LEGO Announces Price increase on some sets to take effect in August and September 2022
As announced in one of LEGO’s latest press releases, there will be an increased RRP on many LEGO products beginning from the second quarter of the year. This, they said, is a result of the constantly rising operating cost following several global economic challenges. In addition, since LEGO products are made of petroleum-based plastic, the production cost is being affected by fluctuating fuel prices until they can begin production with plant-based plastics.
After their record 32% profit increase in 2021, which brought in an annual net profit estimate of $2billion, LEGO Corporation has decided to push forward with their price increase plan come August and September 2022 to possibly maintain the set record. Most new built sets will be affected by the new price increase; however, according to their release, “…increase will differ depending on the set…” i.e., smaller sets might not be greatly affected by the increase, but more complex sets will be.
The release also stated that only about a quarter of old LEGO products would be affected by the price increase. LEGO still promises to deliver the same value despite the RRP increase and keep customers happy and satisfied.