Black Friday shoppers likely helping toy industry deliver its best year in over a decade
This holiday season is projected to be an epic coda for what is shaping up to be the toy industry’s best year in over a decade, one in which a crop of new movies and a spate of technological innovations have already had toys flying off shelves. And on Black Friday, customers were out in droves to make sure they pounced early on the must-have toys on their shopping lists as they worried that in-demand items might sell out if they waited to buy them.
Also online shopping has become a must for all the idle shoppers who do not want to deal with the hustle and bustle of a busy shopping center.
Toy sales are projected to surge between 6.2 and 7.3 percent this year, according to researchers at NPD Group, after swinging between modest sales increases and declines for a decade and improving somewhat to 4 percent in 2014.
Link:
https://www.washingtonpost.com/news/business/wp/2015/11/27/black-friday-shoppers-likely-helping-toy-industry-deliver-its-best-year-in-over-a-decade/
4 comments:
This comes as no surprise seeing as how the economy has grown over the past year, and continues to grow, the level of employment is increasing and consumer confidence is up as well. People are in good spirits. With all the new and exciting technology, in combination with better incomes, it would be assumed that toy sales would be up. Another reason for this is we have been a "throw-away" society for quite some time now, and consumer goods, especially toys are not made to last, therefore ensuring that consumers will be back year after year to buy the newest toy, but not only to replace that toy but to one-up what they had in years previous. As stated in "How Much Is Enough" if man sees their ultimate as being to accumulate, he will increase his consumption to be more than that of his neighbors.
I agree with Rachael in that customers are certainly more incentivized this year in comparison to recent past years to splurge on the latest toys and other holiday purchases due to enthused consumer confidence that has come with a growing economy. It is true that salaries are increasing and more workers are being hired, so consumers have high hopes for the future and are therefore acting upon that mentality. With the holiday season being a time for consumers to feel the splurge in the first pace, the back-on-track economy boosts the holiday cheer in consumption.
I also agree that high consumer confidence in the economy surely is one of the reasons why people are able to spend on such goods more now as compared to before. Besides that, I feel movies such as Minions, Star Wars, etc have also attracted a lot of customers to buy the toys of some characters from those movies. Moreover, I think technology has played a major part in making these toys 'more real' to the buyers, thereby increasing the sales. Some toys now come with built-in apps which you could use to make the toys say and do some of your daily activities! If people are so caught up with work and school these days, then they would obviously buy these 'miniature robots' to do their tasks for them.
I think the toy industry is the only one that is keeping Black Friday going. As stated sales have increased from 6.2% to 7.3% over the past year. Other industries are seeing less foot traffic on the busiest shopping day of the year. This is because of the extension of sales before and after Black Friday, consumers don't find it worth it to go out on this specific day. However, the toy industry still gains speed on this day since their deals are exclusive to the day and time range.
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