Retail sales across the US toy industry began to stabilize in the first half of 2024, with the overall market only down 0.4% (US$42 million) compared to the same period last year, according to Circana.
The retail data analyst notes that this is a big improvement over 2023, when the market dipped by 8% in reaction to a combination of rising inflation rates and slower consumer spending. And compared to pre-pandemic levels in 2019, US toy industry sales YTD have increased by 38% (US$3.1 billion).
Building sets are the top-performing product category in the US so far this year, with sales up by 25% and heightened demand for LEGO Icons sets among kidults (consumers ages 13 and up). Only two other super-categories of the 11 that Circana tracks posted sales growth in the first half of 2024—explorative and other toys was up by 9% (driven by the popularity of NBA and NFL trading cards) and vehicles was up by 1% (thanks mainly to Spin Master’s licensed Monster Jam products).
Jazwares dominated the Top Selling Toys: First Half 2024 list, with various sizes of Squishmallows ranking first, third, seventh, ninth and 10th. But Pokémon came out on top as the period’s best-selling toy property in the US overall, based on strong sales for its assortment of trading card booster packs, construction sets, action figures and plush items.
Pokémon also held onto its title as the top global toy IP for the fourth year in a row, coming out on top in Belgium, Canada, France and Italy in addition to the US. Hot Wheels is the brand’s most serious challenger in this period, with its wide range of vehicles driving the most sales in Australia, Brazil and Mexico.