UK toy market now valued at £3.5 billion despite Brexit

Securing a 6.3 percent sales increase in 2016, the industry has quickly become the largest in Europe, and fourth biggest worldwide.

In spite of the fears surrounding the country and its toy industry due to the effects of last year's Brexit, both at the present and in the future, including a sudden surge in prices, the UK toy market still achieved a record-breaking £3.5 billion. The NPD Group together with the British Toy and Hobby Association, reported that the toy industry managed to secure a 6.3 percent increase in sales for 2016, beating the US at 4.7 percent and France at one percent. This makes UK the largest toy market in Europe, and the fourth biggest in the world.

On average, the multibillion figure can be broken into a 350-pound annual spend for each child ages 0 to 9, with the mean toy price at around £8.35. According to NPD Group global analyst Frederique Tutt, the growth is attributed to the consumers' fondness for collectibles, which saw a 44 percent year-on-year increase.

Tutt went on to say that 22 percent of the sales growth took place during December 2016. Thirty-six percent of orders were done online while click-and-collect systems grew by 14 percent year-on-year. This also means that brick-and-mortar stores are less likely to phase out soon in favor of online businesses.

UK manufacturers will strive to maintain this sales growth in the coming years with more innovative and interesting toys for both children and adults. Last 2016, the industry released 63,400 new lines, amounting to £1.1 billion in retail.