Toys and games in Hong Kong recorded low current value growth in 2023, fuelled by the challenges from the global economic situation as well as local consumers spending elsewhere. Traditional toys and games, in particular, experienced a notable slowdown in growth compared to the previous year, as a result.
Scientific/educational remained a strong performer within traditional toys and games in 2023, as local and foreign players alike responded to the huge demand in Hong Kong for these kinds of toys. There were multiple products within scientific/educational that became extremely popular in 2023, from model telescopes that are almost as effective as commercially available telescopes, to interactive coding robots that allow children to learn the basics of coding.
The growth of traditional toys and games in Hong Kong has led to increasing fragmentation in terms of the number of brands available. While major players such as LEGO Co Ltd, Hasbro Hong Kong Ltd and Mattel East Asia Ltd continued to hold the leading positions in the category in value terms, many new players were able to gain share in 2023 due to the greater demand for traditional toys and games.
In traditional toys and games, the lifting of the pandemic restrictions by Hong Kong’s government led to an increase in footfall and sales for physical stores, with the share of offline sales rebounding marginally after a fluctuating performance over the review period. A number of factors led to a shift of consumers from online to offline, including the in-store experience, which is difficult to replicate digitally.
Value sales of toys and games (at constant 2023 prices) are expected to continue growing in Hong Kong over the forecast period, with positive performances by both traditional toys and games and video games. This is due to the reopening of borders between the city and mainland China, and the continuation of both the “kidult” and “edutainment” trends.
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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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