First, we approximated the average weekly salary, in the United Kingdom, in 1960 to be £20. The price of a Hornby Dublo Coronation at the time was 4 Guineas or £4.2. Therefore, the cost of a top of the line Hornby Dublo locomotive can be approximated to be 21% of average weekly income.
In contrast, the average weekly salary, in the UK, in 2017 is about £385 (assuming an average salary of £20,000 per annum). The price of a new Hornby Stanier Coronation is conservatively £150. Thus, the price of Hornby’s new flagship locomotive makes up a massive 39% of average weekly income. Alternatively, if we utilise the RRP of £189.99, this figure jumps to 49%. These calculations illustrate a substantial rise in the price of model locomotives over the past 57 years.
Notwithstanding, some model locomotives are relatively much cheaper, especially in the case of heavy discounting. For example, Hornby’s superb Railroad Hall model can be purchased for a mere £50. This makes up only 13% of the average weekly salary. However, if we utilise the full price of £80 this figure jumps to 21%. On the other hand, a Hornby Dublo Cardiff Castle in 1960 would have set you back about £4 or 20% of average weekly income.
In conclusion, our analysis demonstrates that the relative price of model trains is on the rise. This has been largely driven by price rises exceeding the rate of inflation in recent years. Nevertheless, heavily discounted items can prove relatively cheaper, suggesting that the variability of prices has widened substantially. Thus, the model railway locomotive market, in line with other global markets, has become more volatile and complex for consumers to navigate.