Lego is proving toys are still big business

Playtime has been moving online for years now. In January 2020, the CDC reported the following screen time statistics:

• US children between 8-10 spend an average of 6 hours per day in front of a screen
• US children between 11-14 spend an average of 9 hours per day in front of a screen

Despite the pandemic accelerating the trend, Lego is proving that kids still have an appetite for analog toys.

The company is already considered the top toymaker in the world…

… and cemented that status after posting a 46% jump in first half sales, according to The Wall Street Journal. The firm attributes its success largely to holding firm to a long-term multichannel strategy that includes:

• Ramping up improvements to its digital platforms (digital sales increased 50%)
• Continuing to open brick-and-mortar stores, including a new immersive format that recently piloted in New York

The growth comes despite supply chain issues that are rattling the industry. Hasbro — makers of Transformers, My Little Pony, and Play-Doh — recently raised prices due to supply chain issues.

Lego not only hasn’t raised prices but also expects to meet demand across all its markets for the holidays.

The firm also has ambitious goals on the horizon

In June, Lego released a fully sustainable brick prototype made out of recycled plastic bottles as part of a plan to use fully sustainable materials by 2030.

The company is also growing like crazy in China, which recently set a ban on video games for children under 18 — meaning Lego’s target customers in the region have a lot more time on their hands.

In other words, for Lego, everything is awesome.