Musical Instrument & Supply Stores
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 2,400 musical instrument and supply retailers in the US sell musical instruments, sheet music, and related products and services. Firms may provide rental, lease, or repair services for musical instruments. Some firms provide music instruction or lessons. Companies may specialize in a particular product category, such as pianos or guitars.
Competition from Alternative Sources
Musical instrument and supply retailers compete with a variety of alternative sources, including mass merchandisers, warehouse clubs, online-only retailers, and direct-to-consumer channels.
Unpredictable Trends and Fads
While not as unpredictable as the fashion industry, the musical instrument and supply market has its share of trends and fads.
Industry size & Structure
The average musical instrument and supply store operates out of a single location, employs 11 workers, and generates $1-2 million annually.
- The musical instrument and supply store industry consists of about 2,400 firms that employ about 27,700 workers and generate $4.5 billion annually.
- The musical instrument and supply store industry is concentrated at the top and fragmented at the bottom; the top 50 companies account for about 55% of industry revenue. The top four firms account for 41% of industry revenue.
- Large companies include Guitar Center, Sam Ash, and Schmitt Music Company. Some large domestic firms will ship merchandise to foreign countries.
Industry Forecast
Musical Instrument & Supply Stores Industry Growth

Recent Developments
Nov 3, 2023 - Flat Growth Expected for Industry
- A slowdown in consumer spending and continued high price levels are expected to limit growth in the US musical instrument and supplies stores industry, which is projected to grow at less than 1% CAGR from 2022 to 2027, according to a recent Inforum forecast. This rate is slower than the projected growth of the overall economy. Employment levels in the industry were mostly steady in recent months, and employment costs have been relatively consistent as wages have stayed stable.
- Consumers are expected to spend an average of $875 on gifts, decorations, food, and seasonal items for the winter holidays, according to the latest National Retail Federation (NRF) survey conducted by Prosper Insights and Analytics. The 2023 projection is $42 more than 2022 and aligns with the average holiday budget in the past five years. Consumers are expected to spend about $620 on gifts and $255 on seasonal decorations, candy, and food. About 92% of US adults will celebrate an event such as Christmas, Hanukkah, or Kwanzaa, and more than 40% of shoppers will begin their holiday shopping before November. Top shopping destinations include online (58%), department stores (49%), discount stores (48%), and grocery stores and supermarkets (44%). Popular gifts planned include gift cards (55%), clothing or accessories (49%), books, video games, or other media (28%), and personal care or beauty items (25%). Gifts of experience are becoming more popular with holiday shoppers, with 23% planning to give one, compared to 19% in 2021.
- Labor quality and inflation were tied as the top business problems for small business owners, each called out by 23% of owners in a survey by the National Federation of Independent Business (NFIB). The NFIB’s Small Business Optimism Index fell half of a point in September 2023 to 90.8, marking the 21st consecutive month below the 49-year average of 98. According to NFIB Chief Economist Bill Dunkelberg, “Owners remain pessimistic about future business conditions, which has contributed to the low optimism they have regarding the economy. Sales growth among small businesses have slowed and the bottom line is being squeezed, leaving owners few options beyond raising selling prices for financial relief.” Small business owners are still encountering historically high job opening levels, with a seasonally adjusted 43% of owners reporting job openings they could not fill in the current period. Nearly 60% of owners reported making capital outlays in the past six months, with 41% spending on new equipment, 22% acquiring vehicles, and 17% improving or expanding facilities.
- More than 60% of hourly employees plan to leave their positions in the next 12 months, according to a new report in Chain Store Age. The “State of the Hourly Workforce” report by workforce management platform Legion Technologies surveyed 1,500 employees and 600 managers. Nearly 65% of workers said they plan to leave their current industry altogether. Not enough schedule flexibility, not enough benefits, and undesirable working conditions are the top factors that make an hourly job undesirable. Pay issues were also raised by respondents. More than 60% of hourly employees want to be paid every week, and getting paid early (early wage access) is becoming a differentiator for employers.
Get A Demo
Vertical IQ’s Industry Intelligence Platform
See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.
Build valuable, lasting relationships by having smarter conversations -
check out Vertical IQ today.