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Why LEGO's range became a shock absorber
LEGO's mix of children's sets, adult builds and major licenses gave it several ways to find demand during weak toy years.
On this page
- The role of evergreen themes like City and Technic
- How licensed sets broaden demand beyond children
- Why adult facing sets matter in downturns
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Introduction
LEGO’s strong performance in 2023 and 2024 was not simply the result of having popular products. A central resilience mechanism was the breadth of its portfolio. When parts of the toy market weakened, LEGO was not dependent on a single age group, franchise, price point or purchasing occasion. Instead, it could draw demand from children, teenagers, adult enthusiasts, gift buyers and licensed-franchise fans at the same time. LEGO itself attributed its 2024 growth to strong demand for a large and diverse portfolio, while its annual reports repeatedly emphasised products designed for builders of different ages and interests. [LEGO Store]lego.comlego group delivers record results in 2024The company achieved record revenue and operating profit, outpacing the toy market with significant…Read more… [Brickset.com]brickset.comlego achieves substantial growth in first half of 2024Consumer sales grew 14 percent driven by demand for a strong and diverse portfolio. Market share…Read more…
From an antifragility perspective, the important point is not merely diversification. It is that market stress revealed multiple alternative routes to demand. Weakness in one segment could be offset by strength in another, allowing LEGO to gain share while many toy companies struggled. LEGO Store [Reuters]reuters.comlego sales rise bricks click with more shoppers 2025 03 11Sales from Lego's own stores and website grew by 12%, even as the broader toy market declined by 1%…Read more…
The role of evergreen themes like City and Technic
A portfolio becomes a shock absorber when some products remain relevant regardless of changing entertainment trends. LEGO’s long-running in-house themes perform this role.
Themes such as City and Technic are not tied to a particular film release, television programme or short-lived cultural moment. City appeals to children interested in everyday vehicles, emergency services and construction, while Technic attracts builders seeking more advanced engineering-focused models. Because these themes are based on broad interests rather than external intellectual property, they provide a stable foundation of demand across economic cycles and changing media habits. [Toy World]toyworldmag.co.ukToy WorldThe Lego Group delivers record top- and bottom-line…12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with…
The company’s 2024 best-selling themes included both City and Technic, showing that internally owned product lines remained important even as LEGO expanded into many other categories. This matters because a portfolio built entirely around licences would be exposed to the success or failure of outside franchises. Evergreen themes reduce that dependency. [Toy World]toyworldmag.co.ukToy WorldThe Lego Group delivers record top- and bottom-line…12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with…
Another advantage is flexibility. City, Technic and similar ranges can be refreshed continuously with new vehicles, buildings and play scenarios without requiring a major licensing agreement or a blockbuster entertainment release. That gives LEGO a dependable base of products that can absorb fluctuations elsewhere in the portfolio. [LEGO Store]lego.comlego group delivers record results in 2024The company achieved record revenue and operating profit, outpacing the toy market with significant…Read more…
How licensed sets broaden demand beyond children
If evergreen themes provide stability, licensed themes provide reach. LEGO’s major entertainment partnerships allow the company to attract consumers who might not otherwise be active toy buyers.
Star Wars, Harry Potter and other licensed ranges connect LEGO products to audiences that already care about those fictional worlds. A Star Wars customer may purchase a set primarily because of attachment to the franchise rather than because they are looking for a traditional toy. That expands LEGO’s addressable market beyond children and parents. [Toy World]toyworldmag.co.ukToy WorldThe Lego Group delivers record top- and bottom-line…12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with…
The significance of this mechanism became especially clear during weaker toy-market conditions. While overall industry demand softened, LEGO’s best-selling themes combined both home-grown ranges and entertainment licences. This mix meant that demand could come from several directions at once rather than relying solely on children’s play purchases. [Toy World]toyworldmag.co.ukToy WorldThe Lego Group delivers record top- and bottom-line…12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with…
Licensed products also create multiple buying occasions. A child may receive a Star Wars set as a toy, while an adult collector may buy a large display model based on the same franchise. The same intellectual property therefore supports different customer groups, price levels and retail channels. That diversification reduces exposure to weakness in any single segment. [Business Insider]businessinsider.comBusiness Insider Toy sales are on the slide — but not for LegoBusiness Insider Toy sales are on the slide — but not for Lego
Why adult-facing sets matter in downturns
The most important portfolio development of recent years has been LEGO’s expansion into products designed specifically for adults.
