Market Trends of Australia Toys And Games Industry
Rise in the Number of People Buying Video Games
Australia’s video game market had a great year in the previous year, with a variety of new software titles available and hardware availability improving compared to the previous year. Australia is home to one of the fastest-growing games industries in the world. The video game industry generated USD 226.5 million in revenue in the last year, up by 22%. Australians are addicted to video games, spending an incredible AUD 4.21 billion (USD 2.85 billion) on games, hardware, software, and peripherals last year, according to a new report from the Interactive Games & Entertainment Association (IGEA). Although the retail software market witnessed a positive 10% growth in expenditure from the previous year, the key highlight was the substantial 20% overall spending increase in the previous year. This surge was primarily attributed to a significant portion of software sales.
Increase in Online Shopping is Driving the Demand for the Market
Numerous causes have increased demand for internet purchasing, particularly in the wake of the epidemic. Over the past five years, there has been a rise in online purchasing due to improvements in consumer attitude, discretionary money, and transaction security.
Compared to traditional brick-and-mortar businesses, online toy sales have expanded at a significantly faster rate over the last five years. This was mostly because of the poor retail trading conditions that existed both before and during the pandemic, as well as the necessity of social separation after the pandemic, lockdowns, and trading restrictions. Online toy sales have increased over the previous five years due to these variables and an increase in the number of young people who are 14 years of age and younger.
