China toy market retail volume up 7.8%
The retail volume of China’s toy market reached 75.97 billion yuan (US$10.7 billion) last year, up 7.8 percent from the previous year, data from the China Toy & Juvenile Products Association showed.
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Chinese parents spent an average of 323.4 yuan on toys for children aged 0-14 in 2019, rising 8 percent year on year, according to a report released in Shanghai yesterday.
Retail sales of strollers, car seats and feeding bottles totaled 14.72 billion yuan, 5.19 billion yuan, and 6.13 billion yuan in 2019, up 11.5 percent, 14.7 percent and 8.9 percent year on year, respectively.
An increasing number of consumers also bought toys through online platforms. Online toy sales reached 24.8 billion yuan last year, accounting for about a third of total toy consumption in the nation.
According to the association’s survey of over 13,000 consumers, more respondents are planning to reduce their spending on toys and juvenile products in 2020.
Some 38 percent respondents said they were willing to spend 100-199 yuan on a toy. Over 40 percent said they preferred strollers costing 400-599 yuan, child safety seats priced between 1,000 and 1,999 yuan and feeding products priced at 100 to 199 yuan.
Domestic consumers prioritize the educational value of toys. Some 36 percent of parents listed education as the top consideration when choosing toys for their kids last year.
Customs statistics show that in 2019, China’s exports of non-game toys rose 24.2 percent to US$31.14 billion. Exports of baby carriages rose 4.7 percent year-on-year to US$3.93 billion, while exports of car seats registered a growth of 13.2 percent to reach US$900 million.
Belt and Road countries have surpassed the US to become China’s top toy export market.
Toy export volume to B&R nations reached US$7.5 billion in 2019, a 34.4 percent increase on year, according to the report.
Amid the COVID-19 outbreak, the association has launched online trade negotiations and management training to help companies, it said.
Source : Reuters | Photocredit : Google