This summer, Guangzhou's Panyu District has emerged as a vibrant hub for China's booming "Goods Economy"—a subculture-driven market centered around anime, game, and pop culture merchandise.
Dubbed "goods" (a transliteration of the English word), these collectibles include pins, posters, figures, and accessories adorned with beloved IP characters. For young enthusiasts, or "goods eaters," acquiring these items transcends mere consumption; it serves as a form of emotional expression, identity building, and social currency.
Guide to Panyu's goods shopping hotspots
For those eager to dive into Panyu's "goods" scene, here are must-visit destinations:
AEONMALL (永旺梦乐城)
The venue features a national animation IP plan, where fans vote for their favorite creations, with top winners receiving creative funds. Beyond the artistry, the "goods" market offers a treasure trove of merchandise, from mainstream IPs to niche gems. Upcoming events like esports tournaments and cosplay competitions contribute to the lively atmosphere.
Wanbo CBD (万博CBD)
Panyu Teemall dazzles visitors with a 7-meter-tall giant Pikachu inflatable sculpture, part of a Pokémon-themed pop-up store. The mall now hosts four goods-focused stores, including national chains like Pop Mart and TOPTOY, alongside niche boutiques such as GuGuGuGu. Across the street, Wanda Plaza's open-style "Mengqu Gu She" store attracts enthusiasts with shelves packed with limited-edition collectibles.
Yifa Street West Zone (市桥·易发街西区)
Set to open on August 2, a 5,000-square-meter street will feature themed spaces for displaying collections, cosplay makeup studios, and performance stages. It's poised to become a haven for fans seeking immersive experiences.
Chimelong Paradise (长隆欢乐世界)
A pioneer in merging "goods" with tourism, Chimelong hosts themed parties and cosplayer parades. Visitors can enjoy thrilling rides while meeting fellow enthusiasts, blending adrenaline with subculture joy.
How tiny collectibles drive a billion-dollar market?
While Panyu's retail scene buzzes with activity, the broader "Goods Economy" reflects a profound cultural shift.
For Gen Z, "goods" are spiritual sustenance. Surveys reveal that 61 percent of consumers are women aged 18–30, with over half living in first-tier cities. These young buyers prioritize emotional connection over practicality, viewing collectibles as tangible links to the fictional worlds they adore.
Data from iiMedia Research shows China's goods economy reached 24.3 billion RMB in 2024, projected to exceed 43 billion RMB by 2029. Secondary trading platforms like Xianyu report a 75 percent surge in goods-related transactions, underscoring the culture's economic vitality.
Panyu's average age of 34.21 (below Guangzhou's 35.4) and proximity to Guangzhou Higher Education Mega Center's 200,000 students ensure a steady influx of young consumers.
Home to nearly 1,000 anime and gaming firms, Panyu controls 60 percent of China's domestic market and 20 percent globally. Companies like Waldon Technology leverage global IPs (Pokémon, Ultraman) while developing original hits, providing a creative wellspring for goods designers.
In March 2025, the China Consumer Association highlighted counterfeit goods as a major concern. Panyu responded by establishing a jewelry and animation IP rapid protection center, safeguarding creators' rights and boosting consumer confidence.
The goods economy's potential extends beyond retail. Panyu is merging merchandise with dining, tourism, and art installations. During Guangdong Fashion Week in April 2025, organizers collaborated with the hit game "Wuthering Waves" to host a "trendy weekend," bridging fashion and gaming cultures.
Despite its meteoric rise, the goods economy faces hurdles. Overreliance on foreign IPs limits originality, while lax licensing norms fuel piracy. Market saturation and homogeneous products also threaten sustainability. Yet Panyu's example demonstrates how strategic advantages, youthful demographics, industrial depth, and IP safeguards can propel growth.
As goods evolve from niche hobby to mainstream cultural force, Panyu stands at the forefront, proving that when creativity meets commerce, the result is nothing short of revolutionary. For "goods eaters," this isn't just a trend; it's a lifestyle, a community, and a billion-dollar testament to the power of passion.
Author | Jiang Chang
Photo | Guangzhou Panyu Fabu
Editor | Wei Shen, James, Shen He
