Some sets get more expensive, while others become cheaper
In June 2022, LEGO announced it would be increasing the prices of their sets. Ever since, consumers anticipated their favorite plastic construction toy prices to increase by as much as 25%.
Why it matters: Consumers are feeling the sting of inflation in all areas of their lives, from groceries and gas to entertainment. With LEGO Day right around the corner (January 28th), fans may wonder whether it’s a good time to purchase a set.
What we’re seeing: While inflation continues to ravage the economy, consumers are seeing a small reprieve when it comes to the pricing of LEGO sets. Despite the anticipated 25% price increase, average prices among the top LEGO sets only increased by 4.7% year over year when comparing Q4 2022 to Q4 2021.
- During this same period, annual prices for some of the most popular LEGO sets were up as much as 23%.
Yes, but: Prices of other popular sets were down by as much as -12% during this same period. Depending on the kit, consumers might actually find some popular LEGO sets have gotten less expensive since 2021:
- LEGO Star Wars Imperial Probe Droid was down -6% in Q4 2022 vs. Q4 2021
- LEGO Creator Tuk Tuk was down -7%
- LEGO Star Wars Ultimate Millennium Falcon was down -10%
- LEGO Ideas Tree House Business Kit was down -12%
However: Even for the sets that experienced a price decrease, the decrease was less significant in Q4 2022 as set prices increased across the board following the June 2022 announcement.
The takeaway: While prices didn’t increase as much as consumers anticipated, inflation still had an effect on the cost of LEGO sets. As ecommerce brands prepare for increased demand ahead of LEGO Day, they could increase customer interest in all sets by promoting the sets that have seen a price decrease.
- Pattern’s data science team analyzes consumer demand on Amazon to understand how economic forces impact pricing and shopping behavior. If you’re interested in using insights like these to propel your ecommerce strategy forward, contact our team today.