Vinyl keeps growing
While record collecting is typically seen as a luxury, vinyl sales growth hit double digits in the first half of 2023, despite high inflation and high interest rates... what's going on?
Vinyl record sales saw an increase in volume of almost 22% in the US and over 12% in the UK in the first half of 2023.
This surge in sales is driven predominantly by new releases (Taylor Swift, anyone?) and reissues of old classics.
These figures exclude the resale market, so the aggregate figure is bound to be even higher.
Do you remember back in January 2023 some experts were forecasting a decline in vinyl sales? They said the vinyl boom had plateaued, high inflation would dilapidate savings, and the cost of living crisis would keep new vinyl purchasers at bay.
CDs are considerably cheaper to manufacture, so it makes sense for those involved in their production to issue gloomy vinyl forecasts and herald the return of the CD.
No disrespect, but some experts are, on a more or less subconscious level, heavily biased. They keep parroting the same gloomy forecasts every year.
I’m not saying CDs will never make a comeback, but the reasons we haven’t yet seen a CD revival are complex and varied (and a topic for another day).
What I’d like to focus on is that, for many people, the first six months of the year haven’t been easy, and yet vinyl sales keep growing.
In both the US and UK, folks have considerably reduced or toned down their consumption of many so-called “non-essential” or luxury items/activities (e.g. eating out, some forms of travel, clothes, accessories, etc.).
Which brings us to the delicate question of whether vinyl (or, more broadly, record collecting) can be considered a luxury.
If growing up through a financial crisis generally regarded as the absolute worst in modern history gives me any kind of authority, my immediate answer is no.
If you love records, if you need records, you will find a way.
I remember the situation in Argentina was so dire that central bank reserves had completely run out. People couldn’t access their money anymore because the country was simply unable to print it.
We paid for goods and services using government bonds during most of 2002. It was, plain and simple, like living in post-war conditions.
I may have bought fewer—and had to trade some—records back then, but the activity didn’t stop. My clothes were a mess at times, but my collection kept growing.
Like alcohol and tