Hitting the right note: Industry revenue expands despite rising online competition

Improving economic conditions at the start of the five years through 2018-19 bolstered the performance of musical instrument retailers. Retail activity increased at the start of the five-year period as a result of a strengthening economy and low unemployment. However, conditions began to falter in 2016-17. The EU referendum result dampened consumer spending in the final quarter of 2016-17 and has constrained performance since. Total industry revenue is expected to increase by just 0.2% in the current year. Over the five years through 2018-19, industry revenue is estimated to increase at a compound annual rate of 2.8% to reach £458.4 million.Musical instrument retailers have faced increasing external competition over the past five years, particularly from online-only retailers...read more.

Industry Statistics & Market Size
Annual Growth 14-19
Forecast Growth 19-24

Industry Threats & Opportunities

  • Industry operators have been forced to reduce their prices in order to remain competitive
  • An increasing focus on customer service has resulted in rising employment numbers
  • Operators are expected to promote the benefits of expert advice in order to generate demand
  • Industry Report - Industry Analysis Chapter

    Musical instrument retailers are expected to grow over the five years through 2018-19, despite consumers shifting their interests from traditional hobbies, such as learning to play an instrument, to those more aligned with the digital age. Industry revenue is forecast to increase at a compound annual rate of 2.8% over the five-year period to reach £458.4 million. However, in the current year revenue is expected to rise by just 0.2%, as weaker economic conditions have constrained retail activity over the past year.Despite strong growth over the past five years, musical instrument retailers still face challenges. Industry participants have encountered growing competition from external retailers. Onl...purchase to read more.

    Additional Insights for the Musical Instrument Retailers Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Musical Instrument Retailers Industry are

  • Provision of goods currently favoured by the market
  • Experienced work force
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Real household disposable income and Total online expenditure in the Musical Instrument Retailers industry impact industry performance..

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    What's in this report

    What is the Musical Instrument Retailers Industry?

    Operators in the industry sell musical instruments, including guitars, amplifiers, keyboards and associated accessories. This industry includes the sale of musical instruments via the internet if the seller also operates bricks-and-mortar stores. The industry also includes instrument repair and modification services.

    Industry Products
  • Audio recording equipment
  • Guitars and ukuleles
  • Keyboards, pianos and organs
  • Amplification and DJ equipment
  • Percussion instruments
  • Orchestral stringed instruments
  • Brass and woodwind instruments
  • Expendables, accessories, sheet music and other items
  • Industry Activities
  • Musical instrument retailing
  • Recording equipment retailing
  • Sheet music retailing
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Real household disposable income
  • Total online expenditure
  • Population aged 11 to 19 years
  • Average weekly hours of work

  • Current Performance
  • The EU referendum
  • Online orchestration
  • School of rock
  • Traditional operations transposed
  • Swift sales
  • Highly strung
  • Chart: Revenue Growth

  • Industry Outlook
  • Technological timbre
  • Ringing the changes
  • Striking a chord
  • Exit from the European Union
  • Banding together
  • Table: Musical Instrument Retailers Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Musical Instrument Retailers Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Sound Recording & Music Publishing
  • Primary Education
  • General Secondary Education
  • Consumers

  • Key Selling Industries
  • Consumer Electronics Manufacturing
  • Musical Instrument Manufacturing

  • Products & Services
  • Audio recording equipment
  • Amplification and DJ equipment
  • Guitars and ukuleles
  • Keyboards, pianos and organs
  • Orchestral stringed instruments
  • Expendables, accessories, sheet music and other items
  • Percussion instruments
  • Brass and woodwind instruments
  • Chart: Musical Instrument Retailers Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Hobbyists and students
  • Professionals
  • Education sector
  • Chart: Major Market Segmentation for the Musical Instrument Retailers Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesWagesRent, depreciation and utilitiesOther costs
  • Chart: Cost Structure Benchmarking – Sector vs Musical Instrument Retailers

  • Basis of Competition
    Internal competitionExternal competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Musical Instrument Retailers Industry

  • Industry Globalization
    Gear4music (Holdings) plc, S&T Audio Ltd,
  • Table: Gear4music (Holdings) plc - financial performance
  • Table: S&T Audio Ltd - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Musical Instrument Retailers Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Musical Instrument Retailers Industry
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Multichannel Retailing
  • Using multiple channels to interact with potential customers. These could include the internet, mobile phones and bricks-and-mortar outlets.
  • Musical Instrument Digital Interface (Midi)
  • A way of allowing different instruments to interact with each other electronically.
  • Synthesiser
  • An electronic instrument that generates sound by using filters and tone generators to create waveforms.
  • What Our Customers Say

    Why buy this report?

    The Musical Instrument Retailers market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Musical Instrument Retailers:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Musical Instrument Retailers market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Musical Instrument Retailers, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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