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Toy Sales Dropped Last Year

Building sets and plush toys, however, saw increased sales in 2023

Published

3 months ago

January 30, 2024

VMSD Staff

Toy Sales Dropped Last Year — Building sets, which include Lego, saw an increase of sales in 2023. Credit: anilbolukbas, iStock

Building sets, which include Lego, saw an increase of sales in 2023. Credit: anilbolukbas, iStock

Toy sales dropped 8 percent in 2023, according to a report by Circana shared with Retail Dive. Factors for this drop highlighted in the report include inflation, decreased customer savings and increasing credit card debt.

Three of the 11 categories tracked by Circana, however, saw growth in 2023. One of those groups was building sets, which include Lego, which saw an increase of $220 million in sales. Plush toys also saw growth in 2023.

However, the toy industry saw a $5.7 increase in sales since 2019.

“Economic challenges have impacted overall consumer behavior, but let’s not overlook the fact that we have seen an influx of new consumers over the past few years,” Juli Lennett, Vice President of Circana, said in a statement. “Keeping these consumers interested with new and exciting products is important for driving future growth.”

Related Topics:headlines specialty non-apparel

VMSD Staff

Drawing on more than 125 years of history serving the retail design market, VMSD magazine provides retail professionals with the most up-to-date, innovative retail design ideas and industry news through its industry-leading magazine, website, social media channels and bulletins.

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