Traditional toys and games and video games each recorded a high single-digit current value decline in 2022, due to the spread of the Omicron variant of COVID-19. For traditional toys and games, current value sales plummeted drastically as offline traffic faced great fluctuations in line with the on-and-off lockdown measures in all major metropolitan areas of China throughout the year.
In traditional toys and games, categories that highlight additional features, including education, comfort, and interaction, in general fared better than others in 2022. For example, scientific/educational toys, as well as pre-school toys, registered growth in 2022, as children were forced to stay at home for a prolonged period of time without the necessary interactions with other children and nature.
With regard to companies within traditional toys and games, they have to navigate a much more fragmented category compared with those in video games, and were therefore much less prominent in the sales ranking for overall toys and games in 2022. The leading player in traditional toys and games, LEGO Trading (Beijing) Co Ltd, was able to increase its sales and share in 2022 despite fierce competition from local contenders in construction, the category in which it plays.
As offline channels faced difficulties due to the uncertainties caused by China’s zero-COVID policy throughout most of the year (as well as the brief shortage in manpower after the easing of pandemic control measures in late December), the value share of e-commerce continued to grow in China in 2022, despite seeing an actual sales decline. Leading companies including LEGO, Beijing PopMart, and Bandai Trading (Shanghai) Co Ltd, however, are still proactively expanding their offline presence by both penetrating lower-tier cities and more department stores, as well as setting up new flagship stores.
2023 is set to witness a robust recovery for toys and games in China, after a year of sharp decline, which is expected to set the tone for growth over the forecast period. This upward turn will be driven by the slowly yet steadily climbing purchasing power of consumers, intense product innovation from brands and companies, as well as the growing concern for better mental health and how it relates to toys and games, which were traditionally seen as mere “entertainment”.
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Toys and Games
This is the aggregation of traditional toys and games and video games.
See All of Our DefinitionsThis report originates from Passport, our Toys and Games research and analysis database.
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