The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreAug 2018
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? The Latin America toy market began to recover in 2017 after declining over 2014-2016, as a result of widespread economic, political, and currency issues in the region. These issues were less pronounced in 2017, although certain habits, such as buying cheaper local products, continued within most markets, hurting the position of larger global players with imports. As economies continue to recover, premium products may find growth opportunities in the region once more.
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The Latin America toy market saw strong declines in its rate of growth over 2014-2016, as currency, economic, and political issues hit various countries within the region. While some of these factors remain a persistent problem, the overall pressure on discretionary spending has eased, and toy purchases have partially recovered as a result.
Internet retailing continues to gain steam within traditional toys and games retailing. The channel has gained acceptance due to its wider product variety as well as cheaper prices, with new events such as Amazon’s “Prime Day” reaching Mexico in 2017. Store-based retailing, however, still accounted for the vast majority of sales. In some markets, local shops served as a way to showcase locally produced toys, with country-wide programmes developed to encourage buying local.
The top three companies within Latin America –Mattel, Hasbro, and LEGO –all saw share declines in 2017. Part of this was due to low or declining growth by the companies, as consumers opted for lower-priced goods, which largely benefitted local toy makers who did not have to deal with high import costs. In addition, higher-income households also opted for different imported brands, such as new trendy collectable products such as Shopkins and LOL Surprise!
While not all economies in Latin America will recover quickly, many will see greater levels of economic stability and income growth over the period to 2022. This will help grow some of the premium-priced toys that have had trouble in recent times, such as construction. In addition, higher incomes and smaller households are expected make educational toys a priority as parents take a more hands-on role in their children’s educational upbringing and preparation for future careers.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.