Asian toy industry seen to grow 4-6%
MANILA, Philippines - The traditional toy industry in Asia, including the Philippines, is expected to grow between four to six percent in the next five to 10 years as higher incomes lead to stronger consumption in the region.
Ernst Kick, chief executive officer of German-based toy fair organizer Spielwarenmesse eG, told reporters yesterday growth in the sales of traditional toys is expected in Asia amid the positive performance of economies in the region.
“As we see higher social level and incomes, people in the region will consume more and will buy more toys,†he said.
“Asia is growing rapidly and we expect this growth to be seen for every industry,†he added.
Given positive economic prospects in Asia, the region is also seen to be among the fastest growing markets for traditional toys.
At present, the region accounts for 16 to 17 percent of the global traditional toy industry.
Kick said that even as smartphones, tablets and other digital devices are gaining popularity as such gadgets have games, demand for traditional toys is expected to remain as these are seen to help in the children’s development.
He said many parents are still reluctant to leave their children alone with gadgets.
Amid the continued demand seen for traditional toys, Filipino firms are being encouraged to participate in the Spielwarenmesse International Toy Fair slated from Jan. 30 to Feb. 4, 2014 in Nurnberg, Germany.
The Spielwarenmesse is the world’s biggest trade fair for toys, with exhibitors from 60 countries and visitors from 113 countries.
Kick said that at the Spielwarenmesse held this year, Hansa Toy International Inc., which makes stuffed animals, was the only Filipino firm which participated as an exhibitor.
He said he is hopeful that more Filipino firms would participate as exhibitors in next year’s fair.
He also said he wants to encourage more Filipino firms to come to the fair as visitors as the event offers opportunities for distribution of products which could be imported here.
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