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ARCHIVED - Tight Christmas ahead as toy prices skyrocket in Spain
Many toy manufactures in Spain have experienced a 40% increase in production costs which will be passed onto consumers
The economy in Spain may be experiencing a subtle rebound as the end of the fifth wave of the pandemic appears on the horizon with inflation on the rise, but consumers have been dealt another heavy blow this week with experts warning that this Christmas, the price of toys is going to skyrocket.
Due to an increase in the cost of raw materials, a rise of around 500% in the price of maritime transport and the sharp spike in the cost of electricity, José Antonio Pastor, president of the Spanish Association of Manufacturers of Toys (AEFJ), has explained that production costs have soared by up to 40%, an expense that will almost certainly be passed onto shoppers this festive season.
According to Mr Pastor, the inflation will vary depending on the particular strategies of individual companies, with many opting for cheaper raw materials and trying to negotiate better deals with suppliers. Nevertheless, there will most definitely be “a brutal increase in costs.”
The irony is that the toy sector in Spain has been booming, registering 4% more turnover up to September, while exports have increased by 25% compared to 2020. Unfortunately, companies large and small are failing to reap the benefits due to the sharp rise in production costs.
According to sources from the AEFJ, some plastics such as polymers have doubled in price, while containers arriving by sea are being delayed by up to nine weeks.
Despite all this, the outlook for Christmas is positive with family gatherings once again permitted. As loved ones get together, the experts predict a resurgence in the demand for so-called nostalgic toys, such as the Rubik’s cube and spinning tops, while board games and puzzles, which were highly sought-after during the pandemic, are expected to take a hit this year.
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