Having accelerated sharply in 2020, the rate of growth in retail constant value sales (2021 prices) of toys and games slowed significantly during 2021, with the relative performances of traditional toys and games and video games continuing to diverge. Having declined during most of the review period, the rate of growth in retail constant value sales of traditional toys and games accelerated sharply in 2021 – reaching its highest level in well over a decade.
Demographics continue to act as drag on demand for traditional toys and games. Retail constant value sales (2021 prices) of traditional toys and games were in decline even before the onset of the pandemic, amid a steady decline in the number of people aged 0-14 due a declining birth rate.
Over the course of the review period, LEGO SpA has consolidated its position as the leading player in the highly fragmented competitive landscape of traditional toys and games. The company's strategy in Italy is very similar to that of design and fashion players, with flagship stores in Milan and Rome and Lego Certified Stores nationwide (these are managed by a third party).
In the midst of the pandemic, e-commerce became the dominant distribution channel for traditional toys and gains in 2020, and it continued to gain value share during 2021, in spite of the easing of COVID-19 restrictions. For a growing number of parents, e-commerce is now the first (or even the only) option they think of when it comes to shopping for traditional toys and games, due to the wide product offer, convenience and competitive pricing that it offers.
The rate of growth in retail constant value sales of traditional toys and games will decelerate sharply during 2022 and continue to slow during the remainder of the forecast period, as the previously outlined demographic headwinds are likely to remain significant. Moreover, mounting inflationary pressure will put downward pressure on the purchasing power of local consumers, particularly during the early part of the forecast period.
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Toys and Games
This is the aggregation of traditional toys and games and video games.
This report originates from Passport, our Toys and Games research and analysis database.
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