Every year, children and their parents are bombarded with advertisements announcing the latest and greatest the toy industry has to offer. Toy manufacturers try to convince parents that their children absolutely need these new toys, just as they are convincing children that they need more for themselves in order to not fall behind their friends. Given the fact that, in the calendar year 2013, the average amount spent on toys per child was $336, it seems that the toy industry is winning this battle.
It has been estimated that the toy market garners an approximate revenue of more than $80 billion on an annual basis worldwide. Around a quarter of this estimated total is derived from the North American toy market. The revenue obtained from the sale of games and toys within the United States alone was estimated to reach close to $23 billion by the close of 2014.
The vast majority of the games and toys that are being sold within the market of the United States have been imported from other countries around the globe. In the calendar year 2011, the value attributed to imported children’s toys and games totaled an astounding $19 billion. That said, figures indicate that approximately 85% of toys and games imported into the North American country were manufactured in China. Transversely, in the calendar year of 2011, only an estimated $3.8 billion in games and toys were exported by the United States. American consumers do not seem to have a preference in regards to where their toys and games derive from. More importantly, they are more concerned with the end result: continually enhancing the pleasure received from their gaming and play.
The average amount that is spent on games on toys per country varied greatly globally. According to recently conducted research, the average amount spent per child was highest in the United Kingdom at $438 per child, whereas in France the average was $358 per child. Within the United States, the per child expenditures lies between the two, registering at an average of $371. Ranking last on our list in toy expenditures per child is the beautiful country of Spain, where an average of $176 per child is spent on toys. Just above Spain is Italy, spending an estimated $187 per child. Of importance to this discussion, there are critics within the industry that believe Italy and France do more to encourage their children to play outdoors, so parents in these countries are less likely to spend as much store on bought means to entertain their children.
Looking forward, experts within the industry expect that as technology increases and toy designers continue to stretch the bounds of their imaginations, toy expenses per child will continue to increase. Parents may find it difficult to tell their children “No” when it comes to toys, especially during holiday seasons and around a child’s birthday. Additionally, more and more adults are gaining enjoyment from games and toys themselves, such as adult video games and even coloring books, which is also contributes in an important way to the steady influx of revenue into the powerful global toy market. Additionally, as the costs of living and inflation continue to trend generally upward around the world, the prices of games and toys for children will follow suit, resulting in even higher per child toy expenses.