Toy Sales Dropped Last Year

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.”

VMSD Staff

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