In the face of ongoing crises, the toy industry maintains a positive outlook for the upcoming holiday season. Ulrich Brobeil from the German Toy Industry Association shared his thoughts, stating, "It's not as if consumer restraint stops at our industry."
Despite the challenges, manufacturers and retailers are set to present their sales forecasts for 2022 and their outlook for 2024 at a press conference. Last year, German consumers spent 4.7 billion euros on toys, similar to the expenditure in 2020, despite a slight decrease in sales in recent times.
During the corona boom, the toy industry experienced growth, but now it's returning to normalcy. According to market researchers, the sales decline is a trend across various industries. Nevertheless, November and December continue to be the most crucial months for the toy industry, driving a large portion of their annual sales.
Though specific 2022 and 2024 toy industry forecasts are not available, overall retail sales trends show a slight decrease in growth compared to previous years. Consumers might be adopting a more cautious approach to their holiday spending due to various economic challenges, including rising interest rates and dwindling savings.
Interestingly, the educational toys market is expected to see significant growth. By 2032, it is projected to reach $126.02 billion, displaying a CAGR of 8.47%.
The toy industry remains optimistic about the upcoming holiday season, despite the challenges. Regardless of the recent slight decline in toy sales, the sector continues to play a significant role in holiday purchases.
