Industry Analysis & Industry Trends
After contracting slightly in 2010, the Retail Market for Musical Instruments has grown steadily, if moderately, over the past several years. The market has also experienced a surge of new entrants; though traditionally dominated by small brick-and-mortar locations, online retailers and big-box stores are increasingly offering industry products. However, the increase in market participants, coupled with rising penetration of low-cost imports, has exacerbated price competition and prevented growth in the industry's profit margins. Still, rising disposable income over the next five years will encourage budding musicians to purchase industry products, as well as enable experienced players to invest in higher-margin instruments.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Retail Market for Musical Instruments is contributing to a shrinking proportion of the economy because rising price competition and a flood of lower-margin imports are undermining industry profitability. Products sold by the industry are becoming less expensive due to offshoring and as initial development costs are gradually deducted from the retail price.
Likewise, wages are stable despite employment growth because of increasing sales through websites that often sell a wider variety of products than brick-and-mortar retailers. In the 10 years to 2019, the average wage is forecast to increase from an estimated $21,894 to $22,881, and the industry's total wages are forecast to rise at an average rate of 1.1% per year... purchase to read more