SEOUL, Oct. 30 (Korea Bizwire) — With an increase in the so-called ‘ten pocket’ phenomenon, where parents, grandparents, relatives, and other acquaintances, due to a low birthrate, open up their wallets to spend on a single child, expensive high-end toys are gaining popularity.
Auction, a South Korean online shopping mall, conducted a one-month study on the sales of toys for children, which showed that the demand for electric-driven toys has sharply increased.
Sales of electric toy cars have doubled since last year, with sales of motorized fire trucks more than quadrupling. Heavy construction vehicles and high-end sports cars like Lamborghini or Ferrari were also popular.
In contrast, sales of tricycles, a traditionally popular toy for children, have dropped by 42 percent.
As more people want to turn their homes into playgrounds, sales of large-sized toys are also increasing. Sales of spring cars, a ride with a spring attached at the bottom to rock back and forth, have increased by 303 percent.
Swings and seesaws, meanwhile, saw sales increase by 78 percent and 50 percent, respectively.
Sales of multi-purpose playground sets that come with a jungle gym and a slide have increased by 212 percent, as well as tents and tepees (162 percent).
“Changing social trends led by the so-called ‘ten pocket’ phenomenon are driving the rise of the premium toy market, where customers are increasingly willing to purchase toys that cost more than 1 million won (US$855),” said an industry source.
Ashley Song (email@example.com)