Kids Insights has issued findings from its first Global Toys and Games Report 2020, the first in a series of studies focusing on the macroeconomics shaping toys, industry trends, and developments in advertising and marketing today.
Among the key findings of the report – the first in a series of reports from Kids Insights (a research organisation that surveys some 105,000 children a year across across Europe and India) – is up to the minute insight on topics spanning wellbeing, sustainability, demand for licensing, and consumer spend.
The initial report has found that today’s children are finding greater financial empowerment and in the US, kids are receiving $3.76bn a year to spend as they wish, with a growing number utilising Debit cards. With that greater means of spend, children are being faced with greater choice when it comes to how they spend their money.
Kids Insights has found that children now spend £581 million on in-experience purchasing, such as Apps and In Game Purchasing, compared to spending £969 million on toys and games.
In the UK, over one third of kids aged six to nine play with classic board games such as Monopoly, Guess Who, and Jenga monthly, while the team’s data shows a positive link between playing board games and positive wellbeing. According to Kids Insights, tweens who play board games as a hobby reported feeling frequently happy 51 per cent more than average. Similarly, they feel anxious at a lower rate.
Meanwhile, the report has also highlighted the growing importance of sustainability, underlining that as families become more eco-centric, brands need to have more focus on their sustainability strategy as this becomes a more important purchasing decision factor.
Other findings include the impact of Generation Speak, as well as the growth in demand for licensed properties, driven by a significant increase in gaming and YouTube properties, with the likes of Minecraft, Fortnite, Sonic, Ryan’s World, and Jojo Siwa performing the strongest over the last 12 months.
Utku Tansel LLB, MBA head of global industry reports, Kids Insights, said: “I have been working in this industry for 12 years and in my career, I have not witnessed such speed of change.
“The industry is increasingly embracing sustainability and inclusivity while AR and AI push limits on innovation-driven largely by ever-rising smart phone/tablet penetration among children.
“Our study takes readers to an exciting journey shaped by key developments and opportunities showcased in new world order.”
To enquire for a full copy of Kids Insights’ Global Toy & Games Report 2020, click on this link.
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