In late March, we surveyed the toy industry about its reaction to the Coronavirus and the economic impact it was having on the industry. We wanted to find out how people and businesses were respondng to the impact of the Coronavirus and stay at home orders.
In order to find out how the industry is feeling now, we decided to do another survey last week ,and we are publishing the results today.
In general, we found the industry’s mood to be surprisingly good. 61% describe themselves as either optimistic or neither optimistic nor pessimistic. This positive reaction is particularly impressive ,as 86% of respondents reported that they were operating under a quarantine order.
One reason for the optimism comes clear from our question regarding how business is doing compared to last year. Roughly one-third of respondents reported that their business was either up or even with last year.
We wanted to know if industry members were taking advantage of the “Paycheck Protection Loan” program. We found that 60% had applied, 38% had gotten a loan, and 26% had received the money.
The supply chain is up and running. Although 60% reported that they had canceled orders from suppliers, 75% told us that they were receiving shipments.
We have a long way to go yet until we figure out the new normal, but as of now the toy industry has its head up and is moving forward with an impressively positive outlook.
Individual question results:
- Have you canceled any orders due to current economic conditions? [Results]
- Are you currently receiving shipments from your factories? [Results]
- Has your company applied for a Paycheck Protection Program Loan? [Results]
- Has your company been granted a Paycheck Protection Program Loan? [Results]
- If the loan has been granted, have you received money? [Results]
- Are you currently operating under state or city quarantine order? [Results]
- Compared to last year at this time, is your business [Results]
- In general, are you feeling…? [Results]