After a sub-optimal nine months (Q1-Q3) of US toy trading this year, Circana has announced that the 2024 festive period is likely to have a happy uplift for the sector.
Overall, consumers are planning to spend about 2% more on their holiday shopping this year than last, according to Circana’s annual Holiday Purchase Intentions Report. Age strongly influences intended spending, with millennials planning to spend the most among the generations. Consumers with children plan to be the biggest spenders across all cohorts.
“The toy industry may get a boost this holiday season, with 43% of households with children reporting that they will spend more during the holiday season this year compared to last year”
Juli Lennett, VP industry advisor on toys at Circana, said: “The toy industry may get a boost this holiday season, with 43% of households with children reporting that they will spend more during the holiday season this year compared to last year – more than double that of households without children. Still, a host of other categories are competing for a share of those same wallets. Necessities like clothing and footwear, technology like video games and smartphones, and trending categories like beauty will all challenge the toy industry.”
US toy retail sales performance results for January through September 2024, revealed insights into the retail trends, performance drivers, and consumers’ festive shopping intentions. Falling sales through finance and units slowed substantially compared to the same nine-month period in 2023, with year-over-year currency sales flat, units down 0.5%, and average selling price (ASP) up 0.5%.
