Analysts in Russia anticipate a 10-15% rise in demand for musical instruments by the end of 2024. This outlook was shared with socialbites.ca by Olga Eremicheva, who holds the role of director of category management and purchasing at the Muztorg chain. She noted that, in the absence of significant stressors—chiefly geopolitical tensions—instrument prices are expected to climb only about 5-7% at most.
The projection rests on sales trends observed across all channels, both online and brick-and-mortar, during the latter months of 2024.
During the summer, there was a noticeable uptick in Russians showing interest in buying musical instruments. The expert remarked that growth was likely to persist, and she anticipated a further uptick in August and September as the school year began. Parent purchases for private lessons, online instruction, and personal use could push demand higher as families invest in musical education for their children.
She added that the overall rise in consumer activity in the country is mirrored by the sales results for musical instruments. Eremicheva expects the year to close with positive momentum, highlighting that musical instruments and related accessories are a perennial favorite as gifts for the New Year season.
The expert explained that any potential price increases would mostly impact equipment sourced from abroad, where costs are sensitive to higher import and logistics expenditures. Despite some brand-level fluctuations in sales, the share of imported goods in the musical instrument market remains substantial, according to Eremicheva.
According to the expert, instrument prices rose by up to 10% in January through July 2024 compared with the same period in 2023, driven by exchange rate volatility and related financial pressures.
To help ease the financial burden, Eremicheva advised prospective buyers to check current promotions from sellers, participate in loyalty programs, and consider financing options such as installment plans when purchasing an instrument.
In a related note, the Central Bank has commented on the interplay between high inflation and health concerns, underscoring broader economic considerations that can influence consumer spending patterns in the instrument market.