— Educational building toy company Click-A-Brick shares the concerns of the Toy Industry Association (TIA) about possible negative impacts of the incoming United States government, but is also buoyed by the recent projection of the toy industry having reached $90 billion in 2016.
In a letter to TIA members posted to its website, president Steve Pasierb said the incoming administration, set to take over on Jan. 20, has made some members nervous.
“No recent issue has raised more questions or caused more concern for the Toy Industry Association and our members than the possibility of the new Administration and Congress raising tariffs on imported products – as well as the potential for a trade war with China,” Pasierb said in the statement. “While much remains to be seen as Washington debates comprehensive tax reform, any proposals for a Border Adjustment Tax are of deep concern to toymakers.”
On the flipside of that, the TIA president pointed to the potential for reduced regulatory burdens and possible lower corporate taxes that could be positive impacts of the incoming administration.
Click-A-Brick Co-Founders Jason Smith and Georg de Gorostiza say they share the concerns of the TIA president.
“Like pretty much everyone, we’re waiting to see the potential ramifications of the incoming US government and how it might affect global trade,” Smith said. “We work closely with partners in China and while we’re not expecting things to change overnight come January 20th, we also recognize that things might change over time. But, seeing as how we’re in the business of fun and games, we like to keep things optimistic and focus on the positive, so we’re hoping for the best.”
The educational building toy company and the toy industry in general has much to feel positive about, as a new report commissioned by the TIA and compiled by market research firm the NPD Group and the International Council of Toy Industries, says the global toy industry in 2016 will likely surpass the $90 billion mark, which would make it the most lucrative year in history for the toy industry.
The 2016 Global Toy Market Report highlights a continuing trend in the toy industry, as it has grown globally over the past five years, increasing by four percent in 2015.
The duo behind Click-A-Brick say they are pleased with the report’s findings and look forward to 2017 being another record-breaking year in the toy industry despite the aforementioned domestic concerns over the incoming US administration.
Release ID: 160349