Following the decline during the pandemic and lockdown period in 2022, a current value resurgence was witnessed for toys and games in China in 2023, with growth for both traditional toys and games and video games. The lifting of lockdown policies facilitated the rapid restoration of offline business, which positively impacted toys and games.
In 2023, Chinese domestic manufacturers of traditional toys and games gained more recognition from consumers. By developing series of toys with local cultural themes and IPs, they garnered widespread acceptance.
In traditional toys and games, despite experiencing a single-digit decline in sales in 2023, LEGO Trading (Beijing) Co Ltd maintained its leading position. The sales decline experienced by LEGO in 2023 marked its first downturn in many years in China.
From the perspective of sales channels, whilst retail e-commerce saw rapid development during the pandemic, the growth in retail sales of traditional toys and games in 2023 mainly stemmed from a resurgence in sales in offline channels. In 2023, traditional toys and games stores were no longer affected by the pandemic, and consumers were more willing to visit physical stores to experience and purchase toys.
During the forecast period, toys and games in China is expected to see solid, stable current value growth, with increases projected for both traditional toys and games and video games. In traditional toys and games, construction, and dolls and accessories, the two categories that account for the most significant shares of sales, are expected to continue driving development.
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Toys and Games
This is the aggregation of traditional toys and games and video games.
See All of Our DefinitionsThis report originates from Passport, our Toys and Games research and analysis database.
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