Introduction

In the vibrant shopping landscape of Singapore, toy stores are witnessing a fascinating transformation, largely fueled by a unique demographic known as "kidults." These adult fanatics, aged between 18 and 44, are not just fond of childhood memories; they are also deep-pocketed consumers willing to indulge in nostalgic toys and collectibles.

Market Trends

Market analysts predict the toys and games sector in Asia will reach a staggering $53.8 billion in revenue by 2024, showcasing an uptick in consumer interest particularly among kidults. According to Jason Tjiptadi, a consultant at Euromonitor International, brands like Pop Mart, Pokémon, and LEGO have surged in popularity, marking a significant trend shift even as traditional giants like Hasbro and Mattel face challenges.

Rising Popularity of Collectibles

In a striking statistic, sales of blind box dolls—a popular collectible format where the contents remain a surprise—rose by 12% in 2023. "This shift is indicative of the modern consumer who craves the thrill of the unknown," explains Tjiptadi. Blind boxes often feature tie-ups with beloved franchises like Disney and Marvel, amplifying their appeal. Yet, the influence of celebrity endorsements cannot be understated; the meteoric rise of the Labubu character, inspired by Nordic folklore and created by illustrator Kasing Lung, is a prime example. The popularity escalated after K-pop sensation Lisa from BLACKPINK was spotted sporting Labubu charms, leading to issues of theft due to extremely high demand.

Transformation of Retail Spaces

The rejuvenation of the Toys 'R' Us store at Paragon Shopping Centre reflects this shift perfectly. Following its revamp, the store now greets visitors with a dazzling array of blind boxes and Pokémon figurines, creating a dream destination for kidults. As shoppers explore further, they'll uncover a treasure trove of collectibles, from limited-edition comic book character figures to intricate Gundam model kits—each a testament to the rich world of nostalgia.

Adapting to a New Customer Base

The LEGO aisle has also adapted to cater to older enthusiasts, expanding its repertoire to include sets that replicate luxury cars and architectural marvels, thus attracting more sophisticated builders. Interestingly, areas for young children have been strategically placed towards the back of the store, allowing kidults to freely enjoy their shopping experience.

The Kidult Market Impact

This burgeoning kidult market is reshaping the retail landscape in Singapore, prompting Toys 'R' Us to implement store revitalizations across three of its 11 locations, including VivoCity and Jewel Changi Airport. "As birth rates decline and consumer demographics evolve, we recognized the necessity to engage with more than just traditional families," said CEO Leo Tsoi. He points out that Gen Z and kidult shoppers desire unique experiences that transcend simple transactions.

Creating Unique Shopping Experiences

The revamped stores aim to captivate these consumers through curated products and immersive shopping experiences. The Paragon outlet embraces a premium toy concept, featuring exclusive and high-end items tailored to tourists and expats alike.

Positive Retail Outlook

With an eye toward customer engagement and satisfaction, Tsoi highlights the success of this new concept, noting a surge in store traffic and a nearly 50% increase in sales productivity per square foot. As the holiday season approaches, the anticipation of increased sales remains high, with changes in shopping behaviors already noted as customers begin their purchases closer to Christmas.

Conclusion

Optimism runs high within the company, supported by a robust product lineup and dedicated staff. "We're confident that the upcoming festive week will see significant sales, driven by our commitment to adapting to consumer preferences," Tsoi asserts. As Singapore's toy retail scene evolves, it reinforces the undeniable influence of nostalgia, showing that the love for play, regardless of age, is far from fleeting. For those wondering how to tap into these changing trends, the answer remains clear: Embrace the kidult spirit!