The import of pianos, harpsichords, and keyboard string instruments to Singapore experienced fluctuation in recent years, peaking at 17.44 million USD in 2014. From 2015 onwards, a downward trend continued, dropping to 10.298 million USD by 2023. Year-on-year, there was a decline of 2.18% from 2022 to 2023, with a 1.9% average annual contraction over the last five years. Forecast for 2024 and beyond predicts a continued decline, with a predicted 1.96% annual decrease, leading to a 9.43% reduction by 2028.
Future trends to watch for:
- Potential impact of shifting consumer preferences
- Improvement in digital or electronic alternatives
- Economic factors affecting disposable income and luxury spending
