These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.Global Toy Market
The size of the global toy market is $84 billion in 2014, of which $21.18 billion belongs to the US market, which provides almost half a million jobs and $24 billion in wages for US workers. The annual total economic impact in the United States is $77 billion. The average toy price is $10, with 3 billion sold nation wide yearly; generating $22 billion in direct toy sales. Tax revenues from toy industry account for $10 billion yearly.
The leading global Toy companies are Mattel, HNamco Bandai, Lego, Hasbro, JAKKS Pacific and Brandstatter Group, with combined revenues of $20 billion in 2014.
U.S. DOMESTIC MARKETS
According to The NPD Group’s Retail Tracking Service, which represents approximately 80% of the U.S. toy retail market, the U.S. toy market grew to $18.11 billion in 2014. However, when considering the total toy market, NPD estimates domestic toy sales for 2014 to be in the $22 billion range.
Morph-O-Scopes falls under the Arts & crafts category, as the data shows, from 2013 to 2014 this categories increased 3%. Which mean the market for these kind of toys are growing.
The arts & crafts market is predicted to grow and exceed $40 billion US by 2015, due to the high growth pace in United Kingdom, China and United States. More consumers are interested in DIY – do it yourself – approach, which allows them to save funds by engaging in creating the products themselves. Craft items, including, sewing, baking, jewelry creation have boomed in sales for the last few years.
Drivers of toys demand are mostly children, dependent upon personal income of their parents. Companies profitability depends on their ability to identify and follow market trends, which is why large companies offer wide toy selections and reach economies of scale advantages, as well as advantages in manufacturing, purchase, distribution sales and marketing. Smaller companies, such as OOZ & OZ Morph-O-Scopes are capable of competing effectively by specializing in one segment which allows them to follow market trends and respond more promptly to them.
The US industry is highly concentrated, where top 50 companies generate 75% of the industry revenues.
In the recent few years, toys industry has seen change in consumers’ tastes, where children have shifted product lines. These toys pack in lots of play value at a lower price point, making them affordable for families and great items for birthday party loot bags and stocking stuffers. They are also perfect for on-the...
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