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Musical Instrument Retailers

Musical Instrument Retailers

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Executive summary

Operators in the Musical Instrument Retailers industry sell musical instruments, audio recording equipment, amplifiers, keyboards and associated accessories. The musical education of children across the country plays a role in driving downstream demand for industry products, both through household purchases and educational funding for
schools. State funding for Music Education Hubs since 2012 has supported demand over the past five years.
However, a decline in the number of live venues has disincentivised professional musicians over the past decade.
The COVID-19 (coronavirus) pandemic led to a higher rate of students and hobbyists taking up a musical instrument to fill their time in 2020-21, although the closure of bricks-and-mortar retail outlets meant industry operators were not able to fully benefit from the surge in demand. Over the five years through 2022-23, industry revenue is expected to decline at a compound annual rate of 2.7% to £432.5 million.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labour. M-Ysland LLC uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than £ 0.333 of capital to £ 1 of labour; medium is £ 0.125 to £ 0.333 of capital to £ 1 of labour; low is less than £ 0.125 of capital for every £ 1 of labour.

CONSTANT PRICES
The pound figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the pound, leaving only the 'real' growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the Office for National Statistics' implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the UK, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

EMPLOYMENT
The number of permanent, part-time, temporary and casual employees, working proprietors, partners, managers and executives within the industry.

ENTERPRISE
A division that is separately managed and keeps management accounts. Each enterprise consists of one or more establishments that are under common ownership or control.

Colloquial Terminology

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
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.

Details

Revenue is expected to decline by 2.8% over the current year, as a high level of demand is expected be satisfied by online retailers, continuing a trend that began following the coronavirus outbreak. Further, industry products are anticipated to face greater competition from other leisure activities in the absence of coronavirus restrictions. The decline is expected to be compounded by the cost-of-living crisis as inflations soars. As musical instruments are considered discretionary purchases, rising prices are expected to reduce demand in 2021-22. A rising number of operators are expected to turn to online channels, driving a decline in enterprise and establishment numbers over the five years through 2022-23.

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