We Have All The Time In The World Sheet Music The Global Recession – Documenting the Decline in Musical Instrument Sales

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The Global Recession – Documenting the Decline in Musical Instrument Sales

When we think of the consequences of the global economic crisis, we immediately think of big-picture issues like mortgage defaults, bank failures, and troubled families. Yes, these are the biggest problems the world has faced since the recession of 2007, but the result of a global cash flow crunch is a sharp drop in retail spending. Luxury and convenience are no longer an option for some, and major companies have seen sales of high-priced items decline over the past two years. In response to this NAMM, the National Association of Music Merchants compiled a global report to document the decline in global musical instrument sales.

The global report analyzes the sales of music products around the world, including Australia, Austria, Brazil, Canada, China, Germany, Italy, Japan, Norway, Spain, Switzerland and the United Kingdom. Analyze recent sales trends and document specific declines observed in 2007 and 2008.

Overall, sales were strong through the fourth quarter of 2007, but stock prices fell sharply and spending in the retail sector fell sharply. Every retail sector has been affected, but none more so than the non-essentials. Although every industry has been affected by sales of music products, some have suffered more severe declines than others.

The key to the decline in sales was seen in both the price and demand of the goods.The prices of things like pianos, home and church organs fell sharply because of high prices and low consumer spending. all time low. One sector that grew during the downturn was sales of accessories, except when shoppers bought items to keep their current gadgets instead of buying new ones.

Drum kits were priced at $500 or less, so before the crash sales of drum kits were high as parents decided to buy the entire drum kit. The decline in drum kit purchases in 2008 can be attributed in part to the recession and the hot resale market on eBay and Craigslist. Reselling is a common practice during economic downturns where consumers sell items they no longer need to earn extra cash. If one cannot learn the tool, one can simply sell it to earn extra money.

In the U.S., sales of things like cymbals fell 6%, with most drum kits down. Cymbals account for 14 percent of the entire U.S. drum accessory market, and since 1999, retail prices have been on an almost constant upward trend. One reason for the decline in cymbal sales may be that drumming is considered a luxury item. Items such as sticks and hammers are considered essential for drummers, so there is a slight increase of 1%. A drop in cymbal sales was seen around the world as Australia also reported a drop in retail cymbal sales.

The effects of the global economic crisis are having clear consequences for all sectors of the retail industry, and music products have not been exempted from the economic crisis, as the NAMM Global Report points out. As the world economy slowly recovers, we expect musical instrument sales to improve in the future.

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