Toy Companies Using Unconventional Methods to Stay Relevant and Reach the Evolving Minds of the Parents and Children

Introduction

Toys are objects designed for play, mainly for children but also used by adults in certain conditions. Recent times have opened many opportunities for the toy industry. They are not only seen as an item used by the children but are also a means to keep the craft & culture of a place or ethnicity alive. They are also considered to have great social and educational impact on children and also create a sense of nostalgia among adults. In a fast-growing digital world, toy companies are making constant efforts to not be forgotten and to also reach new audiences.

In the age of digitization, it is very essential for toy companies to keep growing and stay relevant. Today, play and toys are synonymous to imagining, planning, simulating, reacting, communicating. Where most of the revenue gained by the toy industry is from young customers, digitization has got them leaning towards console gaming, browser gaming and so on. The downside of the digitization stays at the point that it has reduced the time spent by the kids on physical activities. Many companies are finding various ways to be at par with the digitization; for example, companies have understood the fact that due to changing times customers no longer shop in-store and have shifted to e-commerce. The following research paper highlights the ways in which the toy companies constantly try to keep themselves relevant according to the trends and needs of the audience. One of the methods is shown with respect to the leading toy brand, Lego.

The market for toys and games globally was worth USD 101.5 billion in 2018, and between 2019 and 2025, it is anticipated to increase at a CAGR of 4.6% (“Toys & Games Market Size”). Over 623 thousand jobs directly related to the American toy business were created in 2019, with the toy industry's annual total economic impact in the U.S. rising to 97.2 billion dollars. The U.S. imports more toys than any other country in the world by a significant margin(Emma Bedford, 2020). In 2019, 300 dollars were typically spent on toys per child in North America. In 2019, it was predicted that the global toy market was worth close to 90 billion dollars (“Average amount spent per child on toys”).