A rare report on the UK musical instrument market from Ibisworld predicts growth of 6.2 per cent over the next year, but outlines the extent of the damage caused to the sector at the height of the recession.
According to the report – Musical Instrument Dealers in the UK – MI retail saw a continual decline from 2006-2012, losing 10.8 per cent of total revenue at the peak of the depression in 2008. Since 2006 the sector has also shed some 1,166 employees, but is once again beginning to create new jobs.
Revenues have declined from a high of £485.9m in 2005 to a low of just £352.8m in 2012 before recovering to the current market value of £382.6m. Indeed, the next 12 months is forecasted to be a peak year of growth with revenues up 6.2 per cent to £397.3m, before slowing over the next five years to a flat 0.7 per cent increase in annual revenue in 2019-2020.
For more information and to see a sample of the report go to www.ibisworld.co.uk or phone +44 0207 222 9898 or email info@ibisworld.co.uk
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