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69% Say They're Willing to Cut Other Expenses to Ensure Their Kids Have the Top Toys for Holiday, According to New Research

NEW YORK, Oct. 22, 2024 /PRNewswire/ -- The Toy Association™ today unveiled the results of a new survey, conducted by Wakefield Research, which gauged 1,000 U.S. parents' attitudes about toys, play, and shopping leading into the holiday season.

The survey found that while families might be more discerning with their holiday budgets this year, that doesn't mean parents will be holding back on toy purchases for their kids — or themselves. The survey results revealed:

• A majority of parents (69%) would cut corners from other areas of the budget first to ensure their children have the latest toys.
• Dads have the biggest soft spot — 73% are more likely than moms (65%) to reduce spending elsewhere before eliminating toys from the budget.
• A strong majority of parents (72%) are likely to put a toy or game on their own holiday wish list.
• Dads are most likely to ask for their own toys, with 83% looking for new loot (versus 62% of moms).
• Connection is king: 61% of moms and dads who have purchased a toy or game for themselves do it to bond with their kids.

"Though inflation has slowed, consumers remain cautious with spending. But our survey shows that parents are still prioritizing purchases that spark joy — and nothing sparks joy for both kids and, now more than ever, adults, quite like toys," said Adrienne Appell, executive vice president of marketing communications at The Toy Association. "The wonderful thing about giving toys to anyone at any age is that they are much more than 'just a gift.' Toys teach, help regulate big emotions, encourage multi-generational play … and they are always infused with a bit of magic."

While family budgets and a toy's "fun factor" are key considerations, there are other factors swaying parents' buying habits this holiday season:

• Parents want toys that teach! A majority (56%) of parents consider the promotion of mental, emotional, and social health a "large" or "top" consideration when choosing toys for their child. Younger parents under 40 are most likely to prioritize this at 64%.
   
• Core values are key:
  • 50% of parents under the age of 40 consider the sustainability of a toy (i.e., how the toy was made or can be disposed of, and/or if the toy is durable and can be passed down).
  • A significant 40% of parents of all ages are likely to consider toys that highlight different races, cultures, identities, and abilities.
• Under the kidfluence: Nearly three in five parents (58%) say their purchase decisions have been influenced by children asking for a toy they first saw advertised online or posted by an influencer on social media. This is most common among parents of elementary school-aged kids (69%).

For more information on the holiday season's hottest trends — including toy and game gift ideas for all ages and interests — consult The Toy Association's shareable infographic and video.

Stay tuned for the ultimate guide to the hottest toys of the gift-giving season in early November, when the Toy of the Year® Award (TOTY®) finalists are revealed across 16 categories of play. Follow #TOTY and visit ToyAwards.org on November 7 for even more must-have toys for all ages.

About The Toy Association™   toyassociation.org / toyfoundation.org / peopleofplay.com / thegeniusofplay.org / playsafe.org 

Founded in 1916, The Toy Association™, Inc. is the business trade association representing all businesses involved in creating and delivering toys and youth entertainment products for kids of all ages. The Toy Association leads the health and growth of the U.S. toy industry, which has an annual U.S. economic impact of $102.8 billion, and its roughly 900 members drive the annual $41 billion U.S. domestic toy market. The Toy Association serves as the industry's voice on the developmental benefits of play and promotes play's positive impact on childhood development. The organization has a long history of leadership in toy safety, having helped develop the first comprehensive toy safety standard more than 40 years ago, and remains committed to working with medical experts, governments, consumers, and the industry on ongoing programs to ensure safe and fun play.

As a global leader, The Toy Association produces the world-renowned Toy Fair™ in New York City; hosts marketplace activities in Los Angeles; engages in state, federal, and international advocacy on behalf of its members; supports the inventor and design community through People of Play™ and its numerous assets and events, including the consumer-facing Chicago Toy & Game Fair; sustains the Canadian Toy Association; acts as secretariat for the International Council of Toy Industries and International Toy Industry CEO Roundtable; and chairs the committee that reviews and revises America's widely emulated ASTM F963 toy safety standard. The Toy Association's philanthropic arm is The Toy Foundation™, a 501 (c)(3) children's charity that acts as the uniting force for the collective philanthropy of the toy industry. To date, The Toy Foundation has delivered the joy of play to 32 million children in need worldwide.