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Toy prices on the rise
Toy prices are seeing a steep jump that, combined with backlogs in shipping, could lead to an even bigger scramble during the holiday season.
LONG ISLAND - This year, you may have to start holiday shopping for the kids in August.
That’s right, you can now add toys to the growing list of shortages caused by the pandemic.
"Its never, ever been like this," says Barbara Goldfarb, owner and Manager of MJ Beanz in Plainview.
Goldfarb has been in the toy industry for 25 years and says she’s never seen anything like it.
In July she started stocking up for the holidays. Usually, she starts filling up the shelves in October but this year since toymakers are grappling with the possibility of a massive shortage she started early, hoping the merchandise will last through December.
"The problem started a couple of months ago when you got short some items, you were down 10-20% now you’re down to 50% and they say by October it will be a lot worse than that," said Goldfarb.
Troubles in the shipping industry are to blame for the shortage. Experts say it’s even worse now than last year.
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"That’s related to the shortage and shipping capacity and also local lockdowns at the shipping ports," says Dr. Kaushik Sengupta, Professor at Zarb School of Business.
Dr. Sengupta says there’s been a huge spike in the shipping cost this year compared to last year.
"These prices have gone up almost 25% to 30% sometimes even more," Sengupta said.
This means If and when the toys make it to the shelves, they will be more expensive.
If you are looking for a specific item this holiday season they do recommend you to start shopping as soon as possible. As for how long this is going to last? Dr. Sengupta says it could be until 2022 possibly even 2023 .