CMT 2015 Market Forecast Survey

Friday, January 16th, 2015

Canadian Music Trade surveyed MI store owners and managers across the country to get their feelings and predictions for their businesses and the industry at large for the new year. Here are the results…

In which direction do you think the Canadian economy will head in 2015 when compared to 2014?

It will be significantly better in 2015              9%

It will improve slightly in 2015                       43%

It will remain about the same in 2015             27%

It will worsen slightly in 2015                        15%

It will worsen significantly in 2015                6%

Looking ahead to 2015, how do you feel it will compare to 2014 as far as your business is concerned?

 2015 will be much more profitable                 6%

2015 will be slightly more profitable              46%

2015 will be equally as profitable                   31%

2015 will be slightly less profitable                12%

2015 will be much less profitable                   6%

 

Do you foresee having to make any personnel changes in 2015?

Yes, I will be hiring new staff                        21%

No, I do not foresee any personnel changes   70%

Yes, I will be shrinking my staff                    9%

 

How many trade shows, workshops, or other business-building or networking events do you plan to attend in 2015?

 0-1                                                                   42%

2-3                                                                   42%

4-5                                                                   6%

6+                                                                    9%

 

How does the projected figure in the last question compare to your attendance at such events in 2014?

I plan to attend more of such events in 2015                                     27%

I plan to attend about the same number of such events in 2015        61%

I plan to attend fewer of such events in 2015                                                12%

 

In terms of a percentage of your total sales, in which of the following product categories do you expect to see the most growth in 2015 when compared to 2014?

Guitar & related products                                           45%

Keyboards & related products                                    3%

Percussion & related products                                    6%

DJ equipment & related products                               3%

Band instruments & related products                         3%

Amplification & related products                               0%

Live sound equipment & related products                 12%

Home recording equipment & related products         15%

Print & educational media products                           3%

Other                                                                           9%

 

In terms of the amount of new and innovative products, in which of the following product categories do you expect to see the most growth and progression in the market at large?

Guitar & related products                                           18%

Keyboards & related products                                    3%

Percussion & related products                                    6%

DJ equipment & related products                               6%

Band instruments & related products                         0%

Amplification & related products                               3%

Live sound equipment & related products                 18%

Home recording equipment & related products         39%

Print & educational media products                           3%

Other                                                                           3%

Speaking Out

How do you feel 2015 will compare to 2014 as far as your store or the industry at large is concerned?

“We are greatly increasing our advertising, public relations and overall marketing efforts to gain more market share. I believe those efforts will pay off in overall brand recognition, therefore sales dollars.”

“Music is an important part of personal growth and development. People are becoming more and more aware of it. 2015 will be a year of growth.”

“2015 will likely be a challenge in some ways for us, as the oil prices seem to be declining and our city is highly dependent on the oil industry. That being said, our re-focus on musical instruments, the addition of product categories we did not previously deal in, the growth in selection within categories we have traditionally represented, our new pricing strategy, the