British "Economist" December 25 article, China is still a big toy manufacturing country Subtitle: Western toy manufacturers hope that China's growing middle class will boost its toy sales
On December 25, when many children from all over the world wake up, they will find toys stuffed with socks. Parents insist that these wonderful gifts were made by the elves and sent by a bearded old man in red. Of course, the reality is not so wonderful. The real toy workshop in the world is not located in the Arctic but in China.
Today, 3/4 of the world's toys and games are produced by 10,000 toy manufacturers in China. According to UN data, China exported $44 billion worth of toys last year, of which the toys shipped to the United States, Japan, and the United Kingdom were worth $25 billion, $4 billion, and $4 billion, respectively.
Although China has dominated the toy manufacturing industry for decades, market pressure is increasing. China’s rising wages are squeezing the profit margins of its domestic manufacturers and prompting some toy manufacturers to move their production lines to countries such as India or Vietnam where labor costs are cheaper.
Other companies from toy importing countries are rushing to reduce transportation costs and respond more quickly to changes in demand in the local market, and are moving their production lines back home. This year, the famous American toy manufacturer Hasbro, which produces toys such as Transformers, announced that it will start manufacturing Petra colorful mud in the United States, the first time in 10 years.
However, as toy sales growth in many rich countries has slowed, toy manufacturers are increasingly looking to China. They not only want to produce in the country, but also sell products there.
The Danish toy company LEGO plans to open stores in 40 Chinese cities in the next few years. Mattel, the world's largest toy maker, signed an agreement with Alibaba, China's largest e-commerce group, to help sell Barbie dolls and hot wheels to Chinese consumers.
The end of China’s one-child policy is expected to increase its annual toy sales by 75 billion yuan. Retail consulting firm Euromonitor International estimates that Chinese parents spend less than $45 a year on toys and games for their children, compared to $330 in Japan. It seems that the Chinese toy market, which has ranked second in the world, still has a lot of room for growth. (Translated by Wang Huicong)
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