The British Toy & Hobby Association (BTHA) opened the doors to UK Toy Fair 2024 today, where the LEGO Group displayed new for 2024 products.
UK Toy Fair began on January 23, 2023 and will run until January 25, 2023. The LEGO Group is at the show to share upcoming products with retailers and media outlets. No upcoming products were revealed to the public – announcements will be made for late 2024 products later in the year.
The LEGO Group did display new 2024 products that are already available in stores openly, along with statues of Darth Vader and Chewbacca – very appropriately, given that 2024 marks the 25th anniversary of the LEGO Star Wars theme. Toy Fair coincided with the announcement of LEGO DUPLO Peppa Pig sets.
As the annual event opened, the BTHA shared an update on the UK toy market. The market contracted by 5% in 2023, with £3.5 billion in sales. Despite the overall decline, some categories fared well – including building sets, which saw sales increase, reflecting the continual growth that the LEGO Group has self reported.
“With people facing difficult times financially, these figures are not surprising and are in common with many other similar consumer goods industries,” said Kerri Atherton, Head of Public Affairs at the BTHA. “The sustained growth in key categories, like plush, licensed toys, as well as growth in games & puzzles and building sets, illustrate continued strong demand for toys and illustrates the resilience of the UK toy market.”
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Licensed toys are also doing well, with sales growing for a fifth consecutive year. The LEGO Group’s licensed themes include Star Wars, Marvel, DC, Disney, Harry Potter, Minecraft and Sonic the Hedgehog.
The LEGO Group’s strategy of offering more adult products seems wise given industry trends – the ‘kidult’ market, which means products targeted at ages 12 and over, contributed 28.7% to the total market value.
“The emergence of the kidult category as a growing consumer segment, contributing to over a quarter of the toy market’s value, is an exciting development,” said Melissa Symonds, Executive Director, UK Toys, Circana. “The report findings suggest that amidst these challenging times, adults are seeking out escapism activities that tap into their childhood, evoking a more carefree time in their lives. This inclination towards toy categories that fulfill this need not only indulges their nostalgia but also positively contributes to their mental wellbeing.”