By Philexport News and Features
03 November 2018
Published also in Business Mirror
THE Asia Pacific, along with North America and Western Europe, is expected to lead the vigorously growing market of licensed toys over the next three years, underpinned by media and technology.
A report by a market research firm, Euromonitor, said sales are predicted to grow by 14 percent, which will reach $26 billion until 2020.
In Asia Pacific, local licenses such as Anpanman of Japan, Turning Mecard of South Korea, and Chota Bheem of India—have been powerful in piloting the growth of licensed toys.
“As it adds new opportunities in sales and growth, just like Pokemon and Beyblade, under right conditions, eventually local licenses can draw attention to the global market,” said the Euromonitor Digest released by the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB).
In North America and Western Europe, rapid growth of smartphones and the popularity of multigenerational licenses are expected to steer the growth of licensed toys.
It said aged multigenerational licenses like the Teenage Mutant Ninja Turtles and Transformers drove the surge in purchases, as parents allow their children to share the same favorites and by childless adults who drive them to collect the expensive figurines and playsets.
“These childless adults kick in the market of the traditional toys,” the report noted.
The Euromonitor Digest further said smartphones expand access to these licenses.
It said an 80-percent possession rate of smartphones in North America and Western Europe, and 56 percent in Asia Pacific by 2020, are anticipated.
“With the help of technology and the media in improving sales performance by the effective communication and market to these toys, future demands and purchases for multigenerational licenses and local licenses through this will sustain the toy industry,” it added.