Russia’s demand for musical instruments will increase by 10-15% by the end of 2024. This forecast was given to socialbites.ca by Olga Eremicheva, director of category management and purchasing department of the Muztorg chain. She added that in the absence of stress factors, primarily geopolitical, prices for musical instruments will increase by no more than 5-7%.
The forecast is based on sales dynamics across all sales channels (online and offline) in the last months of 2024.
“In the summer months, Russians showed more interest in purchasing musical instruments. We expect growth to continue. In August-September, with the start of the school year, demand may increase even more, as many parents buy musical products for their children for private educational institutions, online lessons and personal use, the expert said.
According to him, the growth of consumer activity in the country is also reflected in the sales results of musical instruments. Eremichev expects positive dynamics at the end of the year, as musical instruments and accessories are traditionally popular gifts for the New Year.
According to the expert, a possible price increase will affect equipment of foreign production: the cost of such goods is directly dependent on the increased import and logistics costs. Despite the fluctuations in sales of some brands, the share of imported goods in the musical instrument market was and remains high, Eremicheva explained.
According to the expert, musical instrument prices increased by a maximum of 10 percent in January – July 2024 compared to the same period in 2023 due to fluctuations in exchange rates.
To reduce the financial burden, Eremicheva recommended that before purchasing a musical instrument, one should be interested in current promotions from sellers, participate in loyalty programs, and not neglect financial instruments such as installment plans.
Previously at the Central Bank compared high inflation combined with diseases.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.