Traditional toy companies are heavily exposed to household spending on children. LEGO increasingly supplements that demand with purchases made by adults for themselves. Large display models, LEGO Icons sets, collector-oriented franchise products and the Botanical Collection have expanded the company’s customer base beyond its historical core audience. [Toy World]toyworldmag.co.ukToy WorldThe Lego Group delivers record top- and bottom-line…12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with…
This matters because adults and children do not always behave the same way economically. Even when birth rates soften or parents become more cautious about toy spending, hobbyists, collectors and gift buyers may continue purchasing products that serve decorative, recreational or nostalgic purposes. Market researchers have identified adults as an increasingly important force in toy spending, and LEGO has been one of the clearest beneficiaries of that trend. [Business Insider]businessinsider.comBusiness Insider Toy sales are on the slide — but not for LegoBusiness Insider Toy sales are on the slide — but not for Lego [The Guardian]theguardian.compocket money toys uk costs sales 2024 legoHowever, "pocket money" toys costing less than £10 thrived, comprising 30% of sales as parents sought cheaper options. Popular among chil…
The Botanical Collection provides a concrete example. LEGO reported that the range attracted new builders and became particularly popular for gifting occasions. A flower bouquet made from bricks competes not only with toys but also with home décor and gift purchases. That broadens the sources of demand available to the company. [Toy World]toyworldmag.co.ukToy WorldThe Lego Group delivers record top- and bottom-line…12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with…
The effect was visible during 2024, when LEGO achieved double-digit consumer-sales growth despite a slightly declining toy market. Demand from teenagers and adults helped offset industry headwinds and reduced reliance on the traditional children’s toy cycle. LEGO Store [Reuters]reuters.comlego sales rise bricks click with more shoppers 2025 03 11Sales from Lego's own stores and website grew by 12%, even as the broader toy market declined by 1%…Read more…
Why portfolio breadth became a resilience mechanism
The key lesson from LEGO’s 2023 and 2024 results is that diversification worked at several levels simultaneously.
- Different age groups: children, teenagers and adults.
- Different motivations: play, collecting, display, gifting and fandom.
- Different theme types: evergreen LEGO-owned themes and licensed franchises.
- Different price points: small impulse purchases through to premium collector sets.
- Different occasions: birthdays, holidays, hobby spending and decorative purchases. Brickset.com 3LEGO Store [Toy World]toyworldmag.co.ukToy WorldThe Lego Group delivers record top- and bottom-line…12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with…
Because these demand sources are not perfectly correlated, weakness in one area does not automatically produce weakness everywhere. During a period when the broader toy market was declining or stagnant, LEGO’s broad portfolio allowed it to capture spending from whichever segments remained healthy. That is why the company could continue gaining market share in 2023 and then accelerate growth in 2024. [LEGO Store]lego.comlego group delivers record results in 2024The company achieved record revenue and operating profit, outpacing the toy market with significant…Read more… [LEGO Store]lego.comlego group delivers record results in 2024The company achieved record revenue and operating profit, outpacing the toy market with significant…Read more…
Viewed through the lens of antifragility, the portfolio did more than spread risk. Market stress revealed the value of having multiple independent engines of demand. As conditions became more challenging for the toy industry, LEGO’s range of themes, licences and adult-focused products became a practical shock absorber that helped transform industry weakness into an opportunity to gain share. [LEGO Store]lego.comlego group delivers record results in 2024The company achieved record revenue and operating profit, outpacing the toy market with significant…Read more… [Brickset.com]brickset.comlego achieves record revenue and profit in 202411 Mar 2025 — The 2024 portfolio was the LEGO Group's largest ever, with 840 products designed for builders of all ages and interests. Be…
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Endnotes
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Source: lego.com
Title: lego group delivers record results in 2024
Link: https://www.lego.com/en-us/aboutus/news/2025/march/lego-group-delivers-record-results-in-2024Source snippet
The company achieved record revenue and operating profit, outpacing the toy market with significant...Read more...
