Toys are big
GLOBAL sales of toys and games reached US$179.7bil in 2015 with in-game purchases and construction toys accounting for 30% of sales across the industry, says global market research firm, Euromonitor International.
In-game purchases were the biggest driver of revenue growth for video games, increasing 21% in 2015 to hit US$44.6bil. Mobile games reliant on purchases and the proliferation of smartphones was the main driver, but in-game purchases are becoming common in console and computer games too.
Construction toys remained the fastest growing category globally for the eighth consecutive year, and the only segment to see double-digit growth at 14.2% within traditional toys in 2015.
The release of Star Wars last year was the most significant growth driver within traditional toys with licensed Lego construction toys recording a 16% increase, Mykola Golovko, project manager at Euromonitor International, says.
Licensed toys totalled US$20.6bil last year, translating to a 10% increase globally. While toys will see continued influence from licensing, new technologies will lead forecast growth for video games.
Virtual reality (VR) gaming had a limited impact in 2015 with only two million headsets sold. However, new products are expected to bring the technology to a wider audience in 2016-2020. With the release of Oculus Rift, HTC Vive and PlayStation VR in 2016, the market is primed to see strong growth in the near future with annual sales reaching 25 million units by 2020, Matthew Hudak, toys and games industry analyst at Euromonitor International, says.
The global toys and games market is poised for dynamic growth as favourable demographics in emerging markets, along with a tent pole movie release schedule, are expected to support a 4.5% compound annual growth rate (CAGR) through 2020.
Japan F&B reservation app hits S’pore
TORETA Asia, the Singapore subsidiary of japan’s Toreta Inc, a provider of restaurant reservation and customer ledger services, has released a localised English version of their reservation and customer management service focused on food and drink establishments in Singapore.
The company is releasing both an iPad app and web reservation form for service called Toreta, which has the largest market share of the restaurant reservation and ledger system industry sector in Japan.
Currently, the app can only be used in restaurant-related businesses domestically in Singapore with 112 establishments listed, particularly in upscale and popular restaurants.
The company plans to expand its service across Asia to restaurants that operate in English.
In Japan, Toreta garnered acclaim from users for its ease-of-use and for its insightful understanding of actual restaurant environments. Since its launch in December 2013, the service has registered over 6,000 food and drink establishments across Japan.
Exports to OIC to grow 5%
MALAYSIA’S export to the Organisation of the Islamic Conference (OIC) countries is expected to increase by 5% this year, from US$19.99bil recorded last year, said International Trade and Industry Deputy Minister Datuk Ahmad Maslan.
In the first quarter, total exports to OIC countries stood at RM19.21bil, up 12.9%, compared with the same period a year ago.
Ahmad said the growth projection was based on the promising economic prospects for OIC countries, as well as the fact that Malaysia offered opportunities not only in trade and investment in halal goods and services but also in the oil and gas industry.
“Exports to OIC countries can be expanded further to include other halal-based products like cosmetics, medicine and services.
“Malaysia and other OIC countries are Muslim countries, and this makes it easier to trade with each other,” he said.
He added that Malaysia and OIC countries should build broader and stronger cooperation, as well as create more opportunities in the years to come.
Nevertheless, market access problems such as tariff and non-tariff barriers, lack of mutual recognition of standards, the existence of licences, quotas and export ban, lack of information on markets and business opportunities and complexity of administrative procedures related to foreign trade at customs level, banking and ports, needed to be addressed first.
The volume of intra-OIC trade is growing and last year, it expanded by 9.4% to reach US$878bil.