Consumers in mainland China snapped up affordable products and services in 2024, as they become more budget-conscious in the face of an economic slowdown. But they were still willing to spend on “emotional consumption” to lift their mood or to relax, as reflected in the country’s hit products of 2024.
Nikkei has compiled lists of hit products and services in Asia’s major economies in 2024, offering a snapshot of economic trends in those countries and regions.
In China, the video game Black Myth: Wukong was a smash, selling more than ten million copies in the first three days following its launch on August 20, 2024. Based on the classic Chinese tale Journey to the West, the homegrown game got a boost from state-run media, which gave it extensive coverage to coincide with the launch.
The title, developed by Chinese startup Game Science, is designed for PCs and consoles. It is an unusual hit for the Chinese market, where smartphone games dominate. It also helped lift sales of Sony Group’s PlayStation 5 console.
Players are making “pilgrimages” to locations featured in the game. Crowds flocked to a temple in Shanxi, southwest of Beijing, during the October holidays. Visitor numbers during the holidays at major tourist spots in Shanxi jumped 47% from a year earlier to 7.84 million.
A tough labor market and slowing economy are stressing out many Chinese, prompting them to splash out on goods and services aimed at relieving stress and improving mental well-being.
Anime and manga character goods stores bustled with young people, and the word “guzi” was coined to refer to such items. Japanese characters, including Chiikawa and Haikyu, were among the most popular items.
According to Tokyo-based data analysis specialist Nint, sales of Jellycat stuffed toys, a British character, doubled on the year on Alibaba group’s Tmall e-commerce platform in the first 11 months of 2024.
A Chinese research company says the main buyers of Jellycat are between 25–44 years old. It attributes the character’s popularity to the growing number of people who want to unwind or feel less lonely, as they face intensifying societal pressures, and often live alone.
Fluffy (real) animals also captured people’s hearts. When a pair of giant pandas gifted from the mainland were shown to the public at a zoo in Hong Kong, about 100 people lined up to see them on the first day.
As China’s economy lost steam, the restaurant industry expanded the lineup of RMB 9.9 (USD 1.4) food and drink products to attract frugal customers. A cup of coffee at the Cotti Coffee chain and a bowl of soup at hotpot restaurants often go for this price.
Discount stores are also capitalizing on tight consumer budgets. Chinese media report that MMHM Group, a retailer of low-priced snacks, doubled the number of its stores to 14,000 over the past year. Many shoppers are also looking for “pingti”—affordable alternatives to brand items—on e-commerce platforms.
In Hong Kong, many shoppers are “tripping north” to shop and dine on the mainland, where prices are lower. Chinese media report that an outlet of US-based Costco in Shenzhen, is attracting more members from Hong Kong, who can make day trips to the city. The trend is causing headaches for Hong Kong retailers, who face falling foot traffic. Their sales fell, year on year, for eight straight months through October 2024.
Chinese consumers’ eagerness to save time, as well as money, was reflected in the popularity of short dramas, whose episodes last just a few minutes. The market for these shows is forecast to reach RMB 48.4 billion (USD 6.6 billion) in 2024.
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Japanese musicians continued to attract fans elsewhere in Asia, boosting spending of related goods and services. Rock guitarist Miyavi raised his profile on the mainland after appearing on a show on a video streaming platform affiliated with a state-run broadcaster. He has 1.17 million followers on Chinese social media platform Weibo.
Pop duo Yoasobi performed at a music festival. Other artists, including rock band King Gnu, held concerts in China. Tickets sold out instantly.
The J-pop fever continued in South Korea, too. Yoasobi and singer Kaze Fujii performed in the country. A TV singing contest between Japanese and South Korean singers drew many viewers.
People in Taiwan celebrated their team’s victory over Japan in the championship game of the Premier 12 international baseball tournament in November 2024. Tournament merchandise sold briskly, with 100,000 commemorative T-shirts sold in two days.
This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.