Mexican Toy Industry Continues to Grow Despite Drop in Sales in 2020
The loss registered within the Mexican Toy Industry with respect to sales during 2020 was 15% with respect to the previous year, despite the strong season at the end of the year, sales did not recover and registered this percentage of loss.
In October the decrease that Mexican Toy Industry had registered was 38% with respect to the same date of the previous year, according to data provided by the Mexican Association of the Toy Industry.
The recovery took place through two modalities: internet sales and festivities such as Children's Day and Christmas where toy sales increased considerably. On the other hand, online sales increased during the year by 18%.
On the other hand, Mexican Toy Industry saw an opportunity for growth and recovery in the commercial war between the United States and China, since in this way the Mexican industry could attract the consumption and participation of the North American market.
The United States is looking for new suppliers in other countries due to the exhausting distribution and commercialization activities derived from this conflict. Among these, Mexico could be included, and could be used to generate more jobs and growth in the industry.
The market value of the Mexican Toy Industry is $30 billion dollars per year. Furthermore, the recovery for the toy industry is expected to be slower during 2021 given the investments made during 2020 for certain products that increased demand.