Source link Recent reports show that the cost of living in Britain has risen dramatically in the last year. This has had a noticeable effect on the sale of toy products priced under £10.
A survey of retailers conducted by the Toy Retailers Association has shown that sales of toy products costing less than £10 have dropped over the last 12 months. Many of the retailers surveyed cited the rising cost of living as the primary factor behind the fall in demand. As a result of this, some leading toy brands have been forced to reduce the value of their product range in order to stay competitive.
It is not only consumers who are feeling the effect of the rising cost of living. Manufacturers have also had to adapt to the changing market by limiting their cost base and exploring new ways to remain cost effective. Many have increased their focus on product innovation, enabling them to provide more diverse ranges of toys at affordable prices.
The impacts of the rising cost of living are far reaching and it is likely that the trend for toy products costing under £10 will continue to fall in the next few years. In order to counter this, retailers must focus on providing innovative and value-for-money products. Additionally, the recent economic upturn presents an opportunity for the toy industry to shift attitudes towards value, helping to increase the demand for toys.
The cost of living is an issue that affects consumers and businesses alike, and it is vital that retailers and manufacturers work together to ensure that the market remains competitive and that families can access affordable and good quality toys.
