The toys and games industry sees positive growth, although with setbacks due to Coronavirus. In traditional toys, long-term opportunities lie in licensing and categories combining play, education and skill-building experience. Broader exposure to digital content at a young age, supported by school curricula and enhanced by COVID-19-driven hometainment, will support focus on digitalisation and connected experience. Hometainment is also set to support further growth of video games and e-sports.
The idea of sustainability has evolved beyond an inclusion of ethical credentials and environmental concerns such as plastic pollution and climate change to a more holistic approach that aims to create social, environmental and economic value. These tendencies have further accelerated in the COVID-19 environment.
Consumers re-define and adapt their daily routines as they stay at home longer, further reinforcing many of the pre-COVID-19 trends in hometainment and digital experiences. The expanded cohort of experiential customers creates strategic opportunities across products and services, including further digitalisation of brand communication, education and entertainment.
The COVID-19 era has disrupted “business as usual” for companies in consumer goods and consumer services. This has led to a rapidly changing operating and consumer environment, with many households becoming risk averse, thereby redefining operating conditions for craft brands, new product development and the innovation pipeline.
The arrival of COVID-19 accelerates trends such as the rise of online, click-and-collect, frictionless retail and D2C. In this context, the role of store-based distribution is rapidly evolving as well, laying the ground for ubiquitous, self-serve, frictionless and truly integrated distribution strategies.
On the cusp of a tipping point prior to the global pandemic, the wellness movement is set to witness another paradigm shift. Traditional toys and games, video games and the digital media and entertainment industries will need to rethink their strategies. The primary aspects of optimal health and the adoption of a holistic approach that encompasses mental wellbeing and social wellbeing are being reinforced.
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