Lego CEO: 'US toy market worries us'

But Jorgen Vig Knudstorp says Lego is seeing "strong" growth in most Asian markets.
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Lego says the US market faces heavy uncertainty in terms of consumer spending, as it gears up for its presidential election.

Despite Lego delivering "exceptional" H1 growth this year, Lego CEO Jorgen Vig Knudstorp is concerned about the US market going forwards.

“These six months have been the most negative toy market that I have seen in the US, so that worries us,” he told The Wall Street Journal.

“The US consumer is still quite heavily indebted, and with an election coming up, whoever gets elected, taxes will go up and government spending will go down.

“So what will that do to consumer spending? There's a big factor of uncertainty in the US.”

However, Knudstorp also said that Lego has seen general growth in Asia, while India presents difficulties.

“China is strong, South Korea and Japan are strong," he added. 

“We're seeing growth in most Asian markets. But trading in India remains very difficult because of the country's lack of a formalised Western-style retail structure [which] makes it difficult to get the sort of distribution we would like.”

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