Report: Expect Christmas toy prices to rise this season

STATEN ISLAND, NY — Kids’ beloved toy brands — such as Barbie, Hot Wheels, American Girl and Fisher-Price — could be more expensive this holiday season, according to manufacturers.

The possible price increase is due to a global supply chain problem, the Florida News Times reported, where the toymaker, Mattell, announced it would raise prices in the second half of the year.

Ynon Kreiz, the company’s CEO, stated that Mattel is managing global supply chain challenges, including rising manufacturing and transportation costs, the report said.

We expect supply chain challenges to continue for the rest of the year, Kreiz said. Of course, unforeseen supply chain challenges can still exist and it’s hard to tell what the future holds.

Due to rising freight costs during the COVID-19 pandemic, many companies are struggling to meet the growing demand for these toys.

Companies such as Hasbro — known for tits Transformers, My Little Pony and Nerf — announced they would raise prices later this year to offset the rising cost of freight and goods company-wide.

Joshua Loerezel, vice president of sales and marketing for Hog Wild LLC, a small toy company based in Oregon, told the Wall Street Journal that many ports were closed in 2020, and this has continued in 2021.

Those looking for the top toys of the season will have to jump on them because of the scarcity, consumer experts recommend.