While other pandemic-resistant brands and companies suffered under inflation in 2022, Lego reports revenue gains in the first six months of the year.
SEANA SMITH: Peloton, DocuSign, Zoom are just a few of the pandemic darlings that have struggled, as the world has opened back up. But that is not the case for 90-year-old toy brand LEGO. LEGO revenue jumping 17% in the first half of 2022. This is according to the company.
Now the number bolstered by sales of its popular sets, LEGO Star Wars, LEGO Harry Potter. It's not just your kids, though, that are buying them up. It might be your coworkers as well. The company saying that it's everyone from preschool age all the way through adulthood.
Dave, what stuck out to me here was how addicted some adults are to LEGOs and how much they are willing to spend on some of these sets. It could be a very, very expensive habit.
DAVE BRIGGS: We just had a discussion about NFTs and how people can't relate to them. There's nothing physical that they can take home. Well, these are collector's items that you build and then becomes a physical collectible, which just makes a lot of sense.
But you said the magic words-- Star Wars and Harry Potter. I'm just back from Disney and Universal. And the two most popular aspects of those two parks? Easily Star Wars and Harry Potter. And just like LEGOs, you're seeing 5 and 10-year-old kids, 30 and 45-year-old adults equally clamoring for anything related to Star Wars and Harry Potter. That, my friends, is a recipe for success. Rachelle.
RACHELLE AKUFFO: I mean, and this is something that clearly appeals to kids and adults. I mean, my daughter will focus on building a LEGO set for hours. I literally have to tell her, take a break. Have something to eat. Like, she's completely focused on it. So it's something that allows them to get off screens, to relax a little bit.
But even as an adult, we saw things like puzzles got popular during the pandemic. Sometimes it's just nice to have something else to focus on. I mean, it's a storied brand. Yes, you might not want to step on them. They do hurt, but they're building you in other ways.
SEANA SMITH: They do hurt.
RACHELLE AKUFFO: So I like this. I like this very much.
DAVE BRIGGS: Yeah, don't get one cut in your shoe, man. That will cost you.