Americans collectively spend around $28 billion on toys each year.
What toys will be able to hold a child's - and parent's - interest?
Here are the top seven toy industry trends to watch in 2024 and beyond.
1. More movie and TV franchise tie-ins
We're seeing an increase of toys directly related to movie franchises.
Which is much needed good news for the toy space.
The overall toy industry saw a slight dip in 2022.
But there a rebound thanks to movie tie-ins with franchises like Barbie and Transformers.
Toy sales grew on the back of movies like Barbie and Ninja Turtles.
Non-movie toys have only seen single-digit increases.
Disney+ has capitalized on this trend already.
The service has well over 150 million subscribers.
Last summer, the company released "Soul" directly to streaming.
A lineup of toys to go with it is sold in every big box retailer.
Another major Disney release, "Raya and the Last Dragon", is premiered on Disney+.
Toys based on the movie ended up hitting shelves soon after.
These trends can be seen in TV shows, too.
2. Increased demand for classic toys
In 2024 and beyond, the toy industry looks to be investing in the comfort that nostalgic toys bring to parents.
Global toy industry experts even predict that the sales of these classic toys may make up for some of the losses suffered by kids turning to video games at an earlier age.
One example is the Tonka Mighty Dump Truck.
reported sales of this toy had increased more than 250% year-over-year.
Another classic brand, Fisher-Price, continues to put an emphasis on nostalgia from the '80s and '90s.
They've recently released a baby's boombox, a toy Game Boy, and a baby's mixtape.
Fisher-Price Laugh & Learn® Busy Boombox
A few years back, Fisher-Price launched a virtual museum on Instagram.
The page posts adorable pics of toys from every decade of the company's history.
To drive parents to purchase, a link in the bio goes directly to the museum's "gift shop".
The classic arcade game Whac-A-Mole is getting a new look, too.
Mattel plans to re-release their tabletop version of the game. Along with a a new card game to match it.
TV execs are betting big on the nostalgia of Whac-A-Mole.
Mattel and Fremantle have teamed up to create a reality show based on the game.
3. Environmental concerns take hold
"Your kids' toys are killing the planet."
It's a message that parents are starting to internalize as they demand action from toy manufacturers.
Even though most toys are made of plastic, very few toys can actually be recycled.
Most are made from a combination of plastics, metals, and other components.
(Which most recycling companies refuse to accept.)
the toy industry alone produces more than 1 million tons of plastic waste annually.
Mattel is taking these environmental concerns seriously.
The company has pledged to utilize 100% recycled, recyclable, or bio-based materials in its products and packaging by 2030.
They recently started making some toys with sugarcane-based materials.
However, removing plastics from toys is easier said than done.
Hasbro pledged to remove all plastic from their packaging by 2022.
But backed out of that commitment after consumer backlash.
4. Toy subscription services continue to soar
Studies show Americans spend $6,500 on toys over a child's lifetime.
Toy subscription services are taking advantage of this fact.
And offering an alternate business model that's already eating into traditional toy companies' market share.
The basic premise is that parents rent toys instead of buying them.
This approach appeals to parents who are environmentally-conscious and want to cut down on the waste that discarded toys create.
This model has proven popular in the US, UK, and China in recent years.
5. Addicted to unboxing
The concept is simple: Toys are packaged in such a way that kids can't see what's inside the box until they open it.
Hence the rise of blind box packaging.
Today, toy companies are creating extremely elaborate packaging to give kids the best unboxing surprises.
The Toy Industry Association's CEO explains that this trend gives kids a sense of excitement that's hard to find today: "[Kids] live in a world where everything is online, and they know what they'll encounter wherever they go, so they crave all kinds of whimsy."
6. Tech toys get more advanced
Toy companies continue to push out exciting tech developments in their products.
"AI interactive toys" are becoming popular.
Through WIFI connection, enter an application, and children can use it to create games, tell stories, and share wonderful moments." At the same time, it can be used with stand-alone functions: it supports interactive experience even in offline state. For example, touching makes cute sounds, feeding interactions, and can sense different orientations and postures to make corresponding sounds.
Shenzhen Xinditai Electronics Co., Ltd. mainly deals in various types of children's interactive educational toys and provides professional ODM/OEM services.
7. Parents seek toys that teach
Working from home and acting as your child's teacher at the same time has proven to be a task that many describe as "nearly impossible."
Many toy companies emerged with products hoping to be parents' saving grace during the pandemic.
Engaging toys that have educational value is a parent's dream.
Statistics show that this trend is likely to continue beyond the coronavirus pandemic.
The educational toy market was expected to grow by more than $24 billion by the end of this year..
Thames & Kosmos, creator of science toys since 2001, saw a huge spike in demand for their products during 2020.
As of December 2020, sales were up 80% over 2019.
That's all for the top toy trends of 2024 and beyond.
Environmental concerns, new products, and emerging tech developments seem to be driving key changes in the industry.
Old toys getting 21st-century makeovers is a proven sales strategy that shows promise for the next few years.
The foundation of the toy industry seems extremely stable. Even in uncertain economic times, parents want to provide joy for their children. That's one fact that will never change.
