The
U.S. has one of the most racially and ethnically diverse populations on the
planet, with 2013 and 2014 census data indicating a continued and substantial
growth in overall diversity. In the nation’s most populous state for instance,
California, which has more people in it than the 21 least populated states
combined, Latinos have become the largest single racial/ethnic group in the
state as of this year, making up 39% of inhabitants. In Texas, census data
combined with survey data indicates black-owned businesses are growing at a
rate faster than the state average for all other businesses over the last
decade, according to a report released this June from the BBR (Bureau of
Business Research).
From
2002 to 2007, the number of black-owned businesses jumped by 60.5% to 1.9M,
with greater access to financing and improved entrepreneurship education
driving the trend. Census Bureau projections through 2060 show non-Hispanic
white populations peaking around 2024 and then declining by comparison with
other segments, as the Hispanic population more than doubles over the same
interval and the black population climbs by around 50% to 61.8M. The U.S. is
expected to become a majority-minority nation by around 2043 according to
Census Bureau projections.
This
trend of growing diversity is finding expressions throughout every sector in
the economy, with retail goods being a solid barometer of the change. With
non-white spending power two years prior pegged around the $1.2T mark and
estimates from marketing firm Geoscape that non-white spending power will
become the dominant vector around the same 2040’s mark set for the country to become
a majority-minority nation, the expressions of diversity in the tastes of
retail consumers is following suit. One particularly telling category is the
toy, doll and game market, for which IBISWorld’s report out this month
indicates revenues of around $5B.
A
relatively slow rate of growth in the category over the next decade (annualized
rate around 3.2%) will make product differentiation and the ability of brands
to hone their focus, increasing direct appeal to consumers from a growingly
diverse population, more and more key to overall success. According to leading
experts in the field of child development for instance, children can recognize
race as young as three years, so it just makes sense that doll makers and
consumers alike will continue to implement greater diversity among their
product lines, reflecting the increasing ethnic diversity of the country’s
population. Toy developers who can successfully capture the imagination and
interests of the increasingly diverse U.S. consumer market will thrive, while
those companies which fail to evolve will likely see hard times amid tighter
margins.
Playing
with dolls, still a popular pastime among young girls in the U.S.,
psychologically allows for a great deal of role expression, with the young girl
not only seeing themselves in the doll to some extent, but the doll giving them
a sort of template when it comes to fashion, attitude and broader life
aspirations. Savvy toy makers who understand the psychology behind playing with
dolls have moved to enhance the experience in more recent years, giving the
dolls improved, personalized personas, even turning them into role models with
their own well defined careers and goals, not just tiny plastic women.
This
product differentiation approach of crafting tuned personas for each product
offering is most well known in executions like Mattel’s (NASDAQ:MAT) Barbie™,
which has a wide variety of extremely well-developed personas on a per product
basis. However, as well-developed as the general personas might be, it is difficult
for young Black, Latino, or Asian girls to pattern their own aspirations and
attitudes after a character which does not look like them.
The
Barbie franchise has made some appeals to the changing demographics of the U.S.
over the years, stretching back to the introduction of Barbie’s black friend,
Christie, in the 1960’s and leading up to a standalone Black version of Barbie
in the 80’s, as well as a reboot in the year 2000. Unfortunately, these
attempts to appeal to a wider and increasingly more diverse population of young
girls have been seen as half-hearted by some consumers, with some even taking
offense at the stereotypical nature of variations like the Mexican Barbie
product from their Dolls of the World Collection for 2013 and 2014, featuring
overly stereotypical garb, like a ruffled dress and mariachi outfit.
Well
known doll designer Stacey McBride-Irby, who left Mattel™ after the successful
launch of her more realistic “So In Style” line of African-American dolls in
2009, decided to change the doll game forever with the founding of the One
World Doll Project, a subsidiary of One World Holdings, Inc. (OTC: OWOO),
alongside Trent T. Daniel. Today, the company has a full line of ethnically
diverse, fashion-forward dolls called The Prettie Girls!™, each with their own
highly crafted persona. Stacey McBride-Irby’s vision to offer consumers well
thought out executions of dolls that are not represented on today’s store
shelves, has been a recipe for commercial success and increased market traction.
The
dolls have won immediate favor among consumers and retailers alike on account
of their well-crafted design and highly differentiated concept execution. The
Prettie Girls! lineup features a high-school aged African, African-American,
Caucasian, Hispanic, and Middle Eastern Indian doll, each with their own
fashion sense, career aspirations, extracurricular focus, and other personality
traits. These multi-cultural dolls were extremely well received by major big
box chain, H-E-B Stores, with the success of an initial foray leading to orders
from ten more stores in the chain. A solid showing at the Toy Fair 2014, an
online distribution deal inked with Toys”R”Us®, and a subsequent initial order
from retail giant Walmart (NYSE:WMT) have all led up to the company’s prepping
some 75k units in anticipation of a blowout holiday season, as young girls
across the country find dolls on the stores shelves that not only look like
them, but are styled for play and filled with soul.
For
more information, visit: www.oneworlddolls.com/
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