China's toy industry shifts from "export-driven" to "domestic demand-driven"

China's toy industry shifts from "export-driven" to "domestic demand-driven"

In recent years, China's toy industry has undergone a profound transformation, gradually shifting from the traditional "export-driven" model to "domestic demand-driven". This change not only reflects the rise of the domestic consumer market, but also marks a comprehensive upgrade of Chinese toy companies in brand, technology and market strategies. The following are hot topics and structured data from the past 10 days to analyze this trend in detail.

1. Comparison of export and domestic demand data

It can be seen from the table that the domestic demand market for China's toys is growing year by year, and the proportion of domestic demand in 2023 is expected to reach 60%, exceeding the export volume for the first time. This trend shows that domestic consumers' demand for toys is being released quickly.

2. The core factors driving domestic demand growth

1.Policy support: In recent years, the country has introduced a series of policies to encourage childbirth and promote consumption, such as the "three-child policy" and the "double reduction" policy, which directly stimulated the demand in the toy market.

2.Consumption upgrade: With the increase of per capita disposable income, parents are more willing to invest more money in their children's education and entertainment, and high-quality and educational toys have become the new favorites in the market.

3.The rise of national trends: Local toy brands have successfully attracted young consumers by integrating traditional culture and modern design. For example, the Palace Museum's cultural and creative products, aerospace themed toys, etc. have become popular products.

3. Popular toy categories and market share

Educational toys and IP-derived toys have become the fastest-growing category, reflecting parents' emphasis on educational functions and brand value.

4. Enterprise transformation cases

1.Aofei Entertainment: As a leading domestic toy company, Aofei Entertainment has shifted from OEM export to independent brand operation. Its IPs such as "Super Flying Man" and "Pleasant Goat and Big Big Wolf" performed well in the domestic market, and the proportion of domestic demand revenue in the first half of 2023 has exceeded 70%.

2.Pop Mart: Through blind box model and innovative design, Pop Mart successfully opened the adult toy market, and its domestic sales are expected to exceed 5 billion yuan in 2023, becoming a model driven by domestic demand.

5. Challenges and Opportunities

Despite the broad prospects of domestic demand market, enterprises still face the following challenges:

1.International competition: International brands such as LEGO and Bandai still occupy a high-end share in the Chinese market, and local brands need to further enhance their product strength and brand influence.

2.Supply Chain Cost: The rise in raw material prices and the increase in labor costs have put pressure on the profit margin of enterprises.

However, with the in-depth implementation of the "dual circulation" strategy and the increase in consumer recognition of domestic brands, the potential of domestic demand in China's toy industry will be further released.

Conclusion

The transformation of China's toy industry is a microcosm of consumption upgrading and high-quality economic development. From "export-driven" to "domestic demand-driven", it is not only an adjustment of the market structure, but also a comprehensive upgrade of the industrial value chain. In the future, with the enhancement of technological innovation and cultural confidence, Chinese toy brands are expected to occupy a more important position in the global market.