What is the Outlook for the Musical Instrument Retail Market?
The musical instrument retail market is rocking.
The industry currently pulls in $6 billion annually and has grown 2.7 percent each year between 2014 and 2019. Stringed and percussive instruments occupy the largest amount of sales in the market. This includes guitars, pianos, drum sets and violins among others.
As the musical instrument retail market grows, so does the resale market. Music Go Round® is perfectly poised to benefit from the upward market trend.
Here’s the breakdown:
Young Musicians Driving Demand
Millennials are turning the world digital and they’re bringing music with them.
Reports show that one of the quickest-growing segments of the musical instrument market is digital instruments, such as synthesizers or DJ controllers. With hip-hop and pop topping the charts as the most popular genres of music in 2019, there’s a correlation to the demand for the digital instruments behind millennials’ favorite songs.
Despite this trend, traditional stringed and percussive instruments continue to lead the industry, and a growing number of musical instrument buyers are hobbyists. Sixty-three percent of the market’s consumers pick up an instrument for fun rather than for professional or academic reasons, and that percentile is expected to drive industry demand into the future.
Technology has made learning an instrument easier than ever before. Millennials are known for turning to search engines to learn new information before they refer to anything else, which means they may feel less intimidated by the idea of learning a new skill as a hobby. There is a plethora of online tutors, downloadable sheet music and YouTube tutorials that make the learning curve with a new musical instrument a bit smoother.
With the younger generation driving the musical instrument retail market, Music Go Round is perfectly positioned for growth.
Why Music Go Round is Ready to Roll
Brand-new musical instruments are expensive. They are a tricky item for parents to buy for their children because kids usually are not sure they will pursue the hobby or not. For young adults looking to find their own hobby, it’s difficult to know how much to spend on their first instrument.
Trying to learn guitar on a cheaply made instrument can add unneeded difficulty and deter amateurs from continuing the craft, whereas an overly expensive instrument can be a waste if beginners realize the guitar isn’t for them.
In addition, serious musicians who own several instruments understand and appreciate the value that purchasing quality used gear provides them. It allows them to stretch those budgets just enough to pick up the extra piece they really wanted for that next gig.
As a Music Go Round franchisee, you have the advantage of supplying this huge demand for quality used instruments in the market. By carrying high-quality and affordable musical instruments, Music Go Round franchisees are able to fit aspiring musicians with the perfect equipment. From hobbyists and band students to professional musicians looking for an instrument with a backstory, Music Go Round has something for everyone.
Music Go Round franchisees carry everything from the latest digital instruments to the classic acoustic guitar. You’ll be able to meet the diverse demand of the market through quality used instruments and differentiate yourself from your competition.
Music Go Round is creating an opportunity for aspiring musicians that other retailers aren’t.
Do you want to capitalize on the $6 billion musical instrument retail industry? Contact us today!