How Does the Economy Influence the Sale of Music Products?
In the U.S., consumer spending on music products varies widely from state to state. A downturn in the national economy tends to lower the sale of music products but to different degrees based on multiple factors in each state.
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Age
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On average, states that have younger populations report the highest sales of music products. This is especially true of states with high percentages of residents between the ages of 12 and 24. A sluggish economy can put a damper on sales, but sales relative to this demographic remain essentially the same.
Prosperity
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People who are relatively unaffected by tough economic times buy more music than those who are hit harder. Prosperity varies from state to state, even during a recession or depression. Discretionary income is a major factor in the sale of music products.
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Other Considerations
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The cultural richness of a region plays a part. If an area is a center of culture, music-related sales will remain comparatively strong even during an economic slump. Tax burdens play a role, too. Residents of states where sales tax is high sometimes go to other states to make purchases.
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References
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