24 Nov Fender Sales Boom in 2020
Amidst announcements of store closures and tough times for retailers it is encouraging to read that the guitar industry is doing very well, particularly the mighty Fender!
Sales up 17%
According to their CEO, Andy Mooney, sales are up 17% and will be up to $700m this year, which is great news, especially as a good chunk of their growth is with new players/beginners.
During the first lockdown 90% of worldwide music stores shut their doors, the Fender factories closed and 200 of their employees took a pay cut. Not a good omen. However, stay at home consumers turned to the guitar as a new hobby and sales of electric, acoustic and bass guitars, amps and pedals took off. Sub $500 acoustics have been particularly popular.
Pre-Covid on-line sales probably accounted for 50% of Fender sales globally – this has now up around 70% this year and continues to grow, with sales at all price points
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24 November 2020