In 2024, Lego reported a notable revenue increase of 13%, reaching DKK 74.3 billion (approximately $10.85 billion). This growth comes at a time when the overall toy market is experiencing a decline, highlighting Lego's expanding market share. The company attributed this success to robust sales in major regions such as the Americas, Europe, and the Middle East, with a particularly strong performance in the Americas, where sales rose nearly 16% year-over-year.
Lego's growth has been significantly driven by an emerging demographic: adults and teenagers. CEO Niels B. Christiansen noted that around half of Lego's product offerings were new, which helped attract consumers of various ages, particularly through collections like the Lego Botanical series. This trend is reflective of a broader shift in the toy industry, where purchases by individuals aged 18 and over are increasing. A market research report from Circana indicated that in the last quarter of 2024, adults accounted for over $1.5 billion in toy sales, surpassing the purchases made for children aged three to five.
In contrast, Lego's competitors have faced challenges. Mattel reported a 1% decline in net sales, while Hasbro experienced a significant revenue drop of 18% compared to the previous year. Notably, popular Lego themes such as Star Wars and Harry Potter have resonated well with adult consumers, further bolstering Lego's sales performance amid a tough market landscape for other toymakers.