In a new report by market research firm Circana, it was revealed that adults are now buying more toys for themselves than any other age group, surpassing even the preschooler market. In the period from January through April, consumers 18 years of age and up spent $1.5 billion on toy-related purchases, making them the most important age group for the toy industry. As many as 43% of adults purchased a toy for themselves in the past year, citing reasons such as personal fun, socialization, and collecting.
The most sought-after toy products in the period were trading cards, Squishmallows, Lego sets, and sports toys. Despite a 1% decline in overall toy industry dollar sales through April compared to the same period a year ago, there has been a 38% increase in sales compared to 2019. This positive trend can be attributed to the growing adult toy market and the spending power of higher income households and grandparents, according to Juli Lennett, vice president and toy industry advisor at Circana.
The trend of adults buying toys for themselves has become more mainstream in the last five years, fueled by the pandemic. Many adults wanted to reconnect with toys that made them happy as kids during the pandemic, leading to an increase in interest in toys among adults. Toy collectors ramped up their interest during this time, with an increase in interest in dolls, action figures, diecast vehicles, board games, Lego building sets, and trading cards.
Toymakers are now introducing new products specifically targeting the adult population. For example, in the action figure category, the top two new items from January through April were geared towards adults. The X-Men 97 Marvel Legends action figure collection and the Star Wars The Black Series Clone Caption Rex role play helmet are examples of products that are specifically targeting adult collectors. Additionally, traditional modeling kits popular with older shoppers have been replaced by Lego sets, which appeal to the therapeutic idea of creating something as an adult.
Overall, the rise in adults buying toys for themselves is a positive trend for the toy industry. While challenges such as rising household debt, slowing GDP growth, and fluctuating consumer confidence remain, the growing interest in toys among adults and the introduction of new products targeted towards this demographic are positive indicators for the industry. As adults continue to spend on toys for personal enjoyment and collecting, the toy industry is likely to see continued growth in this segment.
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