From 2013 to 2023, the turnover of wholesale toy markets in China demonstrated fluctuating trends, with highs and lows. Notable changes include a significant spike of 19.67% in 2019 and a sharp decline of 19.07% in 2020, likely influenced by the COVID-19 pandemic. However, a consistent upward trend resumed post-2020, with a growth of 5.24% in 2022 and 5.19% in 2023. In 2023, turnover stood at 2858 hundred million Yuan Renminbi.
For the years from 2024 onwards, moderate growth is forecasted. The turnover is expected to slowly increase, reaching 2948 hundred million Yuan Renminbi by 2028. The year-on-year growth for 2024 is anticipated to be 0.94%, and the 5-year CAGR forecast from 2024 to 2028 is projected to be 0.43%, illustrating a more stabilized market.
Future trends to watch for include:
- Integration of innovative technologies into toys.
- Increased demand for educational and eco-friendly toys.
- Potential impacts of digitalization on traditional toy retail channels.
- Shifts in consumer behavior due to emerging economic patterns in China.
