When discussing traditional toys and games’ performance during the pandemic, a distinction needs to be made between Western and Asian countries. The news and social media often portrayed a strong sales performance as people were looking for activities to do during the extended stay-at-home period.
The impact of increasing screen time has not been helped by the decreasing population of children in Singapore, particularly tweens (aged 8-12) and teens (aged 13-17). In addition, more tweens and teens are attached to their smartphones and social media, decreasing their interest in traditional toys and games.
Offline retailers successfully recovered in H2 2020 despite a poor first half performance. When stores had to close for around three months, consumers turned to e-commerce to purchase toys and games.
Singapore had largely recovered by Q1 2021 with only 1-2 cases per day, and the economy was slowly opening. This resulted in a good sales performance for retailers as consumers were returning to their pre-pandemic purchasing habits.
Licensing has always played a crucial part in sales growth within traditional toys and games, especially for action figures and accessories and dolls and accessories. Despite a weak 2020 due to no film releases, 2021 sales through licensing are expected to fully recover.
With the fast growth of video games, traditional toys and games should not feel threatened but use it to ride on the growth. More video games and digital streaming services means more opportunities for licensing.
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This report originates from Passport, our Traditional Toys and Games research and analysis database.
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