Market for toys set to grow in China
February 29, 2016 Category Retail, Weekly
Sales of children’s toys are projected to climb to CNY97.52 billion by 2019 in China. According to Euromonitor International, toy sales reached CNY58.03 billion in 2014 and CNY63.4 billion in 2015, and are likely to net CNY69.82 billion this year. Clover Wei, Senior Associate at EI, said sales of traditional toys and games in 2014 and 2013 grew but at slower rates of 9% and 9.7%, respectively. Products that encourage children to participate in outdoor activities sold well in 2014. “Parents are increasingly aware of the academic workload their children bear, and they believe products that require children to play outdoor can effectively relieve their stress,” she said. Moreover, teamwork and team spirit are possible through outdoor activity, sports toys, radios and remote control toys, she said. Domestic toy brands have dominant market positions. Guangdong Alpha Animation & Culture Co took the biggest retail market share of 5.5% in 2014, followed by Shanghai Yaoji Playing Cards Co with 3.1%. Lego Group from Denmark has outpaced other international brands in China. It ranked No 3 with a 2.3% market share in 2014, thanks to its focus on Asia. Lego is building its first factory in Jiaxing in Zhejiang province to serve the increasing demand for its products. The factory will become fully operational in 2017, the China Daily reports.
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