Get ready for fewer - and pricier - toys on shelves this holiday season
- Toymakers say parents should brace for fewer and more expensive toys this holiday season.
shippingdelays, troubles sourcing materials, and labor shortagesare hamstringing toy companies.
- Frenzied holiday demand for toys will push prices even higher.
As the holiday season approaches, toymakers are worried about a looming toy shortage that could threaten to deplete store shelves and increase prices of the season's most popular toys,
While many retailers are struggling to navigate shipping delays, labor shortages, and difficulty sourcing materials, toymakers will also have to contend with a burst of demand for toys during the holiday season, and toymakers are encouraging parents to buy presents early for kids.
"There is going to be a major shortage of toy products this year," Isaac Larian, the CEO of toy company MGA
Record numbers of cargo ships stuck at ports and shortages of longshore workers and truck drivers are creating delays across the industry as products stay stranded at ports for weeks on end, according to Retail Dive.
Delays are also causing price increases, CNN reported, as the costs of a cargo container has increased seven-fold since last year and increasing labor and material costs lead to higher toy prices online and in stores.
On top of shipping issues, Retail Dive reported that 60% of manufacturers have resin shortages, a critical component for making the most in-demand plastic toys.
To circumvent imminent shortages and rising prices for toys, parents can try hitting shops early for holiday gifts - especially for more popular toys - try creating handmade or DIY gifts instead of gifting store-bought presents, sending virtual gifts like e-cards, and buying from local shops.Expanded Coverage Module: what-is-the-labor-shortage-and-how-long-will-it-last
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