 四月 28, 2025， https://www.21jingji.com/article/20241210/herald/f14fb4452b5f2b1e22ce7ea7694e15d8.html
17. 新消费赛道狂欢“谷子经济”概念景气度高企, 访问时间为 四月 28, 2025， https://zjic.zj.gov.cn/ywdh/tzgl/202504/t20250418_23393408.shtml
18. Economic Watch: Young Chinese consumers turn to “guzi” goods for good moods – Xinhua, 访问时间为 四月 28, 2025， https://english.news.cn/20250111/4f89cfea5c1f4fd2864ee589b1ddb7f2/c.html
19. “谷子”消费持续升温警惕背后暗藏陷阱 – 中国农网, 访问时间为 四月 28, 2025， https://www.farmer.com.cn/2024/11/28/99970898.html
20. How to connect offline to China’s Gen Z and Alpha? – Jing Daily, 访问时间为 四月 28, 2025， https://jingdaily.com/posts/how-to-connect-offline-to-china-s-gen-z-and-alpha
21. China youth trends: Guzi collectibles market guide 2025 – Jing Daily, 访问时间为 四月 28, 2025， https://jingdaily.com/posts/china-youth-trends-guzi-collectibles-market-guide-2025
22. Japanese “goods” | Chinese “guzi” – Language Log, 访问时间为 四月 28, 2025， https://languagelog.ldc.upenn.edu/nll/?p=68400
23. The Guzi Phenomenon: China’s New Luxury Frontier – nss magazine, 访问时间为 四月 28, 2025， https://www.nssmag.com/en/lifestyle/40091/guzi-trend-china-accessories-anime-manga
24. POP MART “Jewel in the Front,” “Millet Economy” Has Become Popular in the Market, 访问时间为 四月 28, 2025， https://longportapp.com/en/news/220687897
25. “谷子”消费持续升温警惕背后暗藏陷阱 – 新华网, 访问时间为 四月 28, 2025， http://www.news.cn/fortune/20241128/c095796973924905b3b2a9ee4d8a988e/c.html
26. 谷圈乱象频发谷子店还是一门好生意吗？, 访问时间为 四月 28, 2025， https://jingji.cctv.com/2025/03/22/ARTIvD3ZfUGdTlG9bH7GqrcL250322.shtml
27. 疯狂的“谷子”如何硬控盐城这群年轻人？, 访问时间为 四月 28, 2025， https://www.ycnews.cn/ycyw/2024/12-17/PDApNx3r.html
28. Young Chinese consumers turn to “guzi” goods for good moods – China.org.cn, 访问时间为 四月 28, 2025， http://www.china.org.cn/business/2025-01/12/content_117659109.htm
29. China’s ‘goods economy’ is driving growth – CGTN, 访问时间为 四月 28, 2025， https://news.cgtn.com/news/2025-04-16/China-s-goods-economy-is-driving-growth-1CCsFaKi4M0/p.html
30. 这一届被“吃谷”硬控的年轻人，正在享用一种很新的“精神食粮”…… – 上观, 访问时间为 四月 28, 2025， https://www.jfdaily.com/sgh/detail?id=1406796
31. 年轻人热衷“吃谷”买情绪价值，多家公司看好“谷子经济”变现能力 – 广州日报大洋网, 访问时间为 四月 28, 2025， https://news.dayoo.com/finance/202412/03/171077_54755279.htm
32. “谷子经济”走热情绪价值引领青年消费新潮流, 访问时间为 四月 28, 2025， https://xinwen.bjd.com.cn/content/s67d0d582e4b08edd28f618c6.html
33. 你的孩子在“吃谷”吗？“谷子经济”受追捧，医生提醒, 访问时间为 四月 28, 2025， https://www.shobserver.com/wx/detail.do?id=844843
34. “谷子”消费持续升温警惕背后暗藏陷阱 – 新华网, 访问时间为 四月 28, 2025， http://www.news.cn/20241128/7795e65d6b64489da9e57967878eb59a/c.html
35. “谷子经济”彻底火了！最新研判 – 证券时报, 访问时间为 四月 28, 2025， https://www.stcn.com/article/detail/1433689.html
36. “谷子经济”受中国年轻人追捧驱动城市产业发展 – 新华网, 访问时间为 四月 28, 2025， http://www.news.cn/fashion/20250115/d52a342b23664972a575c0eefbedef2b/c.html
37. “谷子经济”受中国年轻人追捧驱动城市产业发展-中新社上海, 访问时间为 四月 28, 2025， https://www.sh.chinanews.com.cn/bdrd/2025-01-16/132373.shtml
38. 规范发展让“谷子经济”后劲更足, 访问时间为 四月 28, 2025， http://zqb.cyol.com/pc/content/202503/22/content_408713.html
39. 情绪消费催生经济新风口, 访问时间为 四月 28, 2025， http://jjckb.xinhuanet.com/20250315/1b08bca2051f46a4b44792e269a440a3/c.html
40. This industry is defying China’s retail slump, thanks to young people’s ’emotional’ spending – Vietnam News, 访问时间为 四月 28, 2025， https://vietnamnews.vn/world/1689092/this-industry-is-defying-china-s-retail-slump-thanks-to-young-people-s-emotional-spending.html
41. Chinese consumers become thrifty but ready to spend on relaxation | KrASIA, 访问时间为 四月 28, 2025， https://kr-asia.com/chinese-consumers-become-thrifty-but-ready-to-spend-on-relaxation
42. 谷子经济：抓住年轻人消费趋势, 访问时间为 四月 28, 2025， http://www.eeo.com.cn/2025/0425/723539.shtml
