It seems like every product category is becoming “smart” these days. You already have smartphones and smart homes. And now, parents and consumers even have a growing selection of smart toys to choose from. These toys often include apps or video game elements that are interactive or connected in some way. According to a recent report from Research and Markets, the market for smart toys is growing and is likely to continue doing so for the years to come. So how many consumers are likely to purchase these smart toys in the coming year? We asked 1,000 respondents on September 7-8 about their thoughts on this growing market segment.
In Ask Your Target Market’s latest survey, 11% of respondents said they’ve purchased toys or games within the past week. Another 11% have bought them in the past month. 13% have done so in the past three months. Another 13% have bought toys or games in the past year. 21% said it’s been more than a year since they last purchased any toys or games. And 32% are not toy or game consumers.More specifically, 34% of toy consumers said they last purchased puzzles or board games. 31% bought dolls or action figures. 30% bought video games. 19% bought outdoor toys. 18% bought cars or similar toys. 8% said they last purchased smart or connected toys. And 11% purchased other types of toys or games, such as craft kits, Legos or stuffed animals.
Overall, just 12% of toy consumers said that they’ve purchased smart or connected toys many times in the past. And 24% said they’ve purchased smart toys at least once. Leap Frog, Vtech, Apple, Fisher Price, Mattel and Hasbro were named as some of the popular brands for smart or connected toys. Looking forward, 28% of toy consumers said they are at least somewhat likely to purchase smart toys in the next year. Of respondents who have kids, 35% said they would be likely to purchase smart toys in the next year. And in addition, 40% of those who have purchased video games in the past year said they would be at least somewhat likely to purchase smart toys in the next year.
In general, 70% of overall respondents agree that smart toys can help kids learn. 58% think that video games can help kids learn. 70% said that they are generally interested in technology. And 42% said they are generally interested in gaming. 40% of those who are interested in gaming said they are likely to purchase smart toys in the next year. And 35% of those who are interested in technology said they are likely to purchase smart toys in the next year.
Smart toys seem to have a lot in common with video games, since they often include some gaming or interactive elements just included on one device. So it makes sense that there would be some overlap in the markets for those products. For companies that sell smart toys, what that means is that it could be a good strategy to target those who already purchase video games, especially those that have some educational value or are made for a younger audience. And since consumers tend to see smart toys as having more educational value than video games overall, that could be a strong selling point in gaining some of the market share over companies that sell video games. You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.Photo Credit: WonkyWheels and SmartMat by PlaSmart Inc under CC BY 2.0What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on September 7-8 via AYTM’s online survey panel.