NEW DELHI: If you don't know who Lightning McQueen, Marlena and Sebastien are, ask any preteen in your neighbourhood and they will probably show you one or more of them. These are car characters from Hollywood computer animated film Cars 2 which kids know all about.
Cars 2 is the latest success story in India's booming toy economy that has become a huge money spinner for toy makers, retailers, some Hollywood studios and children's television channels.
The stats speak the story: the Indian toy industry is estimated to be worth Rs 1,700 crore and growing 15-20% a year. According to a Euromonitor study, spending on toys and games in India is set to grow at 157% between 2009 and 2014, much faster than other Asian countries such as China (84%), Taiwan (35%), South Korea (33.1%) and Singapore (17.2%).
"Consumption is not just a necessity but has become a language to express oneself," Future Brands, CEO and social commentator Santosh Desai said. Attention deficit of working parents towards their children is certainly one of the reasons for booming toy market, but keeping kids engaged is in itself a very big task. So, here toys and gadgets come into play, Desai said.
So, kids are running the show, as working parents - richer and much busier than the previous generation - try to make up for their lack of time to spend with kids by pampering them and conceding to most their demands.
Funskool, a joint venture between tyre maker MRF and US toy maker Hasbro Inc, recently introduced two high-end block games - Mindstorm and Taj Mahal- carrying price tags of Rs 22,000 and Rs 27,000, respectively.
It clocked revenues of Rs 80 crore in the year ended March 2011, while Mattel, which sells toys under Fisher-Price, Barbie and Hotwheels brands, has an India turnover of approximately 300 crore.
Toys inspired by flicks such as Transformers, Batman, Spider Man, Madagascar and Lord of the Rings too have created ripples among kids and young adults. Television characters and cartoons-inspired shelf-scorchers include BeyBlades, Ben 10 and Blazing YoYos.
There are much more to come. Toy maker Mattel's miniature replicas and Simba Toys' remote-controlled cars inspired by the Disney Pixar production were instant sellouts. The Walt Disney Company VP, consumer products, publishing and retail, Roshni Bakshi says the toys helped its licensee partners double their sales volume.
"Today with the presence of so many modern trade stores and the whole experience of touch and feel available, the Indian toy industry is poised for growth," says Bakshi.
BOOMING MARKET
Indian parents already spend an average Rs 250-300 on a toy and this is going up more and more innovation-driven high-end toys and games - from high-priced board games and play gyms to BeyBlades and remote-controlled planes - enter the market.
"The influx of hi-tech electronic toys accompanied with electronic gaming gadgets is making the Indian toy market on its way to becoming one of the most advanced industries in the subcontinent," says R Jeswant, marketing and sales head at Funskool, the second largest toy maker in the country behind Mattel.
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