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Music Products Sales In U.S. Hit Record $7.3 Billion In 2004, Up 5.2% From 2003, Reflecting Growing Enthusiasm Among Baby Boomers And Older Gen-Xers
NAMM (the International Music Products Association) released the results of a national survey that reveals a record-setting level of musical instrument and product sales in 2004. Joe Lamond, president and CEO of NAMM noted that sales in the U.S. last year hit an all-time high of $7.353 billion. The record-setting number represents a 5.2 percent increase over 2003, reflecting unprecedented consumer interest in making music. Dramatic sales increases were scored in fretted instruments, with acoustic guitars surging 38.6 percent over last year and electric guitars rising 43.5 percent. In addition, double-digit unit sales increases occurred with drum kits, portable keyboards and digital pianos. The annual survey, commissioned by NAMM and conducted by the industry publication The Music Trades is an annual comprehensive study that includes instruments ranging from cutting-edge computer hardware to violins based on 300-year-old designs. The complete results of the survey will appear in the April issue of The Music Trades and will be re-published in NAMM's annual MUSIC USA statistical volume this summer. The increased sales appeared in virtually all industry segments, with 31 out of 54 product categories posting increases in dollar volume. "Shifts in customer demographics also show a significant industry trend," said Brian Majeski, editor in chief, The Music Trades. "As recently as the late 1990s, the major buyers of music and audio products could be classified into four major groups: children between 12 and 20, parents of those children, professional musicians, and institutions such as churches, schools and nightclubs." He continued, "While these groups still represent the bulk of industry sales, these core buyers are now augmented by a growing number of 35-to-55-year-old Baby Boomers and older Gen-Xers who are buying musical instruments for themselves." This latest data indicates that more consumers are turning to music for its many proven benefits including helping young children learn and develop, relieving stress in teenagers and adults, as well as staving off some effects of aging in senior citizens. In 2003, A Gallup poll commissioned by NAMM demonstrated that 54 percent of American households have at least one person who actively plays a musical instrument. "We are very pleased to see such strong consumer interest in playing music, which resulted in a record-setting year for the music products industry," said Joe Lamond, president and CEO, NAMM. "We're seeing a trend of more people discovering music for its many benefits including helping young children develop and grow as part of a well-rounded education, decreasing stress in adults who just play on the weekends and keeping seniors' minds and bodies active and healthy."
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