"After a modest decline forecast for 2019, total toy industry dollar sales in the U.S. are expected to pick up again in 2020; and this trend is expected to continue through the end of 2021, according to The NPD Group’s latest report, The Future of Toys."
Grandparents are increasingly playing a bigger role in raising their grandchildren, and as such, these multi-generational families represent a big opportunity for retailers and marketers. New research from Mintel finds that multi-generational families are more likely than all parents surveyed to say they have increased spending on their kids in each of the categories considered, but half (50%) wish families like theirs were better represented in TV and print ads.
Marketers may need an update on the long-held notion that older consumers are stingily existing on a fixed income. Many older consumers are grandparents, up to 69.6 million individuals, and these consumers enjoy spending money on their grandchildren. The average grandparent household spends over $300 annually to help out the youngest generation of their family. Marketers who pay attention to where these consumers shop and to their media habits could benefit as the size of the grandparent generation is expected to grow quickly in the next few years.