A study commissioned by the International Council of Toy Industries (ICTI) has shown that the world toy market is constantly growing.
By 2010 the worldwide toy sales are expected to grow to Dhs317bn ($86.4bn), an increase of 14% since 2008.
Ms Elisabeth Brehl, Managing Director of Epoc Messe Frankfurt, organisers of the Middle East Toy Fair, said:
‘In 2008, the world toy market was valued at Dhs278bn ($75.7bn), a growth of 5.3% from Dhs265bn ($72.0bn) in 2007.’
‘This constant growth is reflected in the Middle East Toy Fair, the region’s largest trade exhibition for toys, stationery, child and baby related products,’ she added.
The study showed that 60% of children’s population (in the age group 0-14) were living in Asia in 2007, followed by Africa at 21%, Europe at 6%, and the rest shared by North America and Latin/South America at 4% and 9% respectively.
Another interesting insight gleaned from recent reports is the fact that in 2008, 57% of kids aged 2-12 used video game systems (+1%) and 62% of kids used computers (+2%). Despite these gains, just as many kids are playing with toys (84%) and watching TV (94%) as they were in 2006.
This finding augurs well for traditional toy manufacturers that traditional toys still have an attraction for the new generation of children born in the information age.
Between now and 2014, the number of consumers 14 years of age and younger is expected to rise by approximately 0.8 % yearly. As children become more technically proficient at a younger age, demand is expected to rise for products that are more challenging and stimulating. IBISWorld expects that consumers will seek toys that allow them to be more interactive, thereby expanding the market for youth electronics. Growth in technologically advanced products will be evident across all segments of the toy market, particularly with learning and exploration for pre-school children.