For the first time, a new study shows that demand for toys from enthusiasts over the age of 18, specifically millennials and Gen-Xers, topping that of preschoolers, generating $1.5 billion in sales from January to April.
Among the specific novelties and items Millennials and Gen-Xers are gravitating towards include trading cards, Lego sets, and sports toys.
The toy industry has been struggling to recover from the boom during the pandemic when families stocked up on toys while being homebound. U.S. toy sales dropped 8% to $28 billion last year, following a modest 1% increase from the previous year. This decline comes after significant growth in 2020 and 2021, when industry revenue shot up as high as 17%.
Adults as of now are increasingly being driven to buy collectible plush toys such as Squishmallows, similar to the Beanie Babies and Cabbage Patch Dolls that were popular in the 1980s and 1990s. These plush toys alone were the top-selling toy in the first quarter, largely due to adult collectors.