Page 304 - 2019 White Paper on the Business Environment in China
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9 White Paper on the Business Environment in China
expected to own a device by 2022. Besides a growing
child population driving demand for traditional toys
and games, in particular baby and infant and preschool
products, the country is also seeing substantial growth
in the number of smartphones, which is expected to
lead to rapid growth in mobile gaming. Collectibles
have become a major selling point within traditional
toys. The growing popularity of collectibles became
more evident as dolls and accessories became one of
the fastest growing categories globally at 5.5 percent
from 2016 to 2017. Traditional toys have seen a steady
sales increase for years, which is expected to continue
through 2022, as developed markets look to purchase
toys as a tool for child development, and emerging
markets reach income levels that make toys affordable.
That said, toy companies will have an even more limited
time to appeal to children, as kids increasingly move
toward gaming and other areas of entertainment at
an earlier age. Adults, however, may help offset these
losses as many millennials are waiting to have children
and are more willing to buy toys that offer a nostalgic
reminder of their childhood or favorite licensed
characters (Hudak).
304
expected to own a device by 2022. Besides a growing
child population driving demand for traditional toys
and games, in particular baby and infant and preschool
products, the country is also seeing substantial growth
in the number of smartphones, which is expected to
lead to rapid growth in mobile gaming. Collectibles
have become a major selling point within traditional
toys. The growing popularity of collectibles became
more evident as dolls and accessories became one of
the fastest growing categories globally at 5.5 percent
from 2016 to 2017. Traditional toys have seen a steady
sales increase for years, which is expected to continue
through 2022, as developed markets look to purchase
toys as a tool for child development, and emerging
markets reach income levels that make toys affordable.
That said, toy companies will have an even more limited
time to appeal to children, as kids increasingly move
toward gaming and other areas of entertainment at
an earlier age. Adults, however, may help offset these
losses as many millennials are waiting to have children
and are more willing to buy toys that offer a nostalgic
reminder of their childhood or favorite licensed
characters (Hudak).
304
