The latest 2024 Bi Annual Statistical data of the UK MI industry Alan Greensall of SynergyStatistics.
The half year data to June for 2024 is now available courtesy of HMRC. Alan Greensall continues crunching the numbers quickly to help us all determine the true state of our UK MI industry. This month we have decided to compare the HMRC published Retail data against the 8518 Pro Audio category as that includes Headphone and Microphones along with mixers. It makes an Interesting comparison. Next Month I will do the same for the MI specific products.
Following on from last month’s Keyboard instrument market, we now have access to the 2024 half year data. Comparing the general retail data and the Pro Audio data its very interesting to see that the trend of increasing value is not so pronounced in this area, being flat over the last 3 years, and with close to only a 1% growth over last year. The Volume of goods, however, is significantly down in the last two years but managed to grow this year so far by 17.5%. The overall drop over the years could be down to the high of the covid years, balancing overstocks, or the higher prices have stifled the demand especially in 2023. The significant part of both graphs is the gap between Value of goods and the numbers or Volume. That gap may be explained by Price inflation? However, there maybe another story that these graphs do not reflect. Missing is the decimation of margin and profitability. The pressure, even on the traditional brands to compete by lowering prices along with margins and having to design and deliver more cost driven product, does not help the industry! More on this next month, when I will look at the pure MI segment
