According to the latest report by Renub Research, tittled “United States Toys Market by Segments, Sales Channel, Company Analysis, Forecast” the United States Toys Market was US$ 33.70 Billion in 2020. In the United States, toys are the tools of play that hold an essential part in social life. It plays a crucial role in developing & engaging children’s minds by improving the thought process and decision-making ability. Kids play with toys to determine their identity and play; their bodies grow strong, learn to explore relationships, cause and effect and practice skills they need as adults. In 2019, there were over 73 million children in the United States.
In 2020, the United States toy industry’s resiliency was very much underpinned; in the covid pandemic time, families looked to toys to help keep their children engaged, active and delighted. Besides, a toy is an object used for entertainment from prehistoric times. The demand for toys has increased in the United States due to concern over the safety of the raw materials utilized in construction toys. Parents and educators gradually choose green toys made of eco-friendly raw materials like wood, clay, plastic, etc.
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Movies and Cartoons Drives the Sales of Action Figures and Accessories
The toy market has been evolving for an era and is experiencing exponential growth in the United States, owing to high-income group consumers in the country. Middle-range toys accounted for the highest sales in the country. Outdoor, sports toys and dolls contribute the major share to the market. Consumer inclination towards movies and cartoons drives the sales of action figures and accessories, making it the fastest-growing segment in the United States.
In the United States, toys range from cards, games, puzzles, dolls & stuffed toys, construction sets ?, plastic & other toys, video games consoles and toys for toddlers & kids. These toys come with a natural value that adds to the overall advancement of children. A range of environment-friendly products, including recycled plastic bath games, plastic-free games for kids, wooden baby toys, and organic cotton stuffed animals, is increasingly becoming popular, promoting sustainability in the United States.
Besides, improved visual memory and enhanced cognitive skills by participating in 3D puzzles boost the adoption rate of educational puzzles amongst children in the United States. The ability to develop real-life soft skills such as problem-solving skills, team spirit, and critical thinking in millennials further promotes United States people to adopt games and puzzles.
Impact of COVID-19 on United States Toys Market
Children are more likely to get affected by the coronavirus due to the greater outdoor exposure of their parents during the physical shopping of such items compared to staying indoors. Therefore, the United States toy market witnessed a robust growth among the high-income and middle-income consumers, leading to numerous stay-at-home product ranges by the leading players. Throughout the pandemic, the sales of toys and games were primarily driven by the online retail of products.
Online Sales Giving a Boost to the United States Toy Industry
Based on the sales channel, department stores are ideal for selling toys in the United States, as shopping at the weekends is preferred for many families. Department stores gives a huge variety of toys, from classic playthings like arts-and-crafts kits, books and educational toys, puzzles and soft toys, and school gear. Further, hypermarkets in the United States are becoming more and more prevalent. A hypermarket is an effective form of the traditional toys store, a self-service shop offering many toys.
In addition, the online sales channels represent one of the fastest-growing distribution channels for toys in the United States with the evolution of smartphones and other digital media. As quality and features of products are discussed among shoppers and prices compared on various platforms, E-Commerce sales channels have appeared to be one of the fastest-growing distribution channels for toys in the United States.
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The key players such as Mattel Inc, Lego, Hasbro Inc, Funko In, and Spin Master Corp. are focusing on introducing new toy products in the United States market to cater to the interests of the consumers. These players are embarking on consolidations and acquisitions as key strategies to achieve consolidation and optimize their offerings.
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