Millennial Purchasing Trends – The Toy Industry

It is a well-known fact that the toy industry is a thriving sector among young consumers. However, it might come as a surprise that the toy industry is thriving not only among young consumers and children. The toy industry is also becoming more popular than ever before with older Millennials as well. The toy industry has discovered not only how to connect with Millennial adults’ sense of nostalgia through products like board games, superhero collectibles, comic books, and others. They have also pioneered ways to provide toys and playthings for the older Millennial consumers between 19 and 37 years old.

With more disposable income than ever before, Millennials are deciding to use that income to treat themselves to new toys that tap into their sense of nostalgia and that provide them creative ways to ease their high rates of stress and anxiety. This has led adult Millennials to invest hundreds of dollars every year on toys. According to a new poll from YPulse, over 70% of adult Millennials have purchased a toy for themselves in the past year. A recent profile from AdAge highlighted the experience of a Chicago father of two, who described his passion for toys this way: “There’s so much cooler stuff now about the things I used to love as a kid – there are more things available.” He went on to explain that “we now have the money and can afford those kinds of things that as a kid, maybe you were lucky to get.”

As brands have become aware of this trend, major toy companies including Hasbro, Mattel, and Build-A-Bear are tapping into this market. They are reaching out to Millennial consumers who have a desire to revel in their sense of nostalgia while also making use of their new reserves of disposable income. In addition to the nostalgic appeal, toy companies are also looking to meet Millennials’ need to relieve their anxiety. These toys or activities might include coloring books, Legos, or other products. While toy sales have been falling overall, at rates as high as 4 percent last year, brands are seeking new and innovative ways to market products to new consumers. And in adult Millennials, it looks like they have found just that market.