Santa Claus is expected to experience downtime this Christmas as consumers in the US and Europe prioritize buying essentials, economists say. Therefore, they will only buy what they need. And, according to toy manufacturers and industry analysts, citizens will save on purchasing these goods.
At the same time, Santa Claus will not get tired, since he will have to “walk less from house to house, giving gifts to children.” Consumers around the world are struggling to cope with high inflation and sluggish economic growth. The shopping season, which begins with Black Friday (including the holidays) and runs until around the end of December, is expected to be particularly challenging for retailers compared to past years.
Favorite products such as Barbie dolls, Transformers action figures and Hot Wheels cars continue to top children’s wish lists, analysts say. However, few parents will be able to buy them for their children this year.
“The most important thing for people this holiday season is have food on the table for their families“said the CEO of doll maker Bratz MGA Entertainment. Toy makers Habro and Mattel have already warned of a decline in sales for the industry as a whole.. But things may turn out to be even more difficult than expected, executives of major companies and gaming industry experts told Reuters.
Aizan Larian of his namesake company expects holiday sales to be down 10% to 12% compared to last year. Other large companies are making similar predictions, with some emphasizing that will try to lower prices to stimulate demand.
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