43. “谷子经济”何以“谷”动人心？ – 北京市东城区人民政府, 访问时间为 四月 28, 2025， https://www.bjdch.gov.cn/ywdt/xdcb/202503/P020250307515562071142.pdf
44. 年轻人为什么爱逛谷子店 – 证券时报, 访问时间为 四月 28, 2025， https://stcn.com/article/detail/1266255.html
45. 从泡泡玛特财报看“谷子经济” 何为Z世代的消费新密码？, 访问时间为 四月 28, 2025， https://www.yicai.com/video/102536734.html
46. Why has the “Idle Fish Economy” suddenly become popular? – 36氪, 访问时间为 四月 28, 2025， https://eu.36kr.com/en/p/3171578437626633
47. Pop culture breathes new life into offline biz – Chinadaily.com.cn, 访问时间为 四月 28, 2025， https://www.chinadaily.com.cn/a/202412/31/WS677358b9a310f1265a1d8446_2.html
48. “抠抠搜搜”花大钱年轻人消费注重“情价比” – 青年报, 访问时间为 四月 28, 2025， http://www.why.com.cn/epublish/qnb/html/2025-03/01/content_118_30576.htm
49. 年轻人“反向消费”的典型表现及潜在影响 – 人民论坛网, 访问时间为 四月 28, 2025， http://www.rmlt.com.cn/2023/1218/690501.shtml
50. China’s Gen Z and Millennials Secretly Upgrading Lifestyles Amidst ‘Consumption Downgrade’ Rhetoric – PandaYoo, 访问时间为 四月 28, 2025， https://pandayoo.com/post/chinas-gen-z-and-millennials-secretly-upgrading-lifestyles-amidst-consumption-downgrade-rhetoric/
51. China’s Frugal Young Adults Accelerate Saving, Raising Economic Risks – GuruTrade.com, 访问时间为 四月 28, 2025， https://www.gurutrade.com/news/china-s-frugal-young-adults-accelerate-saving-raising-economic-risks-1737393194.html
52. 每年有210万人购买，临期食品为啥受追捧？ – 中青在线, 访问时间为 四月 28, 2025， http://m.cyol.com/gb/articles/2021-09/25/content_BM02OflYQ.html
53. 临期食品：从“嫌弃”到“真香” – 人民日报, 访问时间为 四月 28, 2025， http://paper.people.com.cn/rmzk/html/2021-06/27/content_3056072.htm
54. 临期食品能不能买，安全么？如何避坑？, 访问时间为 四月 28, 2025， https://news.cau.edu.cn/mtndnew/e11ae23bed07464ba60e56ee11236c51.htm
55. 打1折的临期食品，到底能不能吃 – 人民日报, 访问时间为 四月 28, 2025， https://www.peopleapp.com/rmharticle/30024071267
56. 临期食品变了样 – 新华网, 访问时间为 四月 28, 2025， http://www.xinhuanet.com/food/20210816/885b1c4fce634a069d7fe1657a5a02ae/c.html
57. 临期商品为何会受欢迎 – 新华网, 访问时间为 四月 28, 2025， http://www.news.cn/food/20231018/ee68975e006e420c8cd58cd215a7ae03/c.html
58. 一些年轻人青睐临期食品安全问题如何保障 – 新华网, 访问时间为 四月 28, 2025， http://www.xinhuanet.com/food/20210727/180a148a35044c56aca9e3650901e0a4/c.html
59. 临期商品受热捧或撑起百亿元市场 – 人民日报, 访问时间为 四月 28, 2025， http://paper.people.com.cn/zgcsb/html/2021-07/12/content_3057574.htm
60. 站上风口的临期食品能否自成一派？ – 新华网, 访问时间为 四月 28, 2025， http://www.xinhuanet.com/food/20220628/1b6789209bab48d198ddede7675979f5/c.html
61. 临期折扣店开发自有品牌 – 新华网, 访问时间为 四月 28, 2025， http://www.news.cn/food/20221031/a3d7e387f298460da32661cbc6624d44/c.html
62. How Pop Mart Became a Bright Spot for China’s Economy – Big Take Asia | iHeart, 访问时间为 四月 28, 2025， https://www.iheart.com/podcast/1308-big-take-asia-176162036/episode/how-pop-mart-became-a-bright-273167397/
63. 2025: PRC Youth Sentiment, Seeking Emotional Value of Products, 访问时间为 四月 28, 2025， https://gaodawei.wordpress.com/2025/03/21/2025-prc-youth-sentiment-seeking-emotional-value-of-products-and-internal-emigration-a-la-russe/
64. 消费参考丨与爱奇艺合作黄了后，红果牵手芒果TV – 21财经, 访问时间为 四月 28, 2025， https://www.21jingji.com/article/20250425/herald/209102004ccf25d15cbf2078bf779081.html
65. A股收评：沪指窄幅震荡微涨0.03%，跨境支付板块集体回调 – 同花顺, 访问时间为 四月 28, 2025， https://m.10jqka.com.cn/20250424/c667716025.shtml
66. 大众视点| 谁在为“谷子经济”付费 – 新华网山东频道, 访问时间为 四月 28, 2025， http://www.sd.xinhuanet.com/20241211/939af07c190a455b9788694679eda015/c.html
67. “谷子经济” 热潮下的消费新生态 – 新华网, 访问时间为 四月 28, 2025， http://www.news.cn/tech/20250426/395940d559414b2a990403d69aa41b7b/c.html
68. 0.5 billion “Aesthetic Culture” ignites the millet economy: saving offline business districts and supporting a trillion yuan market – Moomoo, 访问时间为 四月 28, 2025， https://www.moomoo.com/news/post/46655664/0-5-billion-aesthetic-culture-ignites-the-millet-economy-saving