The epidemic pushes up the home economy: China’s export and domestic sales of toys and baby products continue to grow

In 2020, China’s toy exports reached 33.49 billion U.S. dollars, an increase of 7.5% year-on-year; the total retail sales of toys in China’s domestic market reached 77.97 billion yuan, an increase of 2.6% year-on-year.

China Toys and Baby Products Association released the above statistics here on the 8th. The new crown pneumonia epidemic has pushed up the “home economy”, driving the continued growth of China’s toy and baby products exports and domestic sales, and overseas market demand is particularly strong.

According to reports, since 2016, China’s toy exports have achieved 5 consecutive years of growth. Affected by the new crown pneumonia epidemic, China’s toy exports were once blocked in the first half of 2020. However, with the rapid reversal of the domestic epidemic prevention and control situation and the smooth resumption of production and production of enterprises, since the second half of 2020, China’s toy exports have entered a continuous growth track.

According to statistics from the China Toys and Baby Products Association, in 2020, China’s exports of toys to the United States were 8.57 billion U.S. dollars, an increase of 6.8% over 2019. The United States has become China’s largest toy export market for many years; among the top ten export markets, Japan and Singapore, Russia, South Korea, Saudi Arabia, and Malaysia all have double-digit growth in demand for Chinese toys, with exports to Saudi Arabia increasing the most, reaching 67.8%.

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In addition to toys, baby products are also representative commodities of the “home economy”. In 2020, China’s baby stroller exports were 4.34 billion U.S. dollars, a substantial increase of 28.3% over 2019. Among them, exports to the US were 1.1 billion U.S. dollars, an increase of 22.9% over the previous year; exports to the United Kingdom, Germany, the Netherlands, Russia, Saudi Arabia, Japan, Australia, and other markets all achieved double-digit growth.

If the growth rate of the “home economy” in the overseas market remains high, the domestic market in China is relatively stable. Similar to the 2.6% increase in toy sales, in 2020, the sales of baby bottles in China will increase slightly by 4.6%, while the sales of baby strollers and car seats will experience a slight decline of 2.2% and 3.5%.

A major change in China’s domestic market is the rapid development of the online economy due to multiple factors such as the new crown pneumonia epidemic, and the proportion of online sales of toys and baby products is on the rise. In 2020, the total retail sales of toys through online channels reached 26.9 billion yuan, accounting for 34.5%, an increase of 1.9 percentage points from 2019. Webcast has become an important online channel for consumers to buy toys.

The China Toys and Baby Products Association predicts that in 2021, the complexity of the global epidemic development and the arduousness of epidemic prevention and control will continue to push up the overseas “home economy”, while the main tone of China’s domestic economy and market demand is ” High-quality development”. As the representative of “Made in China”, the toy and baby products industries need to intensively cultivate and accelerate their transformation and upgrading.

The above article is reproduced from Xinhua News Agency

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