The U.S.A. 2020 Census Results Have Been Released: Growth Opportunities Ahead For Toy Companies
The results from the 2020 Census in the USA have been released. Aside from changes in the balance of political representatives from state to state, the headline result is that the U.S. population grew from 308.7million in 2010 to 331.4million in 2020.
So, what does that mean for the toy industry? Well, although the population growth was the slowest since The Great Depression, the reality is that more people means a bigger economy in general, and more specifically more people to buy toys & other gifts. Now for sure the demographic structure of population in terms of birth rates and increased life expectancy doesn’t guarantee that a bigger population automatically equals more children. However, what it absolutely guarantees is more people, and people tend to have families, including kids. Maybe there will be more grandparents living longer, acting as secondary purchaser of toys for a child for longer on average. Maybe it is more Aunties and Uncles, or maybe it’s more young adults set to become professionals. The bottom line though is that in 2020 there were more than 20m additional human beings in the U.S.A. versus 2010, and there is no way that can act as an inhibitor to toy sales.
The bottom line is that the U.S. population looks set to continue to grow over time, albeit perhaps at a slower rate than seen previously, and this cannot fail to be at least a moderate growth driver for the toy & game business.
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Have you listened to our Playing At Business podcast? We talk about selling toys & games, interview successful people from across the toy business & we look at key trends in the toy & game business: https://playingatbusiness.libsyn.com/