Retail sales of licensed products have jumped a significant 4.2 per cent on the previous year, hitting $251.7 billion in 2015.
According to the 2016 International Licensing Industry Merchandisers’ Association’s Annual Global Licensing Industry Survey, revenue from retail sales of licensed merchandise jumped 7.8 per cent to $13.9 billion, due to robust sales.
Higher royalty rates has also been cited as a reason for the growth with revenue that averaged 8.5 per cent versus the 8.2 per cent in 2014.
Entertainment and character licensing remains the largest category, accounting for $113.2 billion, or 45 per cent of the total global licensing market.
Charles Riotto, president of LIMA, said: “The 2016 survey showcases the resonance that licensed intellectual properties continue to have among consumers around the world.
"The size of the Global Licensing Market is on the rise, and is showing strength as our industry expands into new corners of the world.”
The US and Canada remain the largest global market for licensed merchandise with retail sales of $145.5 billion last year, up 3.9 per cent for a 57.7 per cent share of the market.
Meanwhile, retail sales of licensed goods outside the US and Canada totaled $106.35 billion, up 4.8% from 2014. The next largest global region was Western Europe, with strong results in the UK, Germany, Belgium and the Netherlands tallying revenue of $51.8 billion.
This was followed by Northern Asia, including China, Japan and South Korea, with retail sales of $22.1 billion.
Among product categories, Apparel led the way with $37.9 billion, 15.1 per cent of total global licensed retail sales, followed by Toys at $33.7 billion (13..4 per cent of the total), and Fashion Accessories at $28.5 billion (11.3 per cent).
According to the group, survey respondents reported that online sales accounted for an average of 18.3 per cent of business, up from the 16.4 per cent they reported a year earlier.