Enterprises actively innovate products to cope with market changes

Major changes in global toy consumption
"The market situation facing China's toy industry in 2023 is more complicated and severe." President Li Zhuoming told reporters: "Although my country's toy export value hit a record high last year, with a year-on-year increase of 9.1%, to a certain extent, it was due to the increase in product prices. Whether it can grow steadily this year depends on the development of the market situation, and there will be many uncertainties in the future.”

It is reported that Chinese toys account for about 70% of the world market, and Guangdong is my country's largest toy production and export base. Thanks to the rapid expansion of toy consumption such as models, figures, trendy products, and game consoles to the adult group in recent years, global toy consumption reached 100.4 billion US dollars last year, and the domestic market size also exceeded 100 billion yuan.

The Shenzhen Toy Fair is known as the "wind vane of China's toy market", and the market consumption and trend can be roughly predicted from the exhibition. "This year, categories such as building blocks, cards, Rubik's Cube, and blind boxes are still expected to sell well, but plush toys, collectible miniature models authorized by animation IP, etc. are more likely to sell well." Industry veterans from the exhibition organizer told The reporter introduced: "It is precisely because we have seen huge business opportunities. The innovation of the above-mentioned types of products is particularly prominent, and the enthusiasm for seizing the market continues to rise."

What cannot be ignored is that foreign toy brands are obviously stepping up their efforts to develop the Chinese market, and there are all kinds of well-known animation IP derivative series products such as "Disney", "Ultraman" and "Pokémon" in this exhibition. Many domestic brand companies have found another way to promote products such as national trends and military-themed series, such as the well-known building block brands "Senbao", "Enlightenment" and "Little Luban" are very prominent in this regard. There are also companies that are optimistic about the toy consumption power of young people, and have launched plush toys that simulate cats and dogs and other pets to meet their needs. The chat robot (ChatGPT), which has recently sparked heated discussions in the society, also has prototype toys. Many companies at this Shenzhen Toy Fair have voice toys on display.

In order to help companies better grasp the pulse of the market, the organizers of the exhibition also organized "Uncovering the Cross-Border Traffic Password - 2023 TikTok Overseas Live Streaming Ecological Exchange Conference" and "Fun with Co-branding, Customization, Authorization, Flash Mob - 2023 Chain Brand New Retail Seminar" Conference", "2023 Guangdong-Hong Kong-Macao Greater Bay Area Brand Authorization Industry Development Forum", "2023 China Children's STEAM Innovation and Development Forum" and other concurrent exhibition activities, as well as Chinese and foreign toy awards and exhibitions and other activities. Those who are interested can pay attention to the official website of the exhibition and make an appointment to register join.