Greece’s crushing economic austerity is taking its toll on the toy industry as well as Greeks are buying fewer for their children, according to the statistics agency ELSTAT.
The survey’s conclusions showed that the small toys stores were particularly affected by the crisis, in comparison to large chain stores that were proved more persistent due to the competitive prices they offer.
Many retail companies offer generous discounts, in an effort to stop the decline in their revenues. However, this policy has an impact on the profit margin.
An increase in the import of low-cost anonymous products from China and other Asian countries has also hurt some toymaker competitors with parents opting for cheaper choices, although it has been offset somewhat by exports.
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