More than 50% of UK retailers plan to increase the number of licensed consumer products stocked on their shelves this year, according to a new survey conducted by Informa Markets’ Global Licensing Group during its second Licensing for Retail Day. 

The London-based event was attended by roughly 114 retailers earlier this month, with more than 60 spanning the toys, games and sports markets participating in the survey. Only 3% said they will carry fewer licensed products this year, and 28% plan to keep their product mix status quo. 

A combined 49% reported that licensed products account for at least 24% of their annual sales, and 28% generate half of their total revenue each year from licensing programs. UK retailers are looking forward to working with a wide range of brands with strength in the toys and preschool categories this year, including Hello Kitty, LEGO, Transformers, Peppa Pig and Bluey. 

The survey also revealed that retailers understand the benefits and opportunities that supporting licensing programs opens up, such as diversifying categories (33%), acquiring new customers (26%) and increasing customer loyalty (19%). However, respondents also noted that time-consuming approval processes (26%) and confusing contracts (20%) are the biggest barriers preventing them from working with more brands.