Ultra-low birthrate fuels high-end toy market boom in Korea

2019.10.29 15:03:23

Lamborghini mini car. [Photo by Auction]이미지 확대

Lamborghini mini car. [Photo by Auction]

Rechargeable car toys are quickly catching on among Korean kids growing up mostly as a single child under indulgent parents and grandparents.

Sales of electric vehicles for kids more than doubled in the Sept. 22-Oct. 21 period against a year ago, according to local e-commerce site Auction on Tuesday. Electric fire truck toy sales jumped more than fourfold over the cited period. Heavy equipment toys and mini luxury toy cars like Lamborghini, Benz and Ferrari were also popular.

Sales of tricycles, traditional wheelers for kids, plunged 42 percent over the same period.

Big toys in general were in high demand as parents splurged on playrooms at home, Auction noted.

Spring rocking horse toys saw a fourfold jump in sales, with slide and seesaw sales up 78 percent and 50 percent, respectively.
Jungle-gym-and-slide play. [Photo by Auction]이미지 확대

Jungle-gym-and-slide play. [Photo by Auction]

Sales of the jungle-gym-and-slide play set rose more than threefold while Indian tent sales also doubled.

A premiumization trend is sweeping across the children’s toy market, as more customers are willing to spend $1,000 or more on toys and games, said an Auction official.

Korea’s fertility rate – the average number of children a woman has in her lifetime – dropped to a record low of 0.98 in 2018, much lower than the OECD average of 1.65.

By Pulse

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