A 32 Trillion Won Market of "Emotional Consumption": High-Income Women Adorn Chanel Bags with Goods [The World is Z Gold]

The Rapid Rise of "Goods Culture" in China
Entire Floors of Shopping Malls Dedicated to Goods
Luxury Bags That Highlight Goods Gain Popularity

Editor's NoteGeneration Z (those born from the late 1990s to the early 2010s) is gaining attention as a generation that leads culture and trends in a rapidly changing era, setting new standards across society. [The World is Z Gold] aims to shed light on the lives and values of Generation Z around the globe, and to explore how they are transforming society.

There has been a surge in the consumption of "goods" among China's Generation Z. Character goods, once considered the exclusive domain of niche enthusiasts, have emerged as a new consumer trend, rapidly expanding the related market. As a result, some shopping malls have dedicated entire floors to goods, signaling changes across the retail industry.

Chinese Interest in Goods Drives Market Growth

The Chinese fashion media outlet Jing Daily recently analyzed that China's "goods" economy is transforming not only shopping mall culture but also the overall shopping, collecting, and investment habits of Generation Z. The outlet stated, "Brands should not view the goods craze as merely a fad among enthusiasts, but rather as a trend that reflects the consumption patterns and tastes of today's generation." It also warned, "If brands fail to understand the characteristics of young people who value self-expression and emotional satisfaction, they risk becoming obsolete."

The goods craze in China is also highly visible on social networking services (SNS). Liang Keui, a 22-year-old university student, posted a video titled "Unboxing 26,000 yuan (about 5.05 million won) worth of goods" on the Chinese video platform Bilibili. Showcasing character goods from the Japanese animation "Haikyuu," he said, "I'm happiest when I receive rare goods." He added, "Goods are not just collectibles."

As interest in goods rises, the related market is growing rapidly. According to market research firm iiMedia Research, China's goods market was valued at approximately 168.9 billion yuan (about 3.2 trillion won) last year, a 40% increase from the previous year. The market is expected to surpass 300 billion yuan (about 5.8 trillion won) by 2029.

Additionally, 61% of buyers are middle- and high-income women, with more than half residing in first-tier cities such as Beijing and Shanghai. This indicates that goods culture is spreading rapidly, especially in major cities with well-developed shopping and cultural infrastructure.

Luxury Brands That Highlight Goods Gain Popularity

Recently, there has been an increase in Chinese consumers decorating luxury bags with goods. The Chinese social networking service (SNS) Xiaohongshu

Given this situation, luxury shopping malls in major cities like Beijing are actively embracing the goods trend. Shopping malls that struggled with declining demand for fashion and luxury goods after the COVID-19 pandemic are now dedicating entire floors to AGC (Animation, Comics, Games) goods spaces to attract younger customers. For example, Shanghai's Bailian ZX Mall and Beijing's Wangfujing Mall have established cosplay dressing rooms, photo zones, and exhibition spaces to promote ACG culture.

This trend aligns with the broader "emotional consumption" movement spreading across China. Rather than simply owning products, consumers are increasingly seeking emotional satisfaction. In particular, Generation Z actively expresses their individuality by attaching their favorite character goods to their bags.

Recently, a series of 'Itabaek' certification shots have been continuously posted, mainly on social media platforms like TikTok.

Furthermore, some young people decorate luxury bags with goods to showcase their unique tastes. Jing Daily reported, "The goods trend is also having a strong impact on millennials who are interested in luxury fashion," adding, "They not only transform designer brand bags into display 'Itabags' for goods, but also choose new luxury bags based on how well they can showcase their goods." An "Itabag" refers to a bag decorated with one's favorite character goods. Typically made from transparent plastic (PVC) material, these bags are designed to effectively display goods.

On Chinese SNS, a growing number of "Itabag" certification shots featuring luxury bags adorned with keyrings, figurines, and other goods are being posted. On Xiaohongshu, the Chinese equivalent of Instagram, more than 78,000 posts have been shared under the hashtag "#ItabagSharing." Users actively communicate by recommending luxury bags that best display goods and sharing their own Itabag decoration tips.

Experts analyze the goods craze not as a passing fad but as a consumer trend among Generation Z. Zhu Jiaqing, CEO of the goods brand "Ye Chai Goods," explained, "In the past, ACG culture remained subcultural because fans were young, but now that they have entered society and gained purchasing power, it has become mainstream."