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Source: brickset.com
Title: lego achieves substantial growth in first half of 2024
Link: https://brickset.com/article/113042/lego-achieves-substantial-growth-in-first-half-of-2024Source snippet
Consumer sales grew 14 percent driven by demand for a strong and diverse portfolio. Market share...Read more...
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Source: lego.com
Title: FINAL Annual Report 2023
Link: https://www.lego.com/cdn/cs/aboutus/assets/blt7e9167f47da173a6/FINAL_Annual_Report_2023.pdfSource snippet
LEGO StoreAnnual Report12 Mar 2024 — The LEGO Group delivered top line growth in 2023, which is a satisfactory result given the declining...
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Source: reuters.com
Title: lego sales rise bricks click with more shoppers 2025 03 11
Link: https://www.reuters.com/business/retail-consumer/lego-sales-rise-bricks-click-with-more-shoppers-2025-03-11/Source snippet
Sales from Lego's own stores and website grew by 12%, even as the broader toy market declined by 1%...Read more...
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Source: lego.com
Title: the LEGO Group Annual Report 2024
Link: https://www.lego.com/cdn/cs/aboutus/assets/blt1cdf90a38318ef56/the_LEGO_Group_Annual_Report_2024.pdfSource snippet
LEGO StoreAnnual Report10 Mar 2025 — Half of the [materials]({{ 'materials/' | relative_url }}) purchased in 2024 were produced with sustainable sources: we more than doubled...
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Source: lego.com
Link: https://www.lego.com/en-us/aboutus/news/2026/march/the-lego-group-delivers-record-results-in-2025-driven-by-strong-brand-and-innovative-portfolioSource snippet
The LEGO Group 2025 Full Year Results - About Us10 Mar 2026 — The LEGO Group delivers record results in 2025 driven by strong brand and i...
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Source: lego.com
Link: https://www.lego.com/en-us/aboutus/lego-group/policies-and-reporting/reportsSource snippet
About Us - LEGO.comOur Responsibility Report accounts for the LEGO Group's development and activities and serves as our annual Communicat...
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Source: lego.com
Title: The LEGO Group FY 2024 Financial Highlights
Link: https://www.lego.com/cdn/cs/aboutus/assets/bltf2a6246ed68fd0b6/The_LEGO_Group_FY_2024_Financial_Highlights.pdfSource snippet
2024 Financial Highlights of the LEGO Group2024 Financial Highlights of the LEGO Group. Definitions of Financial ratios are disclosed in...
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Source: brickset.com
Title: lego achieves record revenue and profit in 2024
Link: https://brickset.com/article/119693/lego-achieves-record-revenue-and-profit-in-2024Source snippet
11 Mar 2025 — The 2024 portfolio was the LEGO Group's largest ever, with 840 products designed for builders of all ages and interests. Be...
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Source: toyworldmag.co.uk
Link: https://toyworldmag.co.uk/the-lego-group-delivers-record-top-and-bottom-line-results-in-2024/Source snippet
Toy WorldThe Lego Group delivers record top- and bottom-line...12 Mar 2025 — The 2024 portfolio was the Lego Group's largest ever, with...
