Video games sales are projected grow a staggering 38% growth over the forecast period. Is there a place for traditional toys and games as we emerge from pandemic into a new normal world?
As birth rates decrease and household sizes decline leading to fewer children for toys and games, Millennials and older population are buying toys for themselves.
The popularity of video games is projected to be the key growth driver for the industry. Digital content (games, films, etc) can complement traditional toys and games in offering a fully-immersive experience for the toy buyers.
The shift towards digitalsation also means that competitors for toy buyers are not limited to other toy companies. Any company can enter the market with digital entertainment and, if popular, licence out its characters to toy manufacturers.
As the younger generation of consumers becomes overwhelmed by too many toys, they may choose to watch a movie, go on a holiday or use the money for toys on other activities. The definition of entertainment has evolved.
Global toy companies such as Hasbro and Mattel, with its tried-and-tested characters such as Transformers and Barbie, may struggle to appeal to the younger population who shun toys designed for the mass market.
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