According to a new report published today by retail data analyst Circana, last year’s global toy sales total was US$108 billion, down by just 0.6% compared to 2023.
The standout product category of 2024 was building sets, which grew for the fifth straight year, posting 14% higher annual sales than in 2023. Only four other super-categories that Circana tracks improved their position last year: explorative and other toys (up 5%), vehicles (up 3%), plush (up 1%) and games & puzzles (up 1%).
Despite fewer blockbuster films, licensed toy sales grew by 8% year over year and now account for 34% of all global toy industry revenue. Market demand for nostalgic franchises and evergreen brands was reflected yesterday in Circana’s announcement of the winners of its 14th-annual Toy Industry Performance Awards, with Pokémon scoring Global Toy Property of the Year status and Mattel’s Hot Wheels taking home 10 awards in total.
Circana’s US toy industry advisor Juli Lennett believes toy sales stabilized this year because manufacturers played it safe and cut back on new launches in anticipation of consumers spending less on toys as grocery prices and consumer debt continue to rise. This year, Lennett expects toycos will embrace more risk, and points out that a stronger lineup of toyetic movies in 2025 and 2026 (including Superman, Lilo & Stitch, Avengers: Doomsday and Toy Story 5) is set to stimulate new growth across the industry.