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Gloucestershire Business News

Warning: Toys more expensive this Christmas

Toy prices could be going up before Christmas because of the increasing costs being experienced by manufacturers, a market leader has warned.

In the meantime, US toy giant Mattel - whose brands include Barbie and Thomas & Friends - has posted a 40% increase in sales of £740 million.

But Ynon Kreiz, Mattel's chief executive, told the BBC: "We will be looking at increasing prices in the second half of [the] year.

"We haven't broken out [which products will be affected], but this is in response to some of the inflationary pressures."

But he added that his company was not alone in having to increase its prices.

He said: "We're not the only ones who did it, in our industry everyone did - and no-one is surprised by [price increases]."

In a statement accompanying the financial results, Ynon Kreiz, said: "This was another exceptional quarter for Mattel, with outstanding consumer demand for our product. Our strength is foundational and broad-based.

"We believe we are in the strongest position we have been in many years to improve profitability and accelerate topline growth. This is an exciting time for Mattel."

The company reported a growth in sales of its dolls (including Barbie, Spirit, and Polly Pocket), vehicles (including Hot Wheels, Matchbox, and CARS), action figures, building sets and games.

Other products showing good sales included Jurassic World and Masters of the Universe, as well as Fisher-Price and Thomas & Friends toys aimed at younger children.

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