Episode description
Episode description
What is the "Underconsumption Core" TikTok trend and how might it effect the toy industry? From "Loud Budgeting" to "Underconsumption Core" Gen Z and Millennials are leading an era of saving over spending, and they aren't keeping quiet about it. As the cost of living skyrockets while wages remain stagnant, the U.S. is bracing for a financial downturn. But this time, consumers are anticipating, preparing, and talking about how they're cutting back, all over social media.
If you haven't yet explored the implications of this trend on the toy industry, now is the time. In this episode of the Making It In The Toy Industry Podcast, we dive deep into the potential impact of "Underconsumption Core," drawing parallels to the 2008 recession and its influence on toy sales. We'll examine the toy categories that thrived during that financial crisis and discuss how today's focus on mindful spending might shape the toys we develop and how we market them.
Key Takeaways:
Resilient Categories: Arts and crafts, building sets, and games and puzzles weathered the 2008 financial storm, suggesting these could be strong contenders for future toy releases.
The "Underconsumption Core" Trend: Driven by a focus on budgeting, a desire for lasting value, and the challenges of a high cost of living, this trend may lead to a demand for durable, multi-use toys and an "Underconsumption Core" aesthetic.
Low-Price Novelty Success: During economic downturns, low-price novelty items and arts and crafts products often appeal to both high-income and budget-conscious consumers, offering a potential strategy for future product development.
Tune in to gain valuable insights on how the Underconsumption Core trend may impact the toy industry's pricing strategies, revenue growth, and overall consumer behavior. Don't miss out on the opportunity to adapt your toy business or career to align with the changing consumer landscape.
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