Rising consumer appetite and confidence in Asia will grow the toy industry by 4 to 6 percent this year, and the Philippines will benefit from this opportunity in global business.
"Our expectation is that Asia will be a driving force in the global toy industry in the next five to 10 years," Ernst Kick, president of Nürnberg, Germany-based Spielwarenmesse eG, told reporters in a briefing in Makati City on Thursday.
Kick said the Asian toy industry is expected to grow by 4 to 6 percent, citing industry observations that the region is growing rapidly on the consumer side from year to year.
Asia accounts for 16 to 17 percent market share of the toy industry, which is dominated by the US with 25 percent, followed by Europe with 22 percent, Spielwarenmesse data showed.
With the overall growth in the region, Kick said the Philippine toy industry is expected to grow at the same levels as more consumers are spending, not only on necessities but also on wants which include toys.
"There's a social change... more consumers are spending. The more educational programs are successful, the more people are going on a higher social level," he said.
"The Philippines also has a lot of young people eager to move forward and the right structure of generation, not over-aged like in China and Germany," he noted.
Kick said more toymakers are capable of expanding even globally as the Philippines is an English-speaking country and has a growing pool of educated people.
At least four local toy makers - JS Global, Hansa Toys, Tatiri Fashion and Cremm Toys - are joining Spielwarenmesse Toy Fair 2014 to be held in Nürnberg Jan. 29 to Feb. 3, 2014.
Spielwarenmesse is a leading international fair for toys, hobbies and leisure organized by fair and marketing services provider Spielwarenmesse eG.
"I am optimistic… because the Philippines is in an excellent position, with well-educated people who are speaking in English, unlike other Asian countries, making it easier to enter the world market," Kick said.
"We hope to attract more Philippine exhibitors next year," he added. – VS, GMA News
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