The London Toy Company’s CEO warns that toys will be more pricey this Christmas

The London Toy Company's CEO warns that toys will be more pricey this Christmas

The London Toy Company has warned that a scarcity of shipping containers and congestion at UK ports are driving up prices, which will be passed on to consumers. According to the CEO of a British toy maker, the price of toys will rise this Christmas as the cost of delays and shortages hits consumers’ wallets.

The London Toy Company’s CEO warns that toys will be more pricey this Christmas

Parents may have to pay even more for presents as firms try to recoup part of the cost of transporting things to the UK, which has risen due to the COVID-19 outbreak, according to Joel Berkowitz, founder of The London Toy Company. “Toys will be more expensive this Christmas, assuming they’re even in stock,” Mr Berkowitz predicted. “The shortages have a huge impact on us.” We have clients who want to place orders right now, but we are unable to fulfil them.” It’s destroying our company. It’s a total disaster.” The difficulty begins at ports in manufacturing countries like China, where there is a shortage of empty shipping containers as a result of a worldwide trade halt during the pandemic’s peak. Companies must wait at least three weeks to get their hands on a container, and then pay up to eight times the standard amount for shipment.

The delays are being exacerbated by congestion at UK ports and a shortage of HGV drivers to convey the goods. Companies are being charged higher sums since the tax on importing goods is assessed in part based on shipping expenses. Bringing in the normal 30 or so containers per year, according to Mr Berkowitz, would have cost roughly £30,000 previously. He expects the price to rise to £150,000 this year. “Then, once they arrive, we’re told it’ll take three weeks to acquire a vehicle to transport it from the port to our warehouse.” It’s the start of a chain reaction that will disrupt every aspect of the shipping process. And it’ll just get worse,” he continued. He wants the government to enable European port employees and HGV drivers to work freely in the UK, as well as undertake “real talks about the shipping industry and the firms that manage it, which are referred to as cartels.” Mr Berkowitz attributes the delays to a price increase on new items produced this year, such as an electric subterranean train set that was expected to sell for £35-40 but will now likely cost around £50.

WOW Toys, situated in the United Kingdom and shipping toys all over the world, founder and owner Nadim Ednan-Laperouse stated the scenario was “completely unusual” in the company’s 25-year history. “The most serious issue is the shipping channels, which are controlled by a small number of businesses such as Cosco and Maersk, which have raised their prices dramatically since they have complete control.” “As a result, there will be a major inflationary crisis all across the world. So I’m not sure why countries, including the United Kingdom’s, aren’t putting pressure on them.”

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