The global Toys And Games Market size is expected to reach USD 406.97 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2021 to 2028. Toys and games sales increased as the outbreak spread and parents realized they have been spending more time at home. Toy sales increased in 2020, with games and puzzles, dolls and action figures, and outdoor play being the most popular categories. The use of weather-related items was a big aspect of that outdoor activity. Sleds, snow-coloring toys, inflatables, and tools for building snow structures flew off the shelves.
Due to ease of accessibility, a large range of products, and competitive pricing, consumers are increasingly purchasing toys and games through the e-commerce channel. Furthermore, internet portals provide assistance 24 hours a day, seven days a week, and offer a wide range of products to choose from and substantial discounts on branded products.
Families wanted to spread a little extra cheer during the pandemic, thus retailers had a successful holiday season in 2020. According to figures issued by the National Retail Federation, holiday sales increased by 8.3 percent in 2019. Sports toys such as skateboards and scooters outperformed fashion dolls and accessories and building sets like Lego. Due to the increased traffic to its website on Black Friday, Lego had to construct a virtual wait for online consumers.
Traditional toys and games are being developed in emerging countries due to a significant increase in birth rates and an increasing percentage of young people. The market for toys and games has benefited from shifting preferences toward sustainable toys and rising living standards in nations, such as China, India, and Russia.
Related Press Release@ Toys And Games Market Report
Toys And Games Market Report Highlights
- By product, the electronic games segment accounted for the largest share of more than 64.0% in 2020
- The offline distribution channel segment accounted for the largest share of over 50.0% in 2020. The online segment is expected to witness the fastest growth over the forecast period
- Asia Pacific captured the largest share of over 40.0% in 2020. Companies have expanded their reach to countries like China and Japan through improved e-commerce or opening stores in new locations