Why Lego Is So Expensive | So Expensive | Business Insider
Updated: November 19, 2024
Summary
The video delves into how Lego sets have become targets for thieves due to their high value, with theft incidents amounting to as much as $300,000. It discusses Lego's evolution from basic toys to collector's items, focusing on the innovative stud and tube method that ensures stability in builds. The video also explores Lego's growth through themed sets and its recent shift towards catering to adult consumers, showcasing the impact of adult fans on product development and resale market value. Additionally, it touches on the brand's timeless appeal, emphasizing its influence on creativity, generational connections, and future accessibility and inclusivity.
Lego Theft Epidemic
Thieves targeting Lego sets due to their high value, with incidents of theft reaching up to $300,000.
Lego's Evolution
From a basic toy to a collector's item, Lego's journey from wooden toys to plastic bricks and the innovation that solidified its place in the toy industry.
Innovation with Plastic Bricks
Lego's pioneering efforts with plastic bricks, introducing the stud and Tube method for stability in builds.
The System in Play
Lego's emphasis on the system in play, ensuring that bricks fit together seamlessly, leading to the development of elaborate builds.
Expansion and Creativity
Lego's transformation in the 1970s with themed sets, new pieces, and increased creative possibilities, setting the stage for the brand's growth.
Challenges and Revival
Lego's struggle in the late 1990s, the impact of licensed sets like Star Wars, and the company's revival strategy focusing on adult fans.
Adult Fan Community
The rise of adult Lego fans, community building, conventions, and the impact of the adult fan base on Lego's product development.
Resale Market and Collecting
Exploring the resale market for Lego sets, collectors' passion, and the value of rare minifigures in the Lego community.
Lego's Adapting Strategy
Lego's shift towards adult consumers, the acquisition of Bricklink, and the company's successful transformation to cater to a wider customer base.
Lego's Enduring Legacy
The timeless appeal of Lego, its impact on creativity, generational connections, and the future accessibility and inclusivity of the brand.
FAQ
Q: What is the historical journey of Lego from wooden toys to plastic bricks?
A: Lego started as wooden toys and eventually transitioned to plastic bricks, solidifying its place in the toy industry.
Q: What innovation did Lego introduce with plastic bricks to ensure stability in builds?
A: Lego introduced the stud and Tube method for stability in builds using plastic bricks.
Q: How did Lego emphasize the system in play to ensure bricks fit together seamlessly?
A: Lego emphasized the system in play, ensuring that bricks fit together seamlessly to lead to the development of elaborate builds.
Q: What transformation did Lego undergo in the 1970s that set the stage for the brand's growth?
A: In the 1970s, Lego introduced themed sets, new pieces, and increased creative possibilities, setting the stage for the brand's growth.
Q: What was Lego's revival strategy in the late 1990s focusing on adult fans?
A: Lego's revival strategy in the late 1990s focused on adult fans, particularly through licensed sets like Star Wars.
Q: How did the rise of adult Lego fans impact the product development of Lego?
A: The rise of adult Lego fans led to community building, conventions, and influenced Lego's product development towards catering to adult consumers.
Q: What is the significance of the resale market for Lego sets in the Lego community?
A: The resale market for Lego sets showcases collectors' passion and the value of rare minifigures within the Lego community.
Q: How did Lego shift towards catering to adult consumers in its transformation?
A: Lego shifted towards catering to adult consumers through the acquisition of Bricklink and successfully expanded its customer base.
Q: What is the appeal of Lego beyond just being a toy, according to the information provided?
A: The timeless appeal of Lego lies in its impact on creativity, generational connections, and the brand's future goal of accessibility and inclusivity.
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