WHAT’S THE TOY STORY? CAUTIOUS OPTIMISM The toy industry endured a challenging 2023 with an 8% decline in sales from 2022 to 2023, according to research firm Circana. Case in point: Mattel outperformed the industry with a strong fourth quarter in 2023 but projected a continued, albeit slower, industry decline in 2024 before growth potentially resumes in 2025. However, there is cautious optimism for 2024 due to potential economic improvements and these four strong trends, according to The Toy Association: 1. Sustainability: Consumers, especially younger parents, prioritize eco-friendly toys. Toymakers will focus on using sustainable materials and promoting durability. 2. Fantasy and Mystery: Driven by popular media like Netflix’s “Wednesday,” toys in spooky and mysterious genres are expected to thrive. High-profile properties like Harry Potter also boost this category. 3. Sports: Skill-building and screen-free toys, especially sports-related ones, will gain popularity, supported by the 2024 Summer Olympics. 4. Anime: Anime-based toys are set to grow, appealing to both children and adult fans through popular franchises like “Naruto” and “One Piece.”
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