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Toy Industry Faces Sales Decline
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Overview
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2023 saw a 8% drop in toy sales due to inflation and consumer financial pressures, with a 8% decrease in both dollar and unit sales during the Christmas toy-buying period. The closure of 1,000+ jobs by Hasbro reflects the impact on the industry. Despite this, the industry has experienced a $5.7 billion sales increase over the pandemic period.
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How might the impact of inflation and consumer financial pressures on the toy industry continue to evolve in the future?
How might the trend of increasing interest among millennial and Gen Z customers influence the future of the toy industry?
What strategies could toy companies employ to mitigate the effects of inflation and consumer financial pressures on their sales?
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