Frontiers in Business, Economics and Management ISSN: 2766-824X | Vol. 17, No. 3, 2024 19 The Impact of Popularity and Scarcity of Gaming IP Co- branded Products on Consumer Purchase Intention -- A Case Study of Genshin Impact Jingyi Yang School of Foreign Languages, Shanghai Lixin University of Accounting and Finance, Shanghai, Shanghai, 201620, China lestat1130@163.com Abstract: The swift progression of the digital economy, coupled with the burgeoning intellectual property sector, has led enterprises to increasingly adopt brand co-branding as a crucial strategy to boost their market competitiveness. Especially in the "secondary element economy," co-branded products of gaming IPs are favored by young consumers for their unique culture and emotional resonance. This paper takes "Genshin Impact" as an example to study the impact of the popularity and scarcity of gaming IP co-branded products on consumer purchase intention, and explores the mediating role of IP identification and perceived cost in this process. The findings of the research indicate a substantial positive relationship between the popularity and scarcity of products and the intention of consumers to make purchases. Keywords: Gaming IP Co-branding, Popularity, Scarcity, Consumer Purchase Intention, Genshin Impact. 1. Introduction The swift advancement of China's digital economy has simultaneously propelled the intellectual property economy into a phase of rapid expansion. Against this backdrop, consumer demand has transcended the basic functionality of products and has increasingly focused on the spiritual satisfaction that products can provide. Brand co-branding products, as an emerging marketing strategy, have gradually gained the attention of manufacturers. This mode of cooperation not only quickly opens up the market but also enhances the market competitiveness of enterprises, securing greater competitive advantages [1]. Especially in the "secondary element economy," brand co- branding has become a unique phenomenon. Co-branded products based on popular game IPs like "Genshin Impact" have successfully garnered the attention and affection of numerous young consumers through their distinctive cultural elements and emotional appeal. However, existing studies mainly focus on the overall impact of brand co-branding on consumer purchasing behavior, with less attention paid to the specific impact of game IP co-branded products. Therefore, this paper selects the well-known game IP "Genshin Impact" to explore the impact of the popularity and scarcity of its co- branded products on consumer purchase intention. In the current digital era, the rapid advancement of the digital economy has not only transformed conventional business models but also created an ideal environment for the flourishing of the intellectual property economy. Intellectual property, as a legal embodiment of innovative achievements, has become increasingly important in the context of economic globalization and the knowledge economy. As consumers pursue personalized and high-quality lifestyles, their product demands have gone beyond mere functionality, seeking more spiritual satisfaction and emotional resonance. Brand co- branding products, with their unique market positioning and innovative marketing strategies, have quickly become an effective way to meet this demand. Brand co-branding is essentially a form of cross-industry cooperation, which creates products or services with new value and new meaning by combining the core strengths of different brands. This mode of cooperation not only brings fresh experiences to consumers but also enhances the brand's market visibility and influence in a short period. Among many brand co-branding cases, game IP co-branded products are particularly eye-catching. They use games as a carrier to connect the virtual world with the real world, providing consumers with a brand-new cultural experience and emotional sustenance. The "secondary element economy," as an emerging market economic form, centers on a series of economic activities that revolve around anime, games, and other secondary element cultural content. The rise of this economic form is attributed to the love and pursuit of the younger generation of consumers for secondary element culture. They are no longer satisfied with traditional consumption patterns but seek more personalized and emotionally resonant consumption experiences. As one of the most prominent game IPs currently, "Genshin Impact" has captivated a vast audience of young consumers through its distinctive cultural allure and emotional resonance. By thoroughly examining these elements, this research aims to offer detailed market strategy recommendations for brands. These insights will assist them in better addressing consumer demands within the burgeoning "secondary element economy" market, augmenting brand influence, and fostering sustainable growth. At the same time, this study will also provide new perspectives for the academic community, enriching the theoretical system of brand co-branding and consumer behavior research. Investigating co-branded products associated with game IPs like "Genshin Impact" enables us to comprehend the evolving traits and tendencies of consumer behavior in the digital economy era. This study offers valuable insights and references for both academic research and practical applications in related domains. 