Squishmallows success fails to cushion impact of £200m drop in UK toy sales

Squishmallows, Ty Beanie Babies and Pokemon were among the brands of collectible stuffed animals that sold well last year. Photograph: Jill Mead/The Guardian

Last year was no fun for the UK toy industry with annual sales dropping by nearly £200m as cash-strapped parents bought fewer and cheaper games and action figures for their children – with the bestseller being a £9 cuddly toy.

Sales dropped by 5% to £3.5bn in 2023, according to the annual toy industry report by the market research company Circana.