BrandTrends Group unveiled some major findings from its most recent research, providing toy companies with some key tips on how to boost sales quickly.
Although there are numerous strategies on how to capture the attention of consumers, one highly effective method stands out: incorporating well-known entertainment characters into products. By featuring popular characters on toys, clothing, or other merchandise, companies can instantly attract the attention of both children and parents.
According to a survey conducted by BrandTrends Group in December 2022, an overwhelming 67% of parents globally would choose a product featuring a well-known character or entertainment brand over another product of equivalent quality, packaging, characteristics, and price.
The influence of licensed products extends across a wide range of product categories. The survey results indicate that 73% of respondents prioritize licensed toys and games, followed by clothing (71%), food and drinks (67%), stationary (59%), and even kids’ meals at fast-food restaurants (66%), among others.
Licensed products possess a universal appeal that transcends age groups, but the survey reveals that younger children, particularly those ages 3-6, exhibit a stronger attraction towards licensed products, with an impressive 72% expressing interest in them.
The research findings also demonstrate a notable correlation between household income and the likelihood of purchasing licensed merchandise. The survey reveals that 61% of respondents from the lowest income quintile of households would opt for a licensed product when presented with an equivalent alternative, whereas this percentage jumps to 76% among the highest quintile of incomes.
The report provides a detailed analysis of brand awareness, popularity, and purchase intent of some of the most important entertainment brands within a country. The service reports on more than 11,500 different entertainment, fashion, or sports brands four times a year, and interviews more than 200,000 people ranging in age from infants to seniors in 42 countries.
For more information visit brandtrends.com.
