What Is Difference Between Cd-R And Cd-R Music Cd 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 effects of the global recession, we immediately think of big picture issues like mortgage defaults, bank failures and families in crisis. Yes, these are the biggest problems the world has faced since the economic collapse of 2007, but the byproduct of this global shortage of cash flow has been a drastic reduction in retail spending. Luxury and convenience items are no longer an option for some people, and major companies have seen sales of high-ticket items decline over the past couple of years. In response to this NAMM, the National Association of Music Dealers compiled their Global Report to document the worldwide decline in musical instrument sales.

The global report analyzes sales of music products worldwide, including Australia, Austria, Brazil, Canada, China, Germany, Italy, Japan, Norway, Spain, Switzerland and the United Kingdom The report breaks down sales of music products into categories to better analyze sales trends recent and document the specific declines as we saw them in 2007 and 2008.

Overall, it found that although sales were strong in 2007 until the fourth quarter, when stocks fell sharply and the retail sector saw a drastic drop in spending. Every retail sector was affected, but nowhere as sharply as non-essential items. Although every sector was affected by sales of music products, some declined more severely than others.

The key to reducing sales seems to be both the price point and the necessity of the item. Items such as pianos and home or church organs saw a drastic decline, as these items had a high price point and consumer spending was high. All time low. One sector that did grow when others declined was accessory sales, as shoppers continued to purchase items to maintain their current devices rather than purchase new ones.

Drum kit sales were at their peak before the recession, as parents opted to purchase complete drum kits due to a good price point of $500 and under. In 2008 there was a decline in purchases of drum kits, which may be partly due to the recession and also to the hot selling market on eBay and Craigslist. Reselling is a practice often undertaken during a recession, when users sell items they no longer need to generate additional cash. If a person cannot afford classes for the device, they can simply sell it to generate additional cash.

Most drum accessories were down, as sales of items like cymbals fell 6% in the U.S. Cymbals hold a 14% market share of all drum accessory sales in the U.S. and have been on the rise since 1999 with an almost consistent increase in retail value. Perhaps one of the reasons for the decline in Cymbal sales can be attributed to the fact that it is seen as a luxury item when it comes to drumming. Items such as sticks and hammers saw a slight increase of 1%, as it is clear that these products are considered necessary for drummers. The decline in Cymbal sales was seen in locations around the world, as Australia also reported a reduction in Cymbal retail sales.

The impact of the global recession has clear implications in all areas of the retail sector, and as NAMM’s global report illustrates, musical products have not been spared from the economic downturn. As the economic world slowly recovers, we can expect a better outlook for musical instrument sales in the future.

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