Hi- my DS is 23 mos, and I see he goes through toys quickly- once they are mastered he's on to the next big thing. I've stopped reading the age recs on toys as he's preferring things geared to a 3 year old.
One of my friends with 3 gifted kids lives in an area with a "toy library". So, you can check out toys for a month, then rotate them out and get some new ones. I think it's a brilliant idea, and if there is something that your LO really latches onto, then you can invest $ into it.
I look for toys that are multifunctional- not one dimensional. Lots of pretend play toys- plus, I let him use my "grownup" tools with supervision. So we spend a lot of time "playing" in the kitchen. He gets frustrated at times with the smaller toy renditions of things. For example- he LOVES my food processor and has helped me with it since he was 11 mos. I've unplugged it and given him plastic play food to work with- that held his attention for at least 20 mins! (Great for my superbusy, spirited LO).
Also, never underestimate the value of a huge cardboard box, crayons, glue, and stickers. For my mechanical guy, I cut windows/doors, and he uses his play screwdriver, bolts, nuts, hammer and nails to "fix" the house. I had lots of fun drawing curtains on the inside of our box house.
Yes, books galore, we even indulge in an educational video or whimsical movie every now and then.