20 The primary aim of this research is to explore how co- branded products featuring game intellectual property influence consumers' purchasing decisions. In the current market environment, game IP co-branding, as an emerging marketing strategy, has shown its potential in enhancing brand influence and attracting consumers. Although there have been many studies on the effects of brand co-branding both domestically and internationally, these studies often focus on general issues of brand co-branding, with relatively less research on the rapidly rising "secondary element economy" and its impact on consumer purchasing behavior in recent years. The secondary element economy, especially game IP co-branded products, due to their unique cultural attributes and fan base, may have a different mechanism of influence on consumer purchase intention compared to traditional brand co-branding. Thus, this research seeks to address this gap by empirically investigating the influence of game IP co-branded products on consumer purchase behavior. 2. Theoretical Analysis and Research Hypotheses 2.1. Research Hypotheses 2.1.1. The Impact of the Popularity of Gaming IP Co- branded Products on Consumer Purchase Intention A brand with high popularity can establish an emotional connection with consumers, thereby stimulating their preference for the brand and products, and encouraging repeat purchases. At the same time, it can also lead consumers to associate the brand with the company it belongs to, making the company a representative image and signpost of the brand's connotation. As a result, for consumers, a brand and the corporate image behind it that they are somewhat familiar with will generate a higher brand attitude and subsequent purchase intention; conversely, there will be a lower purchase intention [2]. Literature has shown that the popularity of brand IP co-branded products can affect consumers' purchase intentions at the psychological level. In recent years, the secondary element economy has become a new e-commerce model, and the popularity of gaming IP co-branded products is influenced by the popularity of the gaming company. Taking "Genshin Impact" as an example, its global popularity has led enthusiasts to purchase co-branded products due to their awareness of the IP's popularity. Moreover, over time, consumers will develop a certain consumer inertia. Most consumers prefer to trust established brands over risking the costs associated with switching, which fosters brand loyalty and habitual purchasing behavior, thereby boosting the rate of repeat purchases for the same brand [3]. For those who are not enthusiasts of "Genshin Impact," most consumers are more willing to place higher trust in well-known brands and are influenced by past recommendations they have received in the media and from friends, leading to purchasing behavior. Consequently, the subsequent hypothesis is formulated: H1: The popularity of gaming IP co-branded products positively affects purchase intention. 2.1.2. The Influence of Gaming IP Co-branded Product Scarcity on Consumer Purchase Decisions The concept of co-branded brand scarcity involves restricting the availability of the brand and introducing time constraints. This limitation can enhance consumers' desire to purchase and is recognized as an effective marketing tactic. Hansen (2013) in his research integrated real brands into the virtual world in which users exist, and by integrating brand content into social interactive activities, the selected implanted brands also affect user participation experience through rewards and time-limited achievements, pictures, and so on, thereby affecting users' sense of achievement in the AI world. When the integration of real brands and virtual elements is combined, the real brand has a strong real connection, which may enhance consumer perception and work together with the scarcity of virtual elements to affect individual willingness, increasing subsequent purchase intentions [4]. "Genshin Impact" IP often collaborates with brands like KFC and Keep, and sets up time-limited and limited gifts for offline collaborative products, while also setting up special rewards in the game. In light of this, the hypothesis formulated is as follows: H2: The scarcity of gaming IP co-branded products positively affects purchase intention. 2.1.3. The Intermediary Influence of IP Recognition and Perceived Expense Perceived value arises when consumers weigh the benefits, they receive against the costs they bear. It is a crucial indicator for determining consumer satisfaction with a brand or service and plays a significant role in helping companies develop their marketing strategies. [5]. For gaming enthusiasts, there is a factor of IP identification, and consumers will increase the degree of IP identification due to their affection for the game itself, and perceived cost is also a very important factor for gaming IP co-branded products. Based on this, the following hypothesis is proposed: H3: IP identification and perceived cost play a mediating role. 2.2. Construction of the Theoretical Model This study proposes a theoretical model titled "Gaming IP Co-branded Popularity and Scarcity - IP Identification/Perceived Cost - Consumer Purchase Intention" based on the consumer perception perspective and building upon previous research. (Figure 1) The following are the variable definitions: Independent Variables: Popularity of the Genshin Impact IP co-branded brand, Scarcity of the Genshin Impact IP co- branded brand. Mediating Variables: Consumer perceived cost, Consumer emotional value. Dependent Variable: Consumer purchase intention. 