We’ve seen tons of industries suffering due to the advancement of technologies, and one of them is toy makers.
Kids used to love playing with toys, but now, it’s all about iPads, TVs, and other types of screens. But now, the toy industry is getting back its groove thanks to adults, or “kidults” as people call them.
Apparently, adults that are kids at heart are behind one-fourth of the total toy sales annually with a worth of roughly USD9 billion (~Php500 billion). They are also considered the biggest driver for growth in the entire industry, as per data from the NPD Group.
As per the NPD, these adults, who are 12 years of age and older, have been contributing steadily to the industry for a couple of years now. However, their spending has increased due to the recent pandemic.
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But, the toy industry saw a 3% decline in sales volume during the first nine months of 2022, albeit, companies were able to make up for it with higher prices, hence a jump of 3% in sales revenue.
The report says that kidults love superheroes, cartoons, and collectibles that remind them of their childhood. Hence, they tend to acquire merchandise like Lego sets, action figures, and more.
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In fact, instead of making products for kids, some manufacturers have created product lines just for these types of consumers.
Via: CNBC