Today LEGO is announcing that it will be raising the base MSRP on many of its products for the second half of 2022, rolling out in August and September. LEGO reported its annual operating profits grew by 32 percent in 2021, resulting in the company earning a record nearly $2 billion USD net profit last year. New sets will have the price increase factored in, and about a quarter of existing sets will also be affected. The company has not released details on the specifics of how much we can expect prices to increase, but says that smaller sets may only go up by a few percent, while larger sets will be affected more drastically. LEGO is made of acrylonitrile butadiene styrene, also known as ABS, which is a type of petroleum-based plastic, and LEGO says the recent world events affecting the price of oil have impacted its supply chains. Although LEGO is working toward creating plant-based renewable plastic for its bricks, only a few elements are currently made with the non-petroleum-based product.
Here’s the official press release from LEGO:
The current global economic challenges of increased raw material and operating costs are impacting many businesses.
Putting consumers first is at the heart of what we do as a company, and for some time, we have absorbed these costs to keep pricing stable. However, as these costs have continued to rapidly rise, we have taken the decision to increase the price on some of our sets. This increase will come into effect in August and September.
The increase will differ depending on the set and prices will change on around a quarter of the portfolio. On some sets we will not alter price, on others there will be a single digit increase and on larger, more complex sets the percentage increase will be higher.
We will continue to work to ensure our products offer great value and full recognise how important this is to our fans and everyone who love our products.