New study reveals overview of key challenges, opportunities and trends after surveying over 105,000 children.
Kids Insights has released the first of its new Global Reports, providing an overview of key challenges, opportunities and trends in the toy and games sector.
The findings come from surveying more than 105,000 children a year across the UK, US, France, Germany, Italy, Spain and India.
Key points include:
- Children’s rising financial means and empowerment. In the US, children are receiving $3.76bn a year to spend as they wish, and with a growing number of children using Debit cards, they have more financial means, empowerment and freedom than any previous generation.
- Children also have far greater choice when it comes to how they spend their money, with them spending £581m on INXP in the UK (in-experience purchasing such as apps and in-game), compared to £969m on toys and games.
- In the UK, over a third of 6-9s play with classic board games such as Monopoly, Guess Who and Jenga monthly. Tweens who play board games as a hobby reported feeling frequently happy 51% more than average.
- The growing importance of sustainability.
- The impact of Generation Speak, as children move from controlling their devices by typing, swiping to voice. Over 20% of 10-12s in India prefer to control their device by their voice.
- Demand for licensed properties continues to grow, driven by an increase in gaming and YouTube properties. Minecraft, Fortnite, Sonic, Ryan’s World and JoJo Siwa all performed well over the last 12 months.
“I have been working in this industry for 12 years and in my career, I have not witnessed such speed of change,” said Utku Tansel, head of global industry reports at Kids Insights. “The industry is increasingly embracing sustainability and inclusivity while AR & AI push limits on innovation-driven largely by ever rising smartphone/tablet penetration among children.
“Our study takes readers to an exciting journey shaped by key developments and opportunities showcased in a new world order.”
Nick Richardson, ceo of Kids Insights, added: “The report provides us with an opportunity to reflect on how much our industry has changed in recent years, months and weeks.
“Many of us will remember the tried and trusted formula for this industry over the years: ‘X’ number of TVRs, ensuring key retail stockists were on-board and on occasion utilising key licensed properties. But when it comes to this generation of children they are like no other, constantly connected, with very different attitudes, behaviour and consumption traits than previous generations.”
To purchase a full copy of Kids Insights’ Global Toy & Games Report 2020, click on this link.