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2023 First-half Term Music Products Retail Market Survey: 33 Music Retailers Throughout Japan Participate
Japan Music Trades recently conducted annual 2023 Music Retail Market Survey for 6 months from January through June with help of 33 music retailers throughout Japan. It reveals that 81.8% of the music retailers reported that the sales during the term had increased far greater than the last year survey of 57.5%. Consequently, only 9.1% each music retailers reported that their sales went down or unchanged.
The 2022 survey showed 30% of the participated music retailers reported business decline, and 12.5% reported no change. The 2023 survey result apparently tells that the industry experienced a definite upswing from the Covid-19-related stagnant economy.
As the economic recovery has been much talked since last year after the Government lifted restrictions against corona virus, public events restarted, and music retailers saw heavy customer traffic. Not a few retailers reported that people movement dramatically changed after Covid-19 was classified into Class 5 Infectious Diseases, looser regulations this past May.
Music retailers reported that sales of electric guitars and basses significantly increased inspired by popular animation movie. Wind instruments severely impacted by Covid-19 also showed the largest recovery in the last 4 years. While the school music retailers fretted shortage of products supplied by manufacturers and distributors.
As to the most prospected marketing strategies for latter half of the year, 45.5% of the retailers pointed upgraded customer relationship and communication capability at sales floor which were more than 25% increase over the survey last year. 37.5% music retailers were apparently most interested in holding live music events the previous year. A year later, their expectation turned to expanding business opportunities like developing entry level market and practically seeking effective ideas to boost sales through carefully planned promotional events. They are also expecting upgrading inventory, development of products designed in collaboration with third parties, and searching new generation of promising products. Not a few retailers also expressed increasing interest in expanding distribution of used instruments.