COVID-19

Parents are buying a lot of toys for kids during the pandemic

Samantha Fields Oct 26, 2020
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People walk past an open toy store in June in New York City. Stephanie Keith/Getty Images
COVID-19

Parents are buying a lot of toys for kids during the pandemic

Samantha Fields Oct 26, 2020
Heard on:
People walk past an open toy store in June in New York City. Stephanie Keith/Getty Images
HTML EMBED:
COPY

The holidays and the associated gift-giving will be here before we know it, which has us wondering how toymakers have been faring recently. Mattel just reported one of its best quarters in a decade, and Hasbro on Monday shared results for quarterly revenue and profit that beat analyst expectations.

Parents have been buying toys to keep their kids occupied, and this holiday season is likely to be a big one for toy companies.

When the pandemic started and so many people were suddenly stuck at home, a lot of them responded “by buying games, buying puzzles, buying building sets, arts and crafts,” said Steve Pasierb, CEO of the trade group The Toy Association. “So you saw huge growth in the toy industry at a time where normally the toy industry is fairly quiet.”

Pasierb said he expects that trend to continue right into the holidays, especially since it’s harder to give experiences this year.

“What we hear from families is that they want to preserve the holidays for their kids. They want presents under the tree,” he said.

In a normal year, Cara Santos Pianesi and her husband, who live in Virginia, try not to buy their two kids a lot of presents for the holidays, “just because we don’t want to spoil the kids,” she said, who are 10 and 12.

But this year?

“Would we think about getting more? I think that there’s a good case to be made for that this year for sure,” Pianesi said with a laugh.

Because, she said, they’re looking for ways to keep the kids sane, bring them some joy and get them away from screens.

COVID-19 Economy FAQs

Can businesses deny you entry if you don’t have a vaccine passport?

As more Americans get vaccinated against COVID-19 and the economy begins reopening, some businesses are requiring proof of vaccination to enter their premises. The concept of a vaccine passport has raised ethical questions about data privacy and potential discrimination against the unvaccinated. However, legal experts say businesses have the right to deny entrance to those who can’t show proof.

Give me a snapshot of the labor market in the U.S.

U.S. job openings in February increased more than expected, according to the Labor Department. Also, the economy added over 900,000 jobs in March. For all of the good jobs news recently, there are still nearly 10 million people who are out of work, and more than 4 million of them have been unemployed for six months or longer. “So we still have a very long way to go until we get a full recovery,” said Elise Gould with the Economic Policy Institute. She said the industries that have the furthest to go are the ones you’d expect: “leisure and hospitality, accommodations, food services, restaurants” and the public sector, especially in education.

What do I need to know about tax season this year?

Glad you asked! We have a whole separate FAQ section on that. Some quick hits: The deadline has been extended from April 15 to May 17 for individuals. Also, millions of people received unemployment benefits in 2020 — up to $10,200 of which will now be tax-free for those with an adjusted gross income of less than $150,000. And, for those who filed before the American Rescue Plan passed, simply put, you do not need to file an amended return at the moment. Find answers to the rest of your questions here.

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