Shopping Season to Get More Expensive This Year
We’ve seen price hikes, and we’ve seen product shortages. Now both problems are about to affect the toy market just as the shopping season begins. The pandemic-related shipping container crisis, backed-up ports, shipping fees at all-time highs and shortages of basic materials have all contributed to a much more expensive holiday this year.
Even when toys get from Asian manufacturers to Western buyers, many countries do not have enough truck drivers to bring them to stores. The CEO of Little Tykes says "everything that could go wrong has gone wrong at the same time."
Mattel warned it will be raising prices this holiday season, though it won't list specific toys just yet. According to CNN, toy executives predict price hikes of up to 10 percent, with fewer promotions.
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