The Best Performance In Six Years!
...year-over-year sales gain. The U.S. retail value of this broad array of musical instruments, recording gear, and audio products reached $7.03 billion, a 3.3% gain over last year’s level of $6.8 billion. The rise closely tracks the trajectory of the national economy, which closed out the year with a 2.6% gain in gross domestic product. Like most other commercial activities, the sale of music products benefited from the combination of declining unemployment, rising wages, and improved consumer confidence. However, the gains were not equally distributed among the diverse product categories tracked in this report. Fretted instruments and related products, the single biggest product category, notched a 7.3% gain in retail value, while electronic music products experienced a 4.8% slump.
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