Big Hugs Elmo, others make Target list of top holiday toys

Associated Press

NEW YORK

An Elmo that gives out hugs, Barbie’s Dream House, and a new striped Furby all made Target Corp.’s list of top toys for the holiday season.

Retailers place their bets early on which toys will be hits and then spend heavily to market them to spur sales during the holiday season. It’s a crucial time because holiday sales can make up to 40 percent of a retailers’ annual revenue.

Toy sales have been weak in North America, Europe and Australia, due to a weak video-game market, an uncertain economy and continued popularity of electronic gadgets such as smartphones and tablets. BMO Capital Markets analyst Gerrick Johnson estimates total toy revenue will be down 2 percent to about $21 billion.

Among the top picks: Sesame Street’s Big Hugs Elmo, a mechanical Elmo that gives out hugs and sings songs; Hasbro’s Furby Boom, a robotic toy pet; a Target exclusive Mattel Monster High doll called Power Ghouls; and SpinMaster’s Flutterbye Flying Fairy, a doll that can flutter on air.