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Digital games have not only surged in popularity but also have sparked a renaissance, catapulting virtual adventures into the realm of cultural phenomena. It has spilled over as countless individuals find themselves drawn to the tangible pieces of the worlds they love, mulling over the procurement of game merchandise and memorabilia. These items are more than mere collectibles; they are emblems of unwavering enthusiasm for game culture. This study employs the consumer culture theory (CCT) to investigate game players’ propensity to purchase merchandise products.

In this study, social media and online forums were used to collect samples from Taiwan, obtaining 311 valid responses. Partial least squares (PLS) was employed to analyze the research model.

The findings underscore the significance of loyalty as a critical factor affecting individuals’ ethnocentrism and cosmopolitanism attitudes, which also significantly impact the likelihood of players purchasing game merchandise products.

Based on CCT, this study explores game players’ willingness to purchase game merchandise. In Asia, transforming digital game content into peripheral products is a marketing strategy. This study holds practical and academic implications, contributing to the advancement of research in this field.

BRICS (Brazil, Russia, India, China, and South Africa) a group of five emerging nations that are expected to lead the global economy by the year 2050. The growth potential of these nations attracts investors from all over the world who are in search of maximizing the return on their investments and limiting the losses to the lowest possible level. The purpose of this research study is to determine whether or not Indian stock market investors can diversify their stock market portfolios into other BRICS economies.

A daily frequency of stock market closing data for the BRICS nations over a period of 2013–2021 has been considered and several econometric techniques have been applied. Starting with the Granger causality test for checking the direction of causality. The VAR technique is applied to find out whether the movement in the Indian stock market is influenced by its own past values or the past values of the other BRICS nations, and lastly, the DCC-MGARCH technique is applied to check the degree of integration or the volatility spillover from the Indian stock market to the stock markets of other BRICS nations.

The results of the study indicated that in both the short term and long term, stock market volatility is spilling over from the Indian stock market to the stock markets of other BRICS nations. Hence, the study suggests that BRICS nations cannot be a destination for portfolio diversification for Indian stock market investors.

The stock markets of emerging nations experience high volatility, which creates confusion for investors as to whether to invest or to abstain from portfolio diversification. At present, there is a gap in the existing literature to capture the stock market volatility of BRICS nations. This research study fills this research gap and confirms that BRICS nations cannot be a destination for portfolio diversification. Moreover, equity market experts, portfolio managers and researchers can all take advantage of this study.