Off key: Industry profitability has come under pressure due to the depreciation of the pound

Operators in the Musical Instrument Retailers industry sell musical instruments, audio recording equipment, amplifiers, keyboards and associated accessories. Improving economic conditions over the start of the five-year period through 2018-19 bolstered the performance of musical instrument retailers. With consumer confidence levels returning to growth and disposable incomes improving, consumers became more comfortable with buying expensive industry products. Increased uncertainty since the EU referendum, however, has negatively affected industry revenue over recent years. As musical instruments are generally discretionary purchases, demand is highly price sensitive...read more.

Industry Statistics & Market Size
Revenue
£440.6m
Annual Growth 14-19
2.0%
Forecast Growth 19-24
Profit
Employment
3,916
Businesses
1,684

Industry Threats & Opportunities

  • Online-only retailers have become a growing source of competition over the past five years
  • An increase in music tuition has boosted household purchases of musical instruments
  • Retailers are likely to face more showrooming from customers intending to buy online
  • Industry Report - Industry Locations Chapter

    The location of establishments in the Musical Instrument Retailers industry is dispersed on the basis of population, disposable income and consumer demand. Generally, the more residents in a particular area, the stronger the demand for musical instruments and supplies.The South East and LondonThe South East accounts for the largest share of industry establishments, estimated at 14.9%, and also has a high population density, accounting for 13.8% of the UK population. This region is just outside of London so retailers have good access to consumers that earn higher wages but are paying less rent or other overheads. London is also a significant region for the industry due to its relatively affluent population, as well as it being a major metropolitan area. Lon...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
  • Other products and services
  • 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
  • EU referendum effects
  • Online orchestration
  • School of rock
  • Traditional operations transposed
  • Highly strung
  • Chart: Revenue Growth

  • Industry Outlook
  • Ringing the changes
  • Striking a chord
  • Exit from the European Union
  • Banding together
  • Price-fixing
  • 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
  • Other products and services
  • Guitars and ukuleles
  • Keyboards, pianos and organs
  • Orchestral stringed instruments
  • 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
    J & A Beare Ltd, Gear4music (Holdings) plc, S&T Audio Ltd, Dawsons Music Ltd,
  • Table: J & A Beare Ltd - financial performance
  • Table: Gear4music (Holdings) plc - financial performance
  • Table: S&T Audio Ltd - financial performance
  • Table: Dawsons Music 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
    Includes:
  • 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?

    IBISWorld’s Musical Instrument Retailers market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

    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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