Industry Analysis & Industry Trends
Musical instrument retailers are increasingly optimistic as consumers buy items that they delayed purchasing during the recession. Following the collapse of the US economy, reduced disposable income caused industry revenue to dip 0.7% in 2010 as consumers substituted toward cheap imported instruments. As a result, import penetration into the manufacturing sector spiked 9.3% in 2010, and it is estimated to rise at a 1.7% annualized rate in the five years to 2013. At the same time, however, a higher quantity of musical instruments encouraged retailers to stock and display them, which ultimately boosted industry sales over the past five years. Revenue is forecast to rise at a 1.2% annualized five-year rate to $6.7 billion in 2013, including a 4.4%.... purchase to read more
Industry Report - Industry Products Chapter
The musical instrument retailing industry sells a wide variety of musical instruments, as well as general instrument parts, components and accessories.
Pianos and organs
Pianos are estimated to capture about 24.0% of industry revenue in 2013. Of this segment, grand pianos account for an estimated 38.4% of the total piano market, followed by digital and electric pianos for a combined 44.6% and vertical pianos at 17.0%. IBISWorld estimates that the pianos and organs product segment's share of industry revenue has been slowly declining in the five years to 2013.
Sales of grand pianos are down, which can be attributed to the recession as well as changing consumer tastes... purchase to read more