Toys are items designed for play. They maintain great cultural and economic importance in China. With speedy economic development, growing disposable incomes, and the relaxation of the one-child policy, Chinese families are investing more in their kids' growth and happiness, such as shopping for toys. The impact of global media and famous traditions has also introduced Chinese kids to various toys from international brands. As a result, the toy enterprise in China continues to thrive. This displays the state's developing patron market and evolving cultural landscape.
China Toys Growth Drivers
Growth in Demand for Electronic Toys
Electronic toys are propelling growth in the China toys market. They are gaining a reputation amongst parents in search of innovative options because of their interactive factors like lighting fixtures, sounds, and touch screens, which enhance children's creativity. A Hong Kong Trade Development Council survey stated that boys across all age groups choose digital toys. Rising incomes enable families to spend money on higher-priced electronic toys, boosting market growth. Ongoing technological innovation is expected to expand China electronic toy sector to satisfy the growing demand for digital enjoyment.Growing Parental Concerns
Rising parental issues concerning child development, protection, and education drive the expansion of the China toys market. Parents increasingly seek toys that entertain and stimulate their children's cognitive, social, and physical skills. Safety issues and a competitive educational panorama prompt prioritizing high-quality, safe educational toys. A mainland toy consumption survey by the Hong Kong Trade Development Council determined that 98% of parents surveyed had bought or had been inquisitive about STEM toys. This parental focus fuels demand for various toy offerings in China, spanning academic, developmental, and safe play alternatives.Robust Economic Expansion and Increasing Disposable Incomes
The escalating demand for toys in China stems from robust financial growth and growing disposable incomes. China's per capita disposable income reached 39,218 Yuan (about 5,511 U.S. dollars) in 2023, marking a 6.3 percentage nominal increase year-on-year increase, with a 6.1 percent upward thrust after adjusting for price factors, according to the National Bureau of Statistics (NBS) reported. With more financial resources, households allocate toward discretionary spending, consisting of toy purchases. This growing affluence fuels a burgeoning toy market as parents prioritize their kid's well-being and amusement. This, in turn, drastically drives domestic demand for the China toys market.Increasing Enforcement of Government Policies
Government rules power China toys market's growth by promoting domestic consumption and helping economic improvement. This is done through tax incentives, subsidies, and investment projects to stimulate innovation, enhance product quality, and increase competitiveness globally. In February 2024, the World Trade Organization (WTO) introduced a draft of mandatory requirements for toys and jewelry from the Standardization Administration of China, aiming to satisfy modern-day compliance necessities. The protection requirements and intellectual property protection regulations, which include compliance with the country-wide standard 'GB 6675-2014 Safety of Children's Toys' for plush toys, also bolster patron confidence in locally made toys. This similarly propels market growth and fosters innovation for sustainable industry improvement.China Toys Company News
The players in the China toys market include Mattel Inc., Hasbro Inc., LEGO, Spin Master Corp., Vtech, Manhattan Associates, Funko, and JAKKS Pacific.- In April 2023 - Mattel and Hasbro collaborated to merge iconic toy brands through multi-year licensing agreements. This aims to produce co-branded toys and games. Notably, this partnership focuses on renowned franchises like Barbie, with Monopoly games set for fall 2023 release, and Transformers, featuring in upcoming UNO games, alongside Hot Wheels vehicles debuting in early 2024.
- In September 2023 - VTech® will present its imaginative, discovery-focused product lineup at Toy Fair® 2023. This features Turbo Edge Riders™ and expanding award-winning lines like Go! Go! Smart Wheels®, Switch & Go®, and baby, infant, toddler, and preschool toys. VTech will also offer a preview of upcoming 2024 product releases.
- In November 2023 - LEGO unveiled fresh toy sets at the China International Import Expo (CIIE), drawing inspiration from Chinese culture.
- In December 2022 - The new MINDstyle Mission Control (MMC) store hosted a pre-opening celebration, unveiling a dedicated Funko section boasting larger-than-life statues and photo opportunities. Spanning 40,000 square feet, with the Funko area occupying 10,000 square feet, it offers an extensive array of Funko products, showcasing numerous licenses.
Toys Segmentation - China Toys Market breakup in 2 viewpoints:
1. Action Figures2. Board Games
3. Card Games
4. Construction Sets & Models
5. Dolls & Stuffed Toys
6. Plastic & Other Toys
7. Puzzles
8. Toys for Toddlers & Kids
Sales Channel - China Toys Market breakup in 5 viewpoints:
1. E-commerce2. Specialty
3. Discounters
4. Department Stores
5. Others
End-Users - China Toys Market breakup in 2 viewpoints:
1. Unisex2. Boys
3. Girls
All the key players have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Mattel Inc.2. Hasbro Inc.
3. LEGO
4. Spin Master Corp.
5. Vtech
6. Manhattan Associates
7. Funko
8. JAKKS Pacific
Table of Contents
Companies Mentioned
- Mattel Inc.
- Hasbro Inc.
- LEGO
- Spin Master Corp.
- Vtech
- Manhattan Associates
- Funko
- JAKKS Pacific
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 28.93 Billion |
| Forecasted Market Value ( USD | $ 49.09 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | China |
| No. of Companies Mentioned | 8 |
