Museums in the US - Industry Market Research Report

Museums in the US - Industry Market Research Report

  • September 2019 •
  • 37 pages •
  • Report ID: 243248 •
  • Format: PDF
Work of art: Rising disposable income and increased travel activity will bolster revenue growth

Abstract

Museums in the US
The Museums industry encompasses a wide variety of institutions that are engaged in the preservation and exhibition of objects of historical, cultural and educational value. Over the five years to 2019, rising levels of per capita disposable income have resulted in strong growth for the industry, as consumers were more willing and able to make discretionary purchases such as museum tickets and merchandise. Moreover, most museums qualify as nonprofit organizations and benefit from a tax-exempt status. As a result, many of these institutions rely on government support. However, federal funding has been volatile over the past five years, causing many operators to raise admission fees and adopt cost-cutting measures. Overall, industry revenue has increased during the current period. Over the five years to 2024, industry revenue is forecast to continue to expand. Per capita disposable income and travel activity are both projected to rise during the outlook period, benefiting industry operators. However, anticipated declines in government funding for the arts will likely limit revenue growth.

This industry engages in the preservation and exhibition of objects of historical, cultural and educational value and includes art galleries, art museums and other museums in general. This industry does not include commercial art galleries that sell art products and objects.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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