The NRF (National Retail Federation) says it’s still way too soon to say the worst is over for the retail industry. Still, there are some hopeful signs.
“Is it possible the worst of the coronavirus pandemic is behind us? Maybe, but we are not out of the woods yet, and uncertainty abounds,” says NRF Chief Economist Jack Kleinhenz in the organization’s June Monthy Economic Review.
“Predicting what will happen is even more challenging than usual. While history often helps guide us, previous downturns offer little guidance on what is likely to unfold over the next six to 12 months. There is no user’s manual in which government, businesses, or consumers can find precise solutions for what we are going through.”
The toy industry certainly feels like it was brought to a halt after the pandemic ramped up. The current civil unrest in the US will also reflect on the retail industry. That though is still not factored in the projections and it will depend on how long it will go on.
For now it seems that the world has more important things on its list to do than enjoy toys. This certainly means times are tough which isn’t good. Hopefully we will all emerge better and stronger after all of this and we will soon be able to enjoy toys and plushies once again.