Local guitar shops often serve as cultural hubs within their
communities
LOS
ANGELES, July 17, 2024 /PRNewswire/ --
Global Guitar Sales
Globally, guitar sales have shown significant growth. In 2019,
the market was valued at approximately $8
billion, which increased to around $9.2 billion in 2020—a 15% rise within a year.
This growth was partly driven by a surge in interest during the
COVID-19 pandemic as many people took up new hobbies, including
learning to play the guitar. By 2021, global sales reached
$10 billion, marking an 11.4%
increase from the previous year. This trend continued with modest
growth, leading to a market value of $10.07
billion in 2022 (Music Strive) (Fundera).
U.S. Guitar Sales
In the United States, the
guitar market experienced similar trends. In 2020, guitar sales in
the U.S. amounted to $1.67 billion,
up 6.4% from 2019. This included various types of guitars, such as
acoustic, electric, and bass guitars. The number of guitars sold
also increased, with 2.7 million guitars sold in 2020. Since then,
U.S. sales have continued to grow, with an annual increase of
approximately $100 million (Music
Strive).
Economic Impact on Local Shops
Local guitar shops have benefited from these trends, though they
face unique challenges. Small businesses, including guitar shops,
typically see varied revenue streams. For instance, small
businesses with no employees had an average annual revenue of
$46,978, while those with employees
averaged significantly more, depending on their size. In general,
small businesses with fewer than five employees earned an average
of $387,000 annually, while those
with 20 to 99 employees averaged $7,124,000 (Fundera).
The last five years have been prosperous for the guitar
industry, with significant growth in both global and U.S. markets.
Local guitar shops have seen increased revenues, driven by a rise
in new guitar players and sustained interest in music. However, the
economic impact varies widely based on the size and scope of these
businesses.
THIS story and more can be found at Lundinke News:
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- Chat (NEW): This acts as a real-time community
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This is a great networking tool for students. Users can
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- Business Meets Music: Our "@TO" segment connects
music theory with business acumen, preparing students to
successfully navigate the music industry or any industry for that
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- Community Connection: Opportunities to engage with
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- NERD (NEW): offers New products and
news in the music industry, Experiment ideas provided
by our community of Luthiers and DIYers, Reviews and
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- Lundinke Music Magazine (NEW): Introducing new and
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SOURCE Lundinke