When a toy becomes the "it" Christmas gift, it becomes a PHENOMENON.  And this year's big Christmas toy is . . . nothing.

Gerrick Johnson is a toy industry analyst with BMO Capital Markets.  He says, quote, "There are no hot toys this year . . . we don't have a Tickle Me Elmo or a Cabbage Patch Kid . . . nothing that's approaching phenomenon status."

So instead of something hot and new, kids are gravitating toward the classics.  The most popular toy on girls' Christmas lists is BARBIE . . . and the most popular toy on boys' Christmas lists is LEGOS.

There are three main reasons there's no big toy this year.  One, toy companies are taking fewer risks, and just relying on things they know will work consistently . . . that includes retro toys, superheroes, dolls, and slight twists on popular toy lines.

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