Rhode Island Novelty Announces Product Pricing Reductions
Today, Rhode Island Novelty, one of the largest plus and plush and novelty distributors in the US, sent an email to its customers announcing price reductions on incoming imports. The e-mail stated:
"After see-sawing most of the summer, ocean freight costs are on a solid downward trend, and we expect this to continue through the fall. In August alone, we were able to reduce the pricing on over 300 items as we received them. The average case price decrease on those items was 6.5%. We will continue to review the landed costs on all items as we receive them.
Last December our average container cost from China was almost $20,000 with some containers being in the mid $20's, whereas this past August, the container costs averaged just over $13,000 ($11k-$15k.) Although the current container cost is still significantly higher than our pre-Covid cost of +/- $3,200, we are pleased with the trend.
Aside from the freight space and ocean freight cost challenges, production has been taxing since the pandemic. We are pleased to report that our factory partners have been operating near pre-Covid levels. We expect a continued push through Chinese New Year. "
This announcement poses some potential good news for novelty and game owners who have struggled with increased cost on stock over the last two years.