Despite uncertainties around the recovery of consumer spending power and willingness to spend, the resilience of China’s supply chains in an unfavourable diplomatic environment, as well as companies’ determination in terms of investment, innovation and promotion, the practical end to China’s all-encompassing zero-COVID policy is still projected to unleash huge potential in the country and, more specifically, help traditional toys and games return to growth in 2023. The return of offline traffic, the slow but steady recovery in consumer confidence, as well as strengthened product innovation and diversification are likely to account for the rise in sales.
Despite the yearly fluctuations in the overall performance of traditional toys and games in China under the shadow of the pandemic, the proportion of IP-licensed toys continued to rise. Global IPs such as Transformers, Gundam, and Ultraman remained popular, while local IPs also gained favour.
The settlement of China’s zero-COVID policy and China’s essential societal farewell to the pandemic have far-reaching implications for the Chinese economy, as well as traditional toys and games, especially in terms of channel distribution. The last three years witnessed the robust expansion of online retail channels and, more importantly, the skyrocketing growth of livestreaming e-commerce and the erosion of share of old-fashioned e-commerce platforms such as Taobao and JD.
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Traditional Toys and Games
This is the aggregation of baby (0-18 months), infant (19-36 months), pre-school (3-4 years), construction, arts & crafts, scientific/educational, dress up & role play, dolls & accessories, action figures & accessories, plush, model vehicles, remote control toys, games & puzzles, outdoor & sports, ride-on vehicles and other traditional toys and games. Traditional toys and games are objects of play which do not involve a video game component.See All of Our Definitions
This report originates from Passport, our Traditional Toys and Games research and analysis database.
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