Toys and games received a Mario Kart-like turbo boost as sales skyrocketed during the pandemic. However, sales crashed by 7% in 2022 when the world entered the “new normal”. Nonetheless, sales are projected to recover from the blip with 3% growth in 2023.
This report comes in PPT.
With inflation and the desire to drive revenues growth despite the economic instability, prices of toys and games are expected to remain high over the forecast period.
Toy manufacturers’ transformation into entertainment moguls continues as more digital content is produced to help sales.
The subscription business model is gaining traction in video games. If the economy continues to worsen, consumers may become more receptive towards toy rental.
While consumers are more environmentally conscious, there is difference between parents and non-parents as parents choose safety over sustainability.
As millennials become parents and more older consumers live alone, toy manufacturers are starting to integrate AI into toys.
This is the aggregation of traditional toys and games and video games.
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