Musical Instrument & Supplies Stores in Canada - Industry Market Research Report

Musical Instrument & Supplies Stores in Canada - Industry Market Research Report

  • June 2020 •
  • 35 pages •
  • Report ID: 4564289 •
  • Format: PDF
In treble: Increases in consumer confidence are expected to support industry growth

Abstract

Musical Instrument & Supplies Stores in Canada
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. Per capita disposable income is expected to increase slightly faster as the economy continues to strengthen, providing consumers with more discretionary income for the industry’s premium products. However, consumer confidence is expected to decline. Additionally, an increase in the number of children aged 19 and younger, the industry’s key market segment, is expected to increase at a faster pace over the next five years.

The Musical Instrument and Supplies Stores industry in Canada 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.

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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