Recently, "piano crash" has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as "a cliff-like decline" and "abandoned overnight." Is th

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Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

Recently, "Piano Crash" has become one of the hot topics on the Internet.

Logically speaking, it is unlikely that there will be no signs of good or bad business, but the changes in piano sales are described by media reports as "a cliff-like decline" and "abandoned overnight."

Is this really the case? What is the current situation of the piano production and training industry? What's the reason behind this?

"Cliff" or "continuous" decline? The main evidence that

pianos cannot be sold is the performance of the A-share listed company Pearl River Piano. This company's pianos account for more than 40% of the domestic market and the global market share. Also more than 30%. According to its financial report, Zhujiang Piano’s net profit was negative in the second and third quarters of last year, and its losses intensified in the third quarter, reaching 20.12 million yuan.

However, if you look at the profit of Pearl River Piano in the past ten years, you will find that although the loss occurred in 2023, it has experienced rapid single-quarter declines in 2020 and 2022, and its profits have been declining year by year.

Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

If you look at the growth rate of Pearl River Piano's net profit, it will be clearer. In the three years since the epidemic, except for the second half of 2020 and the first half of 2021, it has been negative. Only in 2023, the decline in net profit has further expanded.

Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

This shows that the decline of the piano business has been very obvious during the epidemic.

According to the statistics of Magic Mirror Insight, the downward trend of online sales of pianos (including Taobao and Tmall online platforms) is also the same, which will be very obvious after 2020. 2023 will be the lowest year, about 228,800 units, with average monthly sales of only 19,000 units.

Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

The epidemic superimposes the dual effects of policies

Pianos cannot be sold. What is the objective reason?

The first reason that comes to mind is that the population base of piano students has declined?

According to the survey data of the "2022 China Music Education Industry Report", more than half (56.5%) of the users in China's music education market are the k12 group, that is, students aged 6 to 18 years old. Working backwards, the birth years of this group are probably between 2005 and 2017.

Data from the National Bureau of Statistics show that the number of births has been relatively stable in recent years and has not declined significantly. In 2016 and 2017, there was a small peak of newborns due to the two-child policy. In other words, when it comes to pianos, demographic factors may not yet come into play.

Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

If it is not demographic factors, then what is the reason that has made pianos gradually decline in the past few years?

The answer may be found back to the starting point when piano sales began to decline (in 2020).

The epidemic is of course a very important reason. Various isolation policies have made offline teaching difficult in the past three years. Not only in the mainland, there are also news reports in Hong Kong that piano teachers have reduced their face-to-face teaching customers by 80%. Three years, for piano students, happens to be a stage of changing pianos and buying pianos - the entry-level level 1-3 takes about three years.

Another reason that many people may not notice is the change in policy. In 2018, the Ministry of Education issued the "Notice on Enrollment of Ordinary Primary and Secondary Schools in 2018", which clearly mentioned that the enrollment scale of students with special talents should be gradually reduced. The time node for to cancel all types of primary and secondary school students is 2020.

In 2021, the Ministry of Education issued the document "Guiding Opinions on Further Strengthening and Improving the Enrollment of Art Major Examinations in General Colleges and Universities", announcing that students with art specialties in the college entrance examination will be canceled in 2024, and admissions will be based on the results of cultural courses.

The functional position of artistic talents such as piano in education and further studies has been weakened. The old students stopped studying due to the interruption of the epidemic, while the new students have no motivation to study again. This is also the main reason why piano sales did not pick up but fell further after the epidemic ended.

During the two years of the epidemic, the number of registrations of piano-related companies in China has decreased year by year. In 2022, there were only 935 new companies, which was a 64% decrease compared to 2020. By 2023, the number of bankrupt companies will reach 1,286, an increase of 32% compared to 2022. The last reason why

consumption is downgraded and consumption replaces

is the impact of the economic environment.After the epidemic, a "consumption scar effect" appeared on the public, that is, residents' desire to consume was reduced. Especially in 2022, RMB deposits will grow significantly, almost reaching the peak in the past 20 years, with a year-on-year increase of 80.2%. In the context of sluggish consumption, it is reasonable for large purchases like pianos that are both expensive and unnecessary to be affected.

Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

What is interesting is that in this case, there is also a "consumption downgrade" in piano consumption. Although pianos can no longer be sold, sales of relatively cheaper electric pianos have increased - in 2015, my country's electric piano market size was only 561 million yuan, which doubled to 1.026 billion yuan in just a few years.

Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

In addition, the sales of folk musical instruments are also growing.

such as Pipa. The report shows that the pipa market is growing steadily, and the market size is expected to reach 16 billion yuan by 2024, with a year-on-year growth rate of more than 10%.

According to statistics from Magic Mirror Insight, sales of ethnic stringed instruments have been relatively stable in the past four years. Although there was a brief decline due to the epidemic, the overall sales trend has been rising. In September 2023, online sales reached the peak in the past four years, reaching 40.75 million yuan.

Recently, 'piano crash' has become one of the hot topics on the Internet. Logically speaking, it is unlikely that business will be good or bad without warning, but the changes in piano sales are described by media reports as 'a cliff-like decline' and 'abandoned overnight.' Is th - Lujuba

In fact, compared with piano lessons, the cost of folk music courses is not low. The reporter searched for folk music training courses at three different price points in Shanghai and found that the price of a 45-minute music training course ranged from 180 yuan to 340 yuan, which was almost the same as the cost of piano training.

In addition, according to the reporter's observation, sports training for school-age children has become more and more popular in recent years. In first-tier cities, most children participate in at least one extracurricular sports training. A search using the keywords "sports training" showed that the number of sports training-related companies surged from 450,000 in March last year to 493,000 in October. Among them, 68,000 were established in the past year and 39,000 were established in the past six months. The more interesting part of

is also here. In 2023, residents' per capita consumption expenditure on education, culture and entertainment will be 2,904 yuan, a year-on-year increase of 17.62%, which is the peak in the past decade - but this has nothing to do with pianos. It is not so much that consumers buy If you can’t afford a piano anymore, it’s better to say you don’t want to buy one. Without the blessing of taking exams and further education, it’s sad that the “halo” of piano has been shattered so quickly.

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