Squishmallows are this year’s must-have Christmas toy, with soaring sales and a very famous owner. … [+]
Heard about the viral toy sensation that counts Lady Gaga, Warren Buffett and, seemingly, half of Gen Z as fans?
Neither new nor digital, the popularity of Squishmallows in many ways embodies the past couple of years – breaking through on social media during a time when the pandemic made people seek simple comfort and now set to become the must-have Christmas toy of 2022.
Launched in 2017, it was in 2020 when Squishmallows went viral on TikTok and other social media channels, attracting influential celebrity advocates and eventually the interest of legendary billionaire investor Warren Buffett.
We’ll get to that in a moment.
But in the meantime the accolades keep on coming. in September, The Toy Foundation awarded Squishmallows from Jazwares winner of both the Toy of the Year and the People’s Choice awards, as part of the 23rd edition of its annual awards in Dallas, Texas.
Squishmallows was also named Plush Toy of the Year and License of the Year.
On top of that, a report by Premium Joy identified Squishmallows as the most popular toy brand across 41% of the U.S. States (21 out of 51), way ahead of mega-brands such as Hot Wheels, Lego, Nintendo Switch, Nerf and Play-doh.
Squishmallows scored particularly strongly in the Midwest and Northeast and topped the charts in, Arizona, Connecticut, Florida, Illinois, Kentucky, Maine, Maryland, Massachusetts, Michigan, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Pennsylvania, Rhode Island, Texas, Virginia, West Virginia and Wisconsin.
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And if that hasn’t convinced you, then Warren Buffett liked them so much he bought the company.
Warren Buffett Buys Squishmallows
Well, that last bit is maybe a slight stretch, but Berkshire Hathaway
While Alleghany is best known for its holdings in the insurance business, its subsidiary, Alleghany Capital Corp., operates a diverse portfolio across non-financial industries, including Jazwares.
And for its part, Jazwares has been hailed as one of the fastest-growing toymakers in the U.S. and hit a milestone last year with more than $1bn in sales driven by brands such as Pokémon, Fortnite…and Squishmallows.
Personalites, Squish dates and biographies add to the collectible nature of Squishmallows. (Photo by … [+]
So why all the hype?
Squishmallows are in effect round, cute plush toys that come in a wide variety of fluffy and cuddly animal and fruit characters, along with different sizes and colors.
What appears to set Squishmallows apart from other ‘plushies’ is the personality attached to them. Each is given a unique name and Squish date (think birth date) in addition to a background story, likely one of the main reasons for their cross-generational appeal.
Product Expansion And Growth
While they started with just eight products in three sizes, the range has been extended to nearer 3,000 now and sales have soared to over 200 million worldwide.
Gen Z has driven much of that demand, aided by famous devotees such as Kim Kardashian, Lady Gaga and social media star Charli D’Amelio posting about the toys to their huge numbers of followers.
One of the most appealing things about the toys is how they feel, covered in a special stretchy fabric while the filling, which utilizes recycled plastic bottles, feels like a marshmallow.
Cabbage Patch Kids, a line of soft sculptured dolls invented by Xavier Roberts, became a 1980s … [+]
The phenomenon has echoes of Cabbage Patch Kids, the famous line of cloth dolls with plastic heads first produced by Coleco Industries in 1982. They were inspired by the Little People soft sculptured dolls sold by Xavier Roberts as collectibles and rebranded Cabbage Patch Kids by Roger L. Schlaifer when he acquired exclusive worldwide licensing rights.
The doll brand smashed every toy industry sales record for three years running and became a huge Christmas sensation as it evolved to become a powerhouse during the 1980s, eventually spinning off a host of Cabbage Patch products, including children’s apparel, bedding, infants’ wear, record albums and board games.
Likewise, Jazwares has big plans for the future as the company moves beyond the core toy ranges into new product segments such as clothing, bedding and stationery as Squishmallows bids for global domination, one hug at a time.
