Toys “R” Us kids have grown up, gotten jobs, and are now putting their paycheques to work snapping up plushies like they’re blue-chip stocks.
Driving the news: The popular U.K. plush toymaker Jellycat reported that its annual profit more than doubled last year. The banner earnings are part of a wider surge in the niche, but incredibly popular, plush toy industry.
- Aside from Jellycats, Labubu dolls, Squishmallows, and Build-A-Bears are just a few of the stuffed toys that have blown up recently.
Why it’s happening: Kids these days mostly have their heads buried in iPads, so their parents have happily picked up the slack in the toy department. Over 20% of all plush toy sales last year were made by adults who, believe it or not, were buying for themselves.
Why it matters: Unlike kids, adults have paycheques and don’t have to wait for birthdays or holidays to get new toys. That has allowed toymakers to market and price their items for older customers. Jellycat is selling some of its stuffed bears for up to US$1,400.
Zoom out: Even non-toy brands have started to piggyback on the adult toy craze. Gucci collabed with Hot Wheels on collectables that sold out in less than a minute, Uniqlo will roll out Labubu T-shirts and sweatshirts in Canada next month, and cosmetics company Ulta Beauty and Squishmallows are launching a fragrance line.—LA