Musical Instrument Industry Summary
Although the global recession has begun to damper future expectations, sales figures and prices for musical instruments have remained relatively stable over the past year in Spain. Even so, it is important to mention that starting in January 2008 the increase of sales in the Spanish market began to slow, due to the global economic recession.
Higher priced instruments have been adversely affected by recent economic developments, suffering an overall decline in sales. Lower priced items have shown more favorable sales trends.
In the musical instrument sector, electronic keyboards have experienced a decrease of 2 percent in units sold and an increase of 4 percent in total sales. Also, digital pianos decreased 13 percent in units sold and increased 7 percent in total sales.
The digital drum category has increased significantly by 44 percent in the number of units sold and by 3 percent in overall sales. Electronic and acoustic guitars, along with the electric bass, have shown decreases in both the number of units sold and in the cost prices. In contrast, the electro-acoustic guitar (an instrument using electronic technology) has shown a rising tendency in sales, which has also been noted in the past few years.
It may be that the tendency of the number of musical instrument units sold in the market will remain the same. However, an increase in the number of lower-priced items is expected, which in turn could lead to a decline in the total invoicing.
Spanish Musical Instrument Trade with the U.S. in 2007
In 2007, the Spanish musical instrument market yielded USD188.1 million in total sales. The sales per capita were USD4.65 and as a whole the Spanish market had a 1.05% share of the global music market.
By Josefina Ortega