Music fans are twice as likely to spend more than they intended on music in independent record stores, new research has revealed.
According to a study by ICM, music lovers are three times as likely to spend more on music and increasingly likely to visit and attend in-store events with independent retailers.
The research, commissioned in time for the Record Store Day on Saturday 19 April, showed that vinyl also continues to grow in popularity.
The biggest growth area of the last year among music fans has been the 25–34 age bracket with 26 percent buying vinyl in the last month, up from nine percent.
In the last year, 57 percent of people had bought a CD compared with 39 percent to have purchased an MP3 download.
Maurice Fyles, research director at ICM, said: ‘Although we can store our music on a PC or in the cloud, a large proportion of music buyers continue to purchase physical formats with MP3 files as an add-on.
‘Perhaps it’s a reaction to the digital world, but physical formats that we might have thought were relegated to history are being revived as fans and collectors opt for limited editions and promotional copies of their favourite music across a range of formats. Much of this activity is being driven from the independent record stores which continue to have a special place in music lovers hearts.’
Further findings from the study showed that Amazon is the most popular digital outlet for music. The retailer attracts one fifth of the market with iTunes at 11 percent and eBay at 10 percent.
According to a study by ICM, music lovers are three times as likely to spend more on music and increasingly likely to visit and attend in-store events with independent retailers.
The research, commissioned in time for the Record Store Day on Saturday 19 April, showed that vinyl also continues to grow in popularity.
The biggest growth area of the last year among music fans has been the 25–34 age bracket with 26 percent buying vinyl in the last month, up from nine percent.
In the last year, 57 percent of people had bought a CD compared with 39 percent to have purchased an MP3 download.
Maurice Fyles, research director at ICM, said: ‘Although we can store our music on a PC or in the cloud, a large proportion of music buyers continue to purchase physical formats with MP3 files as an add-on.
‘Perhaps it’s a reaction to the digital world, but physical formats that we might have thought were relegated to history are being revived as fans and collectors opt for limited editions and promotional copies of their favourite music across a range of formats. Much of this activity is being driven from the independent record stores which continue to have a special place in music lovers hearts.’
Further findings from the study showed that Amazon is the most popular digital outlet for music. The retailer attracts one fifth of the market with iTunes at 11 percent and eBay at 10 percent.
