Consumers are prioritizing their spending in the face of inflation and other economic factors, as some of the “subsidized” benefits many consumers received during the pandemic have ended or will end this year. The truth is that the portion of consumers’ wallets devoted to discretionary items such as toys is shrinking. Manufacturers in toys and other industries will need to work hard to grab a slice of the money left over after consumers pay their bills
Toy super category
Digging deeper into the results of the toy industry, three of the 11 super categories achieved growth. Building sets were up 6%, with the biggest gains coming from Lego ICONS and Lego Speed Champions. Driven by poksammon, plush toys had the second highest dollar gain, up 2 percent, followed by vehicles, also up 2 percent on Hot Wheels
The best-selling toy brand
Three of the top 10 are also the top 10 growth brands across the industry 
oksammon, Hot Wheels, and Disney Princess. Other products in the top 10 as of July this year include Squishmallows, Star Wars, Marvel Universe, Barbie, Fisher, Lego Star Wars and the National Football League
State of the toy industry
As the rest of the year progresses, the toy industry needs to prepare for the impact that several macro-level factors will have on consumers. Although the rate of inflation is slowing, it is still growing, and the priority of families must be to feed their families. Student loan payments will resume in October. Of the 45 million borrowers affected, the largest segment (ages 25 to 49) holds about 70 percent of student loan debt. This group of consumers spend $11 billion a year on toys, so their share of the toy industry is not insignificant. The child care grant program is also set to end this fall, leaving families with up to 9.5 million children needing to readjust to pay for child care.
On the positive side, maybe Barbie will save the toy industry. July’s sales results indicate some recovery in the toy industry compared to the second quarter, largely thanks to film properties
2023 Two films that affected the toy industry
Even though Warner Bros. ‘” Barbie: The Movie “was only in theaters for two weeks, Mattel’s Barbie was the fastest-growing product in July. I haven’t seen the toy market this hot since Star Wars: The Force Awakens. The film, released in December 2015, ushered in Disney’s Star Wars era, which saw the toy industry grow 7% that year on the back of “Star Wars.” The following year, the industry grew by 5 per cent. I believe The Force Awakens prompted people to go to the store and buy Star Wars products, but they left and bought more
With pink around every corner and excitement across industries and generations, the buzz around Barbie is creating enthusiasm beyond the property itself. This is the recovery the toy industry needs to get consumers more involved with toys and bring them to the toy aisle. With economic challenges swirling around us, the industry needs to take advantage of more of these special moments to bring a sense of joy and excitement into our lives
Post time: Nov-21-2023
