Fresh off of a major rebrand and launch of its Portal 4.0 platform, The Insights Family issued the Kids & Family Industry Report 2021.
The in-depth look at the changing face of businesses in the kids and family space — including toymakers, game companies, educators, and family entertainment and licensing companies — shows that the industry holds an optimistic outlook for the year ahead with 75% of companies surveyed reporting that they believe they will achieve their goals this year. Still, the industry is facing change. 80% of companies surveyed said they believed they would be operating much differently within the next two years, and 90% said that they believed that an economic downturn will emerge following the COVID-19 pandemic.
“Overall, the findings of the report have shown how the industry is starting to become not only more aware of the changes they need to make, but more confident in their ability to adjust their businesses, says Nick Richardson, founder and CEO, The Insights Family. “That said, there is still a significant knowledge gap with only 6% of businesses stating that they have sufficient understanding of this generation of kids, parents, and families. This illustrates the importance of brands listening to kids and families’ voices when shaping their future strategies and executing their current plans”
The full report, which delves into the rise of direct-to-consumer marketing, changing retail footprints, and more is available as a free download from the Insights Family.