The pandemic and its accompanying recession could make for a very Grinch-y holiday season, but toy makers and industry analysts say there are several reasons to still expect presents under the tree, despite all the turmoil.
The pandemic has already been an unanticipated boon for toy makers as parents have hunkered down with children at home. Sales of Lego blocks, Barbie dolls, board games and puzzles have soared since the lockdown orders hit the US this spring.
The US toy industry grew 16% in the first six months of the year, according to the market research firm NPD Group, and the growth is expected to continue.
Parents feel guilty
For most of the year, children have been prevented from seeing their friends, playing in parks or having birthday parties, and analysts say parents will try to make it up to them during the holidays.
Deals are everywhere
Retailers are extending by weeks or months the usually frenzied discount windows like Black Friday and Cyber Monday, giving shoppers more opportunities to find holiday deals.
It’s easier than ever to shop online
With brick and mortar stores shuttered or limiting capacity, online shopping has become more mainstream than ever…Â CNN Business