The 50th edition of the Hong Kong Toys & Games Fair ended on a high note with enthusiasm expressed by many for the return of the full-scale show. Exhibitors noted that their appointments and walk-ins in many cases exceeded expectations, and it was exciting to once again see crowds gathered around hot booths.
Though there was a notable lack of U.S. representation, according to exhibitors, there were more buyers from Israel, Dubai, and Europe than had been expected, and the result was growing optimism for the year ahead.
Johnny Sze, director and vice general manager of Eastcolight said that while sales were down in 2023, 2024 is starting out more strongly. The company has revamped its packaging to reflect the growing importance of ESG concerns. Sze, like many others, added that while there no specific regulations yet, it may just be a matter of time. The EU directive that all packaging should be recyclable or reusable in “an economically feasible way” (whatever that means) by 2030 has companies paying attention and beginning to address these issues—plus, they say, customers are demanding it.
As upbeat as things were, however, there are some concerns. General inflation is a concern when it comes to disposable income for toys. While complete figures are not yet published, indications are that the EOY sales though good did not achieve the predicted bump. And it may not be smooth sailing—literally—after shipping prices came down after the pandemic, some report that that they are beginning to creep back up and are, to some extent, being influenced by the having to get around war regions. We didn’t have that one on our Bingo card for this year.
However, it’s always something, and not to make light of the challenges, we wanted to end this on a high note. Sophia Chong, deputy executive director of the Hong Kong Trade Development Council celebrated the return of the fair to nearly its full size and its role as the largest Asian Toy Fair and a powerful event serving the growing ASEAN markets. And, as always, she is already looking forward to next year. You can hear a full conversation with Ms. Chong on an upcoming episode of The Playground Podcast.
And just a final plug for more U.S. companies to get here. As noted on a previous day, there is still a lot of creativity going on here. Whether for ODM, OEM or to acquire products of technologies, there really is nothing like being able to walk the halls of a trade show of this size…at least as long as the coffee holds out.
What do you think?
