LEGO says decline in average price of sets sold has ‘stabilised’ in 2024
The LEGO Group’s CEO says the decline in the average price of sets being sold in 2023 has ‘stabilised’ in 2024 amid soaring revenue and profits.
Niels B. Christiansen stated earlier this year that while the LEGO Group had seen an increase in the number of sets sold in 2023, the average price of those sets had gone down. That may have contributed to the slight dip in profit in the first half of 2023 compared to the same period in 2022 (along with increased spending on long-term investments).
In the first half of this year, however, operating profits increased by 26% compared to 2023. Christiansen now says that the change in consumer habits in 2023 has ‘stabilised’ in the first six months of 2024 amid wider shifts within the toy industry.
“Throughout last year, when the toy market was challenged and saw a relatively big decline, we saw a tendency that people were shopping down, or buying at lower price points,” Christiansen told Brick Fanatics during a presentation of the LEGO Group’s financial results for the first half of this year. “With the stabilisation of the market, that impact has also stabilised.
“So when we look at it over the first half [of 2024], we see the 14% growth in our top line actually comes from selling more volume, selling more LEGO sets to more people, so that’s a positive thing. The trend has stopped and we also believe it’s stabilised moving forward.”
What does this mean in practical terms? Well, any assumptions that we might start to see a shift away from the kind of wallet-busting price tags that have dominated headlines for the past few years may now need to be reassessed, for one thing. It still feels unlikely we’ll see anything top 75313 AT-AT and 75192 Millennium Falcon’s £734.99 / $849.99 / €849.99 RRP in the near future, but those £400 sets are probably here to stay.
That said, we’re already looking at a relatively cheaper second half of 2024 from a couple of core product lines (at least compared to 2022 and 2023). 76437 The Burrow Collectors’ Edition weighs in at a fraction of the price of Gringotts or the Hogwarts Express, and 10335 The Endurance is also rumoured to be a more affordable Black Friday release than the likes of 76269 Avengers Tower or 10307 Eiffel Tower.
Whether we’ll continue to see scope for more ‘mid-range’ 18+ sets (relatively speaking) in 2025 will likely depend on how reactive the LEGO Group was to the changing toy industry in 2023. Watch this space…
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- I like to think of myself as a journalist first, LEGO fan second, but we all know that’s not really the case. Journalism does run through my veins, though, like some kind of weird literary blood – the sort that will no doubt one day lead to a stress-induced heart malfunction. It’s like smoking, only worse. Thankfully, I get to write about LEGO until then.
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