The global toys and games market is projected to grow 17% over the forecast period driven by middle-class households in Asia Pacific and Latin America. Manufacturers are also driving innovation in personalisation, digitalisation, kidults and sustainability, following changing preferences from Millennials and Gen Z consumers.
This report comes in PPT.
2023 has been a tougher year for top traditional toys and video games manufacturers as high inflation resulted in consumers reprioritising their spending. Opening of borders also means that consumers are reallocating their spending to travel and experiences.
Growth in the next five years will be mainly driven by Asia Pacific and Latin America with their fast-growing middle-income households. Top manufacturers will have to build awareness as many were used to purchasing counterfeits and unbranded products.
Top manufacturers such as Hasbro and Mattel are reallocating their focus to their “core” brands as they try to build a franchise around them. Top brands are now getting their own movies, TV series and partnerships with brands from other industries such as apparel and food.
Consumers of today are looking for toy products that are personally tailored for them. Through localisation and collaboration, consumers are expecting products that suit their culture and preference.
While inflation has created a loss of revenue for top manufacturers, new movie releases such as Barbie and The Super Mario Bros. Movie have helped Mattel and Nintendo, respectively, to recoup some of their losses.
This is the aggregation of traditional toys and games and video games.
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