Toys and games in the Philippines saw steady growth in current value terms in 2023, albeit growth was more stable compared to the dynamism of the previous two years. Several factors shaped consumer purchasing behaviour and market trends in 2023.
The main influence on sales of toys and games in the Philippines in 2023 was the elevated rate of inflation which led to rising prices across most industries. As families were faced with rising food and energy prices they were pushed to focus on daily essentials leaving less disposable income for items such as toys and games.
Established toys and games companies like Mattel, Hasbro, and Tomy have faced challenges due to consumers seeing their budgets restricted. To counter this, some players resorted to offering discounts during the holiday season in 2023 as they looked to attract more consumers.
While traditional physical stores continue to dominate sales of traditional toys and games in the Philippines, retail e-commerce gained significant traction in recent years. These platforms offer unparalleled convenience, diverse product selections, and efficient use of space, prompting a growing number of consumers to opt for online shopping for traditional toys and games.
The future growth of traditional toys and games may hinge on the success of recent and upcoming movies, such as Deadpool & Wolverine, Ghostbusters: Frozen Empire, and Despicable Me 4, with movie tie-ins likely to play a crucial role in shaping the category’s trajectory. Sales should benefit from a brighter economic outlook with inflation expected to stabilise and disposable income set to rise.
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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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