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Source: businessinsider.com
Title: Business Insider Toy sales are on the slide — but not for Lego
Link: https://www.businessinsider.com/lego-sales-revenue-surge-decline-mattel-hasbro-toy-market-2025-3 -
Source: theguardian.com
Title: pocket money toys uk costs sales 2024 lego
Link: https://www.theguardian.com/business/2025/jan/21/pocket-money-toys-uk-costs-sales-2024-legoSource snippet
However, "pocket money" toys costing less than £10 thrived, comprising 30% of sales as parents sought cheaper [options]({{ 'options/' | relative_url }}). Popular among chil...
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Source: theguardian.com
Title: lego sales rise as parents steer children to activities away from smartphones
Link: https://www.theguardian.com/lifeandstyle/2025/aug/27/lego-sales-rise-as-parents-steer-children-to-activities-away-from-smartphonesSource snippet
Lego builds record sales of £4bn as parents steer children...27 Aug 2025 — The Danish toy company said sales increased to a record 34.6b...
Additional References
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Source: brickeconomy.com
Link: https://www.brickeconomy.com/analysis-themesSource snippet
LEGO Themes AnalysisHere is a list of the top-performing LEGO themes based on selectable growth rates, including total, annual, and rolli...
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Source: nypost.com
Link: https://nypost.com/2024/08/28/business/lego-bucks-toy-industry-woes-turning-in-13-sales-increase/Source snippet
This success is attributed to the popularity of its diverse product line, including sets themed around Star Wars, Harry Potter, Fortnite...
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Source: thetimes.co.uk
Link: https://www.thetimes.co.uk/article/lego-profits-hit-by-negative-toy-market-59sxdf2jpSource snippet
The company reported a 2 per cent increase in annual revenues to DKr65.9 billion (£7.55 billion), but net profits fell by 5 per cent to D...
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Source: lemonde.fr
Link: https://www.lemonde.fr/en/economy/article/2025/12/15/purchases-by-adults-boost-toy-sales-as-falling-birth-rates-put-pressure-on-the-industry_6748496_19.htmlSource snippet
According to market research firm Circana, total toy market value rose by 9% year-to-date, with toy sales to those over 12 increasing by...
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Source: linkedin.com
Link: https://www.linkedin.com/posts/ryan-shay_tremendous-news-today-the-lego-group-issued-activity-7305216922671853568-3xHASource snippet
Ryan Shay's Post11 Mar 2025 — Bestselling themes combined homegrown and entertainment IP themes, including LEGO® City, LEGO® Star Wars™...
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Source: jaysbrickblog.com
Link: https://jaysbrickblog.com/news/the-lego-group-posts-stellar-2024-financial-results-with-record-revenue-and-profits/Source snippet
The LEGO Group posts stellar 2024 financial results with...11 Mar 2025 — The best-selling themes were a combination of homegrown and ent...
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Source: facebook.com
Title: lego is quietly operating like a luxury brand posting margins in the same conver
Link: https://www.facebook.com/TheBoardroom/posts/lego-is-quietly-operating-like-a-luxury-brand-posting-margins-in-the-same-conver/1432907492182053/Source snippet
LEGO is quietly operating like a luxury brand, posting...FY 2023 * Revenue grew 13 percent to DKK 74.3 billion, driven by strong demand...
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Source: linkedin.com
Title: lego group the lego group fy 2024 results activity 7305136564492247040 NYuV
Link: https://www.linkedin.com/posts/lego-group_the-lego-group-fy-2024-results-activity-7305136564492247040-NYuVSource snippet
The LEGO Group FY 2024 resultsWe're thrilled to share our record annual results for 2024 With double-digit growth in both revenue and ope...
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Source: blocksmag.com
Title: the lego group reports massive increase in revenue and profits for 2025
Link: https://blocksmag.com/the-lego-group-reports-massive-increase-in-revenue-and-profits-for-2025/Source snippet
LEGO Group's Record Revenue and Profits Grow in 202510 Mar 2026 — Once again, the LEGO Group has reported increased revenue and profits f...
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Source: legofoundation.com
Link: https://legofoundation.com/reports
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