China’s local toy market is expected to double to $9 billion by 2015, Bloomberg reports.
Overseas toy sales grew 8.9 per cent in the first nine months of 2011, disproportionate to the 23 per cent growth in Chinese exports. The contrast, together with domestic growth, could see China's toy industry turn its attentions to home.
Hua Zhongwei, analyst for Huachuang Securities in Beijing, said: “Chinese toy exporters are coming to a turning point where domestic growth is starting to outpace that of overseas orders.”
China's toy export industry made $7.9 billion in overseas sales for the first nine months of 2011. NPD estimates the global toy market is worth about $83.3 billion, $21.9 billion of which is accounted for by the US.
China's biggest export market is Europe, however growth in shipments to that market slowed to 9.8 per cent in September from 22 per cent in August.
For Chinese exporters to sell locally they must hold government license to sell their goods in China, and would forfiet the 20 per cent rebate available on exports.