While global sales of action movie figures are projected to decline two per cent in 2023, classics like Barbie, Transformers and Hot Wheels are still on top of parents and children’s wish lists.
“Dolls and model vehicles are forecasted to buck the downward trend with flat sales for dolls and one per cent growth for model vehicles,” says Loo Wee Teck, head of toys and games at Euromonitor International.
“This demand is also driven by movies like Barbie and Fast X as toy manufacturers morph into entertainment companies and push out digital content to drive additional revenues like movies.”
However, toys made from natural material like wood are also expected to be in high demand this year, benefiting from the increased focus on sustainability by families, Gen Z and Millennials.
“Toy manufacturers are planning a big push this holiday season. Some leading toy manufacturers have reported a drop in sales in the first half of the year, especially in the US―the largest toy market. Nonetheless, we expect a concerted effort from both manufacturers and retailers as we move towards the critical holiday season with aggressive promotion and advertisements,” says Wee Teck.
He adds that China remains the key toy manufacturer in the market accounting for three quarters of all global toys according to trade sources, while the Indian toy industry is one of the biggest beneficiaries of the ‘Make in India’ campaign driven by the country’s government. India’s toy exports increased 60 per cent from $203.46 million in 2018-19 to $325.72 million in 2022-23.
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