Toy makers face dismal outlook after Hasbro’s holiday sales tank
NY Post
Toy manufacturers are revealing dismal results for the holiday season as shoppers scooped up far fewer dolls and action figures than last year – and experts say there’s no relief in sight.
Hasbro’s disappointing fourth quarter – sales tumbled 23% compared to a year ago, the company said on Tuesday – comes on the heels of archrival Mattel’s flat sales forecast for 2024 last week.
Despite the box office success of the Barbie movie that also goosed sales of Barbie dolls, Mattel’s chief executive Ynon Kreiz is seeing consumers spend their money on “experiences” rather than goods, he told The Wall Street Journal last week.
Overall US toy sales plummeted 8% to $28 billion last year after rising 1% in 2022, according to Circana data. That’s in stark contrast with the eye-popping growth during the pandemic when pent-up demand fueled 17% revenue growth in 2020 and 16% in 2021, according to Circana.
On Tuesday, Hasbro said it expects sales declines this year of 7% to 12% as it makes significant cuts to its workforce.
The grim outlook for toys comes as many consumers are financially tapped out with credit card debt at a record high. But toy executives say other factors are also to blame for fewer toys being sold, pointing to dearth of must-have toys that are selling out and young people’s obsession with their phones.
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