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.
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