More than 75% of the brand representatives interviewed at the Spielwarenmesse International Toy Fair in Nuremberg were optimistic about the future growth of the market for toys and other childrenâ€™s products, according to a survey conducted by TĂśV Rheinland, the international testing, inspection and certification organisation.
This finding tallied with market forecasts published by Euromonitor. The global toy market is expected to grow by 3% in 2017.
Educational toys are becoming a new consumer favourite. Science, technology, engineering, arts and mathematics (STEAM) educational toys have proliferated in recent years, especially in developed countries.
Over half of the interviewed brand representatives named high purchasing costs as their primary concern. As the majority of the worldâ€™s toys are purchased from China, rising production costs in China and variation in international exchange rates have substantially increased purchasing costs. Suppliersâ€™ poor-quality control capability has also caused problems.
To ensure that toy products meet quality standards, toy brands cooperate with reputable international product testing and inspection organisations to test and certify the toys they sell. When choosing testing and certification organisations with which to collaborate, 60% of the brands considered the cost of testing and certification to be their top priority, followed by the brand and credibility of the testing organisation, lead time, the presence of a buyer-approval program and the international network of the testing organisation.
Nearly 40% of the survey respondents used product-certification marks to facilitate their entry into the international market by highlighting their brand advantage, increasing their sales and boosting their competitiveness. Another 30% indicated that they were assessing the benefits of product-certification marks at the time of the survey.
The recent Nuremberg Toy Fair (Spielwarenmesse) is one of the largest toy fairs in the world. TĂśV Rheinland interviewed brand-name exhibitors at Spielwarenmesse to gather their opinions on the toy market in 2017. The brand representatives interviewed focused on developing the market in Germany, Western Europe and America. They also planned to enter the UK, Canada, Eastern Europe, the Middle East and India.