ACG (Anime, Comics, and Games) was once considered a niche community, and cosplay (wearing costumes and acting as fictional characters) was a subculture among young people. However, as the number of ACG fans grew, this was no longer the case. Data indicates that in 2023, there were approximately 10 million cosplay enthusiasts worldwide, who collectively spent more than $4.8 billion.
The IP-Driven Cosplay Commercial Ecosystem
Cosplay has evolved into a mature commercial ecosystem centered around intellectual property (IP). The creation of ACG content fuels the entire system. The rise of animations and games, such as Genshin Impact, League of Legends, and Final Fantasy, has enriched the pool of cosplay-worthy IPs. These highly recognizable characters inject continuous inspiration and commercial potential into the industry.
With these IPs, products are developed and commercialized around the characters, encompassing cosplay costumes, wigs, colored contact lenses, props, and more. It includes both standardized merchandise and customized services like role-specific outfits, prop design, wig styling by specialized "cosplay wig specialists", and character makeup by "cosplay makeup artists". Increasingly standardized licensing agreements between brands and IP holders further drive the market’s scale and professionalism.
The consumers, primarily ACG fans, form the foundation of this ecosystem. Demographically, nearly 50% of cosplay consumers are aged 18–24, while over 20% fall into the 25–30 range, representing a young cohort with strong self-expression and aesthetic preferences.
Notably, cosplay is transitioning from a hobby to a professional pursuit. Some cosplayers monetize their personal brands through convention appearances and live streaming. Meanwhile, derivative services like "commissioned cosplay experiences" (where fans hire cosplayers for customized interactions) are gaining traction. Integrated photography services, including scene setups, character styling, and post-production, are also emerging, creating experiential-driven consumption scenarios.
In essence, the cosplay ecosystem revolves around IP, with businesses connecting content to consumer experiences through products and services.
Cosplay Costumes: A Rapidly Growing Customization Business
Among cosplay-related merchandise, costumes are undoubtedly the largest core category. According to data released by Bizwit Research & Consulting, the global cosplay costume market reached $4.75 billion in 2024 and is projected to grow to $8.65 billion by 2029.
Currently, most cosplay costumes are produced through the following logic: Brands or merchants obtain licensing from upstream IP holders or create "stylized replicas" based on popular characters. They then collaborate with factories for pattern-making and production before selling on major e-commerce platforms. Due to the intricate designs and numerous details of character costumes, cosplay outfits have a low degree of standardization. Most merchants avoid mass assembly-line production, opting instead for "semi-customization" or "small-batch production" to balance detail accuracy and control expense.
Cosplay lingerie is a sub-niche under costumes. Compared to character-specific cosplay costumes, cosplay lingerie is easier to manufacture due to less customization. The lingerie can use regular design but with characteristic colors and patterns. The future of cosplay lingerie is poised for significant growth and innovation as fun, sexy, or cute intimate apparel is gaining popularity among young couples. As cosplay continues to evolve from a niche hobby into a mainstream cultural phenomenon, cosplay lingerie is expected to follow suit by becoming more sophisticated, customizable, and technologically advanced.
Moreover, the diversity of cosplay characters, from anime heroines to fantasy creatures, will continue to inspire an expanding range of lingerie styles. Popular themes such as anime-inspired sets, fantasy succubus costumes, schoolgirl uniforms, and culturally influenced designs will become more detailed and luxurious, incorporating high-end materials and accessories like chokers, garters, and props to complete the look.
What Brands Can and Should Do
The logic of the cosplay industry differs from fast-moving consumer goods driven by necessity. Instead, cosplay-related consumption represents the "materialization" and "servitization" of anime culture. Precisely because of this, brands need to adopt a sincere stance in both products and marketing, truly understanding the thoughts of the cosplay community, and then responding to their desire for expression through products and services. Therefore, for brands, the key to growth lies in deeply and accurately understanding and grasping the cultural and consumption logic of young people. Those who can more intricately embed themselves into their cultural scenes are more likely to seize the opportunities presented by the cosplay trend.
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