It is not exactly the year for splashing out on Christmas presents for the children, even for parents who have not yet felt the impact of the recession on their finances. It just does not sit well with the mood of the nation.

So it is hardly surprising that the toy industry is suffering at what should be its busiest time.

The Toy Retailers Association, the trade body of toy sellers, is expecting that sales this year will be down by as much as 5 per cent on last time.

Parents are that much more likely to question whether their children really need that extra game or toy - it is a time for focusing on the essentials. And this happens not only on a practical level but also on an emotional one. It is not just about value. It is about values.

What is happening on an individual and a family level is happening at a corporate level too. It would be easy for the toy industry to react to these difficult times by trying to cut costs at every single corner. And if that meant squeezing suppliers or cutting corners on safety, you can see it would be easy to conclude that that is what has to be done.

However, that would be a mistake. Of course the industry needs to concentrate hard on value, but not at the expense of the values that really count. It is a time to get rid of any do-goody fluff and anything that is a nice-to-have. But one result of this recalibration of needs and wants on a consumer level is a more considered approach to consumption choices.

When you are buying less, you buy more carefully. There is also a greater need for reassurances and justifications.

So if question marks about quality and safety hang over a product and there is the sneaking suspicion that it was made in a sweatshop (in today's survey safety and conditions of workers were in the top three of consumer concerns), then the decision is made simple: don't buy.

If, on the other hand, the consumer thinks that the product has been well made, both on a human as well as a functional level, then it might just make the count.

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