Toy industry crisis

With the holiday season quickly approaching, one industry sector that really doesn't need a crisis situation or cloud hanging over its head is the toy industry. But unfortunately for them, that's exactly what they have.

With the holiday season quickly approaching, one industry sector that really doesn't need a crisis situation or cloud hanging over its head is the toy industry. But unfortunately for them, that's exactly what they
have
. And boy do they have it in spades right now. In fact, the industry couldn't even get through Halloween without hitting a speed bump. Products such as Halloween pails, cape costumes, pumpkin Mr. Potato Heads, and fake teeth were recalled last week.

Google any combination— toy recall; toy safety ; or toy industry —on the search engine's News section and you'll get articles from a number of local media outlets across the world to the New York Times documenting the recall and the issues and backlash it's causing.

But despite the huge amount of media coverage and bad publicity surrounding the recall of millions of toys, more one third (37%) of consumers say they “plan to spend the same amount or more on toys this holiday season compared to previous years,” according to a recent survey by eToys.com. However, another poll done by Reuters/Zogby shows that “three-quarters of U.S. consumers plan to shun toys made in China this holiday season.”

And while Mattel has gotten the brunt of the bad press, the entire industry has to be holding its breath in anticipation of what the holiday shopping season has in store. Because if they think that every parent doesn't have at least some level of concern over shopping for toys, no matter how small it is, then they are simply kidding themselves.

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