Gaming merchandise saw strong sales during Singles’ Day, reflecting the economic clout of female gamers and the rise of IP-driven commerce.

Singles’ Day has come and gone. Over half a month has passed since the conclusion of the 2024 shopping season’s most significant cycle, and major e-commerce platforms have released their sales rankings. Beyond the residual excitement, the economic impact of gaming IPs has become a hot topic of discussion.

Sales trends for gaming-related products this Singles’ Day not only reflect consumer purchasing power but also offer a glimpse into evolving consumer needs and sentiments. From bestselling items to trending brands, the rankings highlight fierce competition within the gaming industry while underscoring the vitality of IP development.

Changing touchpoints for gaming IP consumers

Gaming IPs made a strong showing on Taobao and Tmall’s Singles’ Day IP value rankings, with titles like Honkai Impact 3rd, Love and Deepspace, Ashes of the Kingdom, and Light and Night among the top performers. Notably, female-oriented gaming IPs dominated over half the list. While merchandise from Black Myth: Wukong underscored male purchasing power, the success of multiple female-oriented titles highlighted the growing influence of female consumers.

Traditionally, gaming revenue has been driven by male players, accounting for an estimated 80% of the market, while e-commerce skews female. However, as women’s disposable income steadily rises, so does their economic clout. Female-oriented games designed for the “sheconomy” have become an increasingly significant market segment. Since 2018, the proportion of female gamers has surged, reshaping industry strategies.

The first half of 2024 alone demonstrated this shift. Love and Deepspace generated global revenue exceeding RMB 1.6 billion (USD 224 million), and newcomer Beyond the World brought in RMB 685 million (USD 95.9 million). These numbers highlight a demographic transformation, as female players demand distinct in-game experiences and drive emerging consumer hotspots.

Female players: A new focus for game makers

The rise of female-oriented games signals a shift from traditional in-game monetization to broader IP commercialization. Unlike male players who typically prioritize the thrill and pleasure of gameplay, female players often value emotional resonance, making gaming merchandise a key focal point. From pins and stickers to blind boxes, apparel, and plush dolls, these items serve as tangible expressions of affection for their favorite in-game characters.

According to the China Audio-video and Digital Publishing Association, China’s gaming IP derivatives market reached RMB 4.06 billion (USD 568.4 million) in 2023, growing at a 17% CAGR since 2019. Nearly half of surveyed consumers discover their favorite IPs through merchandise, making these products an essential user conversion tool. With consumer enthusiasm for gaming-related items growing, the popularity and longevity of core IPs are critical for success in this space.

The 2024 Singles’ Day rankings highlight that derivative product offerings in various gaming genres still have significant room for growth. As public acceptance and awareness of gaming continues to expand, so too does consumer enthusiasm for related merchandise. The sustained popularity and stickiness of core IPs remain crucial for achieving success in this market.

The emotional connection players feel toward their favorite games and characters is a key driver of gaming merchandise sales. A game’s popularity and the depth of its character development are significant factors influencing the performance of derivative products. Well-crafted storylines often spark initial consumer interest, while products that meet high standards for novelty, design, and quality transform emotional bonds into tangible economic transactions.

Surveys of gaming merchandise preferences reveal that most players highly value items with commemorative or collectible significance, particularly those replicating in-game designs. Frequent players exhibit heightened enthusiasm for limited-edition merchandise, underscoring the importance of unique and memorable offerings in driving consumption.

Currently, most games face challenges in IP brand building. For online games with long-term ambitions, establishing deep emotional connections with users through high-quality content is essential for extending the lifespan of their IPs. Leading companies are exploring diverse strategies to strengthen their brands, including live events, cross-industry collaborations, and partnerships. Gaming merchandise offers a new avenue, showcasing robust potential for sustaining IP vitality and converting it into economic value.

Gaming IP producers need more than ingenuity

Creativity remains essential for success in the competitive gaming merchandise market. Nostalgia alone is no longer enough to capture consumers’ attention. Data from this year’s Singles’ Day reveals a clear trend: consumers are willing to invest in high-quality, innovative products.

Consider Ashes of the Kingdom, one of this year’s standout performers. Its creators introduced products such as detachable chibi figures and interactive merchandise, combining aesthetic appeal with functionality and playfulness. These efforts resonated with consumers, resulting in over 100,000 transactions across 13 products within a single month at the game’s flagship store—a testament to the purchasing power driven by premium offerings.

To remain competitive, gaming companies must go beyond traditional merchandise categories like figurines, apparel, and stationery. Emerging areas such as smart home devices and virtual reality equipment could meet players’ growing demand for deeper emotional engagement with their favorite IPs. These innovative products represent new opportunities for merchandise design.

Customization is another area with significant potential. Offering consumers personalized options—such as tailored colors, materials, and patterns—alongside data-driven recommendations could boost product appeal and competitiveness. By meeting individual preferences, companies can deepen connections with their audience and enhance brand loyalty.

The gaming merchandise market is a high-potential space that offers more than just economic returns. It strengthens brand influence and fosters consumer loyalty. However, sustaining success requires more than just creativity. Companies must invest in core IP development and consistently deliver high-quality, diverse offerings.

As China’s gaming market enters a phase of heightened competition, gaming IPs will become a critical battleground. Whether innovations in merchandise design can further extend IP lifespans and redefine the market’s potential remains to be seen.

What is clear, however, is that gaming IPs appear poised to shape the next era of industry growth.

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