For many people, the 21st century represents a whirlwind of transformations. Some changes are still a fantasy, such as space tourism, and many others are beginning to appear on the horizon as potential realities in the form of artificial intelligence. The Fourth Industrial Revolution has even knocked on the door of the toys and entertainment segment for the smallest people in the house.
This change in trends is most evident at the end of the year holidays and, particularly in LATAM, at the beginning of January for Christmas and Three Kings Day. These two celebrations involve in many countries in the region the arrival of Santa Claus and Melchior, Caspar and Balthazar who, after receiving letters from girls and boys, work tirelessly to fulfill the wishes of children. However, the lists have changed radically in recent years.
Perhaps those of us who are already adults remember that in our letters to these characters, although items such as video games and consoles already appeared, traditional toys such as bicycles, dolls and candy represented the bulk of what we dreamed of finding under the tree or next to the nativity scene . Today the mix seems to have reversed.
It is not for less. In a world that is increasingly interconnected thanks to the Internet and with access to endless entertainment alternatives accessible on multiple screens, analog toy options are suffering a crisis that is difficult to ignore. Furthermore, the current situation that the main entertainment franchises are suffering due to the most recent failures in audience and sales have ended up affecting the main toy brands with few exceptions.
An alternative that has managed to give companies in the sector a break is the effect of nostalgia and betting on age groups that do not see toys as playing instruments. Now it is more common to see collectible pieces in the toy department whose sole purpose is to increase the collections of young adults through their display in showcases and circles of connoisseurs of the subject. This has driven up the prices of items due to their greater attention to detail.
Unlike other industries that may see their decline in the medium term due to changes in customs, such as commercial cinemas and public telephones, the toy sector has ample chance of continuing to exist because children will continue to have the need to play. The difference between yesterday and today is knowing how to identify the new trends of the moment as quickly as possible and adapt the offer accordingly.
This is possible thanks to the solutions offered by Market Research. Although working with minors has its particularities, different organizations in various parts of the world have issued good practice guides on the matter. Even, as mentioned above, knowledge of adult consumers who already represent a large group within this market area must be taken into account.
At Acertiva we know the difficulty in satisfying people’s knowledge needs and their purchasing habits. Thanks to our more than twenty years of experience, we can put our team of analysts and strategic suppliers at your disposal to meet your objectives. Start the year by sharing your requirements on the subject. We will respond to you with how together we will write your next success story.
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