Following along the continued road to economic recovery, the combined US retail sales of children’s home furnishings, portable accessories and toys are up by more than 5% this year and are slated to reach a record US$18 billion by year’s end, according to market research publisher Packaged Facts’ new study.
Infant, Toddler and Preschool Furnishings, Toys and Accessories in the U.S., 4th Edition, which examines lingering after-effects of the recession on product categories including young kids’ furnishings, accessories, and toys, has found that toys accounted for more than US$8 billion in sales, or 46%, of the entire infant, toddler, and preschooler (ITP) furnishings/accessories/toys market in 2010. Baby accessories, including monitors and strollers, make up a third of the market with more than US$6 million in retail sales. Furnishings have consistently accounted for nearly US$1 out of every US$5 throughout most of the four years between 2006 and 2010 with a total expected to surpass US$3 billion.
Packaged Facts forecasts US retail sales of ITP furnishings, accessories, and toys will exceed US$22 billion in 2015 with the market’s total growth for the period beginning in 2010 amounting to 24%.
In the realm of luxury goods, many brands are experiencing stronger sales in 2010 and the ITP durables market looks to be benefiting from affluent or wealthy Americans’ return to post-recession spending.
The study has also found that the pre-recession, recession, and recovery eras have opened up a mid-luxury tier for ITP durables. Many marketers of expensive ITP goods have issued mid-priced versions of their products to accommodate Americans whose lifestyles have been disrupted by the shaky economy.