In treble: Rising disposable income will boost sales, but competition will continue to limit growth

The Musical Instrument and Supplies Stores industry in Canada has grown slowly over the five years to 2018. The industry, which relies on steady levels of consumer spending, has experienced tepid sales during the current period because of sluggish growth in per capita disposable income and consumer confidence, as well as increased external competition from mass merchandisers and online retailers that offer lower prices. This has resulted in wavering sales of new musical instruments, sheet music and music supplies, with increased emphasis toward used instrument sales and personal instruction. Over the five years to 2023, the industry is forecast to continue to exhibit gradual growth at a slow pace...read more.

Industry Statistics & Market Size
Revenue
$871m
Annual Growth 13-18
3.5%
Forecast Growth 18-23
Profit
Employment
7,851
Businesses
1,185
Market Share of Companies

Industry Threats & Opportunities

  • Competition from e-commerce sites and big-box retailers threatens industry performance
  • Mass merchandisers and online retailers have provided consumers with more affordable options
  • An increase in the number of teenagers and children will boost industry performance
  • Industry Report - Industry Products Chapter

    Instrument salesThe Musical Instrument and Supplies Stores industry in Canada generates the clear majority of its revenue from sales of musical instruments, which can be separated into stringed, woodwind and percussion instruments. Stringed instruments include acoustic and electric guitars, ukuleles, violins, cellos, harps, double bass and others. This segment comprises 41.5% of industry revenue. Over the past five years, this segment has been decreasing due to a rise in low-cost Asian imports and a modest decline in high-end instrument sales. Rising imports from China have permitted retailers to offer entry-level acoustic guitars for less than $150.00 each and electric guitars for less than $175.00. Whi...purchase to read more.

    Additional Insights for the Musical Instrument & Supplies Stores Industry

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

  • Ability to control stock on hand
  • Ability to educate the wider community
  • Attractive product presentation
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income and Consumer Confidence Index in the Musical Instrument & Supplies Stores industry impact industry performance..

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    What's in this report

    What is the Musical Instrument & Supplies Stores Industry?

    This industry retails an extensive selection of musical instruments, sheet music and related supplies such as microphones, amplifiers and audio systems. These products are usually sold directly to end consumers. Many industry operators also repair and rent these products and provide music instruction.

    Industry Products
  • Stringed instruments
  • Percussion instruments
  • Woodwind instruments
  • Pianos and organs
  • Audio equipment, components, parts and accessories
  • Sheet music and related items
  • Industry Activities
  • Retailing musical instruments
  • Retailing musical supplies
  • Retailing sheet music
  • Repairing musical instruments and supplies
  • Providing private music lessons and instruction
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income
  • Consumer Confidence Index
  • Leisure time
  • Number of children aged 19 and younger

  • Current Performance
  • Consumer confidence lags
  • Competition rising
  • Rising profit and operating trends
  • Chart: Revenue Growth

  • Industry Outlook
  • Driving demand
  • Perpetual competition
  • Moving forward
  • Table: Musical Instrument & Supplies Stores Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Public Schools in Canada
  • Private Schools in Canada
  • Colleges & Universities in Canada
  • For-Profit Universities in Canada
  • Consumers in Canada

  • Key Selling Industries
  • Audio & Video Equipment Manufacturing in Canada
  • Music Publishing in Canada

  • Products & Services
  • Stringed instruments
  • Percussion instruments
  • Woodwind instruments
  • Other
  • Pianos and organs
  • Audio equipment, components, parts and accessories
  • Sheet music and related items
  • Chart: Musical Instrument & Supplies Stores Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Amateurs and hobbyists
  • Professional musicians and composers
  • Students and teachers
  • Other
  • Chart: Major Market Segmentation for the Musical Instrument & Supplies Stores Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Rent and utilities
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Musical Instrument & Supplies Stores

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Musical Instrument & Supplies Stores Industry

  • Industry Globalization
    Long and McQuade,
  • Table: Long and McQuade - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Musical Instrument & Supplies Stores 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 & Supplies Stores Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Leisure Time (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    E-Commerce
  • The buying and selling of products or services over the internet.
  • Point Of Sale (Pos)
  • A system used at checkout in retail stores using computers and cash registers to capture transaction data at the time and place of sale.
  • Sheet Music
  • A musical composition in printed or written form, which is normally in the form of unbound leaves.
  • Sound Reinforcement System
  • An electronic means for augmenting sound output of a speaker, singer or musical instrument, using equipment such as microphones, amplifiers and loudspeakers.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Musical Instrument & Supplies Stores market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    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 & Supplies Stores:
    • 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 of 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 & Supplies Stores 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 & Supplies Stores, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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