The musical instruments market is expected to continue growing steadily, due in part to the increasing disposable income of consumers. Another key factor in market growth is the increase in online retailing. Analysts forecast the Global Musical Instruments market to grow at a CAGR of 2.64% through 2016.
The e‑commerce method of retail shopping is changing rapidly and consumers are increasingly using the internet to purchase a variety of goods which has led to numerous musical instruments companies providing their wide selection through the online space.
Companies find the online shopping approach to be a convenient and cost-saving approach as it allows them to target consumers through the web rather than directly through other means. Some of the popular musical instruments websites include snapdeal.com, gibson.com, music123.com, and zzounds.com.
The accessibility of instruments online and the preference to buy products online will increase during the forecast period with the increasing knowledge of the internet. Hence, the rise in online retailing will have a positive impact on the market during the forecast period.
The musical instruments market is not without its challenges, however. One of the barriers to growth for this market is the high cost of musical instruments. According to the new report, the rising costs of good-quality, branded musical instruments in the market may prohibit some consumers from purchasing these musical instruments, as they do not consider it to be a very important product to possess.
Ad-ology Research has discovered that musicians who play an instrument are more likely than the average consumer to respond to radio ads, direct mail, ads on a social network, or sponsored search results/text links. This audience is also more likely than average to plan a visit to a local museum or a trip to a state or national park within the next 12 months.
AudienceSCAN data is available as part of a subscription to Ad-ology PRO. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.