The employment in the Manufacture of Musical Instruments sector in Italy has shown a declining trend over the past years, moving from 1.02 thousand full-time equivalents (FTEs) in 2013 to 0.847 thousand FTEs in 2023. This nearly decade-long decline is characterized by fluctuations, with noticeable reductions in 2014, 2015, and particularly in 2020 during the COVID-19 pandemic. However, there were slight rebounds in 2016 and 2017.
Year-on-year variations show sporadic growth and contraction, with sharper declines in certain years and minor improvements in others. Specifically, the sector experienced an annual decline in employment of -0.35% from 2022 to 2023. Over the last five years (2019-2023), the compound annual growth rate (CAGR) displayed an average annual decrease of approximately -2.76%.
Looking forward, the employment trend is expected to continue its slight decline, with forecasts indicating a reduction to 0.839 thousand FTEs by 2028. The forecasted 5-year CAGR is -0.14%, signaling a marginal decline in the workforce, which translates to a forecasted 5-year growth rate of -0.71%.
Future trends to watch for include:
- Technological advancements in musical instrument manufacturing that could impact labor requirements.
- Shifts in consumer preferences towards digital and electronic musical instruments.
- Policy changes or economic factors that could affect the manufacturing sector at large.
- Potential resurgence in demand for traditional musical instruments driven by cultural or educational initiatives.
- Impact of global supply chain dynamics post-pandemic on the sector.
