by ANNA KNIGHT, senior vice president of licensing, Global Licensing Group
Shifts in consumer behavior are natural and expected, especially as new generations bring new interests and habits to light. However, the COVID-19 pandemic intensified the way — and how often — people engage with brands and products, fueling the world into a content-rich society that is “always on.”
Whether it’s streaming a movie, watching a show at one’s leisure, or the convenience of staying home while you shop, virtually every industry had to rethink consumer strategies to meet people where they are and stand out amid the noise. Not only do companies now have to navigate trends born during the pandemic but they must also be prepared for what consumerism will evolve into in the coming years.
Casey Collins, the head of global licensed consumer products at Hasbro, sat down with me to discuss how the shifts of the past couple of years have shaped consumer habits toward Hasbro and how the organization is using those movements to map out plans to reach future audiences while staying true to its brand. Collins noticed, for example, that Hasbro’s audience sought out a sense of normalcy during unprecedented times. Parents introduced their children to familiar games of their past while embracing modern technology. This movement isn’t expected to change in the next few years and marries nostalgia and modern-day conveniences.
Collins will be on hand at Licensing Expo on behalf of Hasbro, which will be exhibiting at the show from May 24-26 at the Mandalay Bay Convention Center in Las Vegas. Licensing Expo provides the best opportunity to secure the rights to thousands of consumer brands, entertainment icons, and more for your products or stores. Click here to register for Licensing Expo for free.
Anna Knight: What trends are coming down the pipeline?
Casey Collins: We’re still seeing a lot of trends that were born during the pandemic continue to grow — including growth in food, health and wellness, personal care, puzzles and games, and home goods. We’ve also seen an increase in demand for classic play from our vault brands, like Spirograph and Lite Brite, as parents introduce these brands to their children for the first time. We have been working on initiatives to quickly expand our presence in these categories. We are constantly reviewing trends to understand where our consumers are focused on ensuring we are meeting their needs by offering innovative product experiences with the brands they love.
Additionally, the multitude of platforms at our fingertips, digital content, and e-commerce platforms really came to the fore, and that’s a key strategic focus for us. In a very short space of time, access to entertainment and retail via digital platforms really accelerated at an unprecedented rate. Given the uncertainty surrounding the following year, we will continue to explore every aspect of the business to ensure valued consumer engagement.
AK: What is the current most significant trend of industry disruption you see due to the pandemic?
CC: Among the biggest disruptions to our industry have been supply chain challenges. We anticipate the continuation of these challenges and resulting in higher input and freight costs. We have had to be creative to improve systems to ensure our consumers are getting our entertainment, toys, games, and experiences when and where they want them, and we’re excited by the innovation in the space. We’re leading the way in terms of channel and marketplace strategy by establishing new opportunities through Hasbro’s Consumer Direct Transformation. For example, Hasbro Pulse gives us a direct link to our fans, and we are constantly evolving in the e-commerce space and enforcing supply chain improvements so that our connection to the global community can become stronger.
AK: What advice would you give yourself if you could go back to the beginning of your career, and what advice would you give newcomers now?
CC: If I could go back to the beginning of my career, I would have told myself, “Don’t listen to the people who say ‘No’ all the time, and don’t let them slow you down or change your direction.” My advice would be to listen, learn, and always stay humble and hungry for those just getting into the licensing industry.
AK: How do you continue to innovate?
CC: A lot of our innovation is based on data and insights we pull from around the world to help predict trends and power us to react quickly. We also lean into our Brand Blueprint strategy to uncover new and authentic ways to activate our brands.
Register here for Licensing Expo to schedule a meeting with Hasbro and discover its latest portfolio of IP that are available for licensing opportunities.
