Toy companies are betting on last minute shoppers
The 39 billion dollar US toy industry logs about half of its annual sales in the weeks leading up to Christmas.
But so far sales are down three percent compared to the same time last year, and stores worry they have too much inventory. With rising costs, it appears consumers are budgeting more carefully for the holiday season this year.
America’s two largest toy companies, Hasbro and Mattel, are counting on a flurry of last-minute shopping to help their bottom line. Some retail experts predict many consumers will put off their toy purchases until the last ten days before the holiday. They hope that parents will want to ensure there are presents for the kids under the tree despite the economic downturn.