21 Figure 1. Theoretical Model Diagram 3. Research Design 3.1. Data Collection and Description Aligned with the theme of this study, the survey questionnaire was structured into two sections. The initial segment aimed at gathering fundamental data, including the respondents' gender, age, and financial status. This data is crucial for comprehending the demographic makeup of the survey participants and for examining the acceptance and preferences of consumers from diverse backgrounds regarding gaming IP co-branded products. In total, 200 responses were obtained. Upon performing a descriptive statistical analysis on the gathered questionnaires, it emerged that the gender distribution among respondents was relatively balanced, with 54% being female and 46% male. Furthermore, a significant proportion of the participants, specifically 63.5%, fell within the age bracket of 18 to 36 years. Table 1. Descriptive Statistical Results 3.2. Variable Measurement 3.2.1. Variable and Questionnaire Design Table 2. Scale Items Scarcity of Gaming IP Co-branding IP Identification Perceived Cost Popularity of Gaming IP Co-branding Consumer Purchase Intention Investigation Dimension Percentage/Proportion Gender Distribution Female 54%, Male 46% Age Distribution (18 to 36 years old) 63.5% Monthly Disposable Income (2000 to 5000 RMB) 46.5% Variable Measurement Items References Popularity of Genshin Impact IP Co-branded Brand I can identify the Genshin Impact IP among many gaming IPs. I believe Genshin Impact IP co-branded products have a unique cultural style. I trust the Genshin Impact IP co-branded brand greatly. I often learn about Genshin Impact IP co-branded products. Compeau et al., 1998; Yoo et al., 2001; Urde et al., 2007; Scarcity of Genshin Impact IP Co-branded Brand When Genshin Impact IP co-branded products are limited/limited-time purchases, I am very likely to consider buying the product. When Genshin Impact IP co-branded products are limited/restricted, I feel it is worth the price. Compared with other co-branded products (luxury goods, etc.), the limited edition of Genshin Impact IP co-branded products is more attractive to me. Grewal et al., 1998 Consumer IP Identification Browsing or purchasing Genshin Impact IP co- branded products makes me feel satisfied. Browsing or purchasing Genshin Impact IP co- branded products makes me feel happy. Browsing or purchasing Genshin Impact IP co- branded products makes me feel comfortable. Robert et al., 1982 Consumer Perceived Cost I understand the Genshin Impact IP co-branded products I purchase. I think it is convenient to buy Genshin Impact IP co- branded products. I can easily obtain promotional information about Genshin Impact IP co-branded products. Sheth et al., 1991 Consumer Purchase Intention I would recommend the Genshin Impact IP co- branded products I like to my friends. I would continue to purchase products co-branded with Genshin Impact IP. I would be willing to try purchasing Genshin Impact IP co-branded products. Among similar products, I would prioritize purchasing Genshin Impact IP co-branded products. Yoo et al., 2001; Perrien et al., 1985; Wiedmann et al., 2011; 22 Popularity of Genshin Impact IP Co-branded Brand: These variable measures consumers' recognition ability of the Genshin Impact IP co-branded brand, their understanding of the cultural style, their trust in the brand, and their knowledge of the co-branded products. Scarcity of Genshin Impact IP Co-branded Brand: This variable focuses on consumers' willingness to purchase when faced with limited or time-limited offers of Genshin Impact IP co-branded products, as well as the attractiveness of the limited edition Genshin Impact IP co-branded products compared to other co-branded products. Consumer Emotional Value: This variable assesses consumers' emotional experiences when browsing or purchasing Genshin Impact IP co-branded products, including feelings of satisfaction, happiness, and comfort. Consumer Perceived Cost: This variable measures the extent of consumers' knowledge about purchasing Genshin Impact IP co-branded products, the convenience of purchase, and the ease of obtaining product information. Consumer Purchase Intention: This variable evaluates consumers' willingness to recommend Genshin Impact IP co- branded products to friends, continue purchasing, try purchasing, and give priority to Genshin Impact IP co- branded products over similar products. 4. Data Analysis and Result Validation 4.1. Reliability and Validity Analysis The document presents a series of survey data and analysis results regarding the Genshin Impact IP co-branded products. It includes data on users' cognition, trust, purchase intention, and satisfaction with the Genshin Impact IP co-branded products. Additionally, it mentions the standardized Cronbach's α coefficient (Table 3), which is an indicator to measure the reliability of the questionnaire. The value of 0.980 indicates that the questionnaire has a very high level of reliability. The provided data and analysis results mainly concern some survey questions about the Genshin Impact IP co- branded products and the corresponding statistical analysis. The KMO value is 0.952 (Table 4), which is a very high value, indicating that the data is very suitable for factor analysis. Table 3. Cronbach's α Coefficient Cronbach Reliability Analysis - Simplified Format Table 4. KMO Value KMO and Bartlett's Test 4.2. Correlation Analysis Table 5 illustrates the correlation coefficients between the popularity and scarcity of the Genshin Impact IP co-branded brand and consumer purchase intention: The correlation coefficient for the popularity of the Genshin Impact IP co- branded brand in relation to consumer purchase intention is 0.788, signifying a robust positive correlation; meanwhile, the correlation coefficient for the scarcity of the Genshin Impact IP co-branded brand in relation to consumer purchase intention is 0.927, which indicates an exceptionally strong positive correlation. Table 5. Correlation Coefficients Pearson Correlation - Standard Format 4.3. Mediation Effect Analysis 4.3.1. Model One: IP/Co-branded Brand Popularity → Emotional Value → Consumer Purchase Intention (Table 6) Independent Variable: IP/Co-branded Brand Popularity Mediating Variable: Emotional Value Dependent Variable: Consumer Purchase Intention Coefficients and Significance: The influence coefficient of the Genshin Impact IP co- branded brand's popularity on consumer emotional value stands at 0.901, accompanied by a t-value of 12.656 and a p- value of 0.000, demonstrating a notable positive impact. Additionally, the influence coefficient of consumer emotional value on purchase intention is 0.910, with a t-value of 11.998 and a p-value of 0.000, further indicating a significant positive effect. The F-values and p-values reveal the statistical significance of the model. For the direct effect of the popularity of the Genshin Impact IP co-branded brand on consumer purchase intention, the F-value is 160.165, with a p-value of 0.000, signifying that the model is highly significant. When consumer emotional value is introduced as a mediating variable, the F-value rises to 268.886, while the p-value remains at 0.000, demonstrating that the model continues to exhibit substantial overall significance. Mediation Effect Analysis: The direct impact coefficient of the popularity of the Genshin Impact IP co-branded brand on consumer purchase intention is 0.022, with a p-value of 0.803, indicating insignificance. Conversely, the indirect effect, mediated by consumer emotional value, has a coefficient of 0.880, which is significant with a p-value of 0.000. Furthermore, the 95% confidence interval excludes 0, signifying a complete mediation effect. Table 6. Model One Summary Mediation Effect Size Summary 4.3.2. Model Two: IP/Co-branded Brand Scarcity → Emotional Value → Consumer Purchase Intention (Table 7) Independent Variable: IP/Co-branded Brand Scarcity Mediating Variable: Emotional Value Dependent Variable: Consumer Purchase Intention Coefficients and Significance: Item Count Sample Size Cronbach's α Coefficient 18 100 0.980 KMO Value Bartlett's Test of Sphericity Approximate Chi- Square df (Degrees of Freedom) p- value 0.952 Significant 2665.184 153 0.000 Popularity of Genshin Impact IP Co-branded Brand Scarcity of Genshin Impact IP Co-branded Brand Consumer Purchase Intention 0.788** 0.927** Item Test Conclusion Total Effect (c) Indirect Effect (a*b) Direct Effect (c') Effect Proportion Calculation Formula Effect Proportion Model One Full Mediation 0.901 0.880 0.022 - 100% 23 The influence of scarcity in Genshin Impact IP co-branded brands on consumer emotional value is quantified by a coefficient of 0.925, accompanied by a t-value of 24.483 and a p-value of 0.000, indicating a significantly positive effect. Additionally, consumer emotional value's impact on purchase intention is shown by a coefficient of 0.444, a t-value of 5.186, and a p-value of 0.000, further confirming a strong positive influence. The F-value for the model assessing the direct impact of Genshin Impact IP co-branded brand scarcity on consumer purchase intention is 599.408, accompanied by a p-value of 0.000, signifying a highly significant model overall. Upon introducing consumer emotional value as a mediating variable, the model's F-value decreases to 392.329, while the p-value remains 0.000, indicating that the model retains its overall significance. Analysis of Mediation Effect: The coefficient for the direct impact of scarcity in Genshin Impact IP co-branded brands on consumer purchase intention stands at 0.521, which is notably significant with a p-value of 0.000. Meanwhile, the coefficient for the indirect effect, mediated by consumer emotional value, is 0.403. This effect is also significant, evidenced by a p-value of 0.001, and the 95% confidence interval excludes 0, thereby confirming a partial mediation effect. Table 7. Model Two Mediation Effect Size Summary 4.3.3. Model Three: Brand Co-branded Product Popularity → Perceived Cost → Consumer Purchase Intention (Table 8) Independent Variable: Popularity of Brand Co-branded Products Mediating Variable: Perceived Cost Dependent Variable: Consumer Purchase Intention Coefficients and Significance: The coefficient measuring the effect of Genshin Impact IP co-branded brand popularity on consumer perceived cost is 0.901, supported by a t-value of 12.656 and a p-value of 0.000, thereby demonstrating a notably positive influence. Furthermore, the coefficient for the influence of consumer perceived cost on their purchase intention is 0.769, with a t- value of 7.795 and a p-value of 0.000, which also indicates a significant positive effect. F-values and p-values: The F-value of the model, assessing the direct impact of Genshin Impact IP co-branded brand popularity on consumer purchase intention, stands at 160.165, with a p-value of 0.000, signifying that the model is highly significant. Upon incorporating consumer perceived cost as a mediator, the model's F-value rises to 247.327, while the p- value remains at 0.000, thereby affirming the continued overall significance of the model. Mediation Effect Analysis: The direct effect coefficient of the popularity of Genshin Impact IP co-branded brand on consumer purchase intention is 0.206, which is not significant (p-value of 0.053). The coefficient for the indirect effect, mediated through consumer perceived cost, is 0.695. This effect is statistically significant with a p-value of 0.000, and the 95% confidence interval excludes zero. This result suggests the presence of a complete mediation effect. Table 8. Model Three Summary Mediation Effect Size Summary 4.3.4. Model Four: Brand Co-branded Product Scarcity → Perceived Cost → Consumer Purchase Intention (Table 9) Independent Variable: Scarcity of Brand Co-branded Products Mediating Variable: Perceived Cost Dependent Variable: Consumer Purchase Intention Coefficients and Significance: The coefficient representing the influence of scarcity in the Genshin Impact IP co-branded brand on consumer perceived cost is 0.925, accompanied by a t-value of 24.483 and a p- value of 0.000, signifying a notable positive impact. Furthermore, the coefficient indicating the effect of consumer perceived cost on their purchase intention is 0.278, with a t- value of 3.548 and a p-value of 0.001, which also demonstrates a significant positive relationship. F-values and p-values: The model's F-value for assessing the direct impact of Genshin Impact IP co-branded brand scarcity on consumer purchase intention is 599.408, and the p-value is 0.000, which demonstrates the model's overall significance. Including consumer perceived cost as a mediating variable results in a reduced model F-value of 309.604, yet the p-value remains at 0.000, indicating that the model continues to be significantly valid overall. Mediation Effect Analysis: The direct effect coefficient of the scarcity of the Genshin Impact IP co-branded brand on consumer purchase intention is 0.699, significant (p-value of 0.000). The coefficient for the indirect effect, mediated by consumer perceived cost, is 0.225 and is significantly supported with a p-value of 0.028. Additionally, the 95% confidence interval excludes 0, confirming the presence of a partial mediation effect. Table 9. Model Four Summary Mediation Effect Size Summary Item Test Conclusion Total Effect (c) Indirect Effect (a*b) Direct Effect (c') Effect Proportion Calculation Formula Effect Proportion Model Two Partial Mediation 0.925 0.403 0.521 (a * b) / c 43.637% Item Test Conclusion Total Effect (c) Indirect Effect (a*b) Direct Effect (c') Effect Proportion Calculation Formula Effect Proportion Model Three Full Mediation 0.901 0.695 0.206 - 100% Item Test Conclusion Total Effect (c) Indirect Effect (a*b) Direct Effect (c') Effect Proportion Calculation Formula Effect Proportion Model Four Partial Mediation 0.925 0.225 0.699 (a * b) / c 24.356% 24 5. Research Conclusions and Future Prospects 5.1. Research Conclusions The mediation effect test has provided us with a new perspective for an in-depth understanding of consumer behavior. It reveals the internal mechanisms by which popularity and scarcity influence IP identification and perceived cost, thereby affecting consumer purchase intention. These findings are of significant guidance for brands to formulate effective market strategies, helping them to better meet consumer needs, enhance brand value, and stand out in the competitive market. Through the mediation effect test, we can not only identify the key factors affecting consumer purchase intention but also understand how these factors play a role through mediating variables. This is a valuable insight for brands, which can help them more accurately position their market strategies and more effectively stimulate consumer purchasing behavior. Through the in-depth analysis of this study, we have reached important conclusions about the impact of Genshin Impact IP co-branded products on consumer purchase intention. First, the popularity and brand trust of Genshin Impact IP significantly enhance consumer purchase intention. Consumers tend to trust and repurchase brands they are familiar with and trust. Second, scarcity marketing strategies have successfully stimulated consumer purchasing desire by adding time-limited or limited quantity characteristics to products, enhancing the perceived value of the products. In addition, the emotional value and cultural identification of Genshin Impact IP co-branded products are also key factors in attracting consumers. Consumers are not only purchasing products but also seeking emotional satisfaction and cultural identification. Consumer purchase intention is adversely affected by perceived cost; when perceived cost is high, it elevates the hurdles to making a purchase and diminishes the consumers' desire to buy. Therefore, brands should strive to reduce the perceived cost for consumers and improve the convenience of purchase. The ease of accessing information coupled with the dissemination of favorable word-of-mouth significantly enhances consumer purchase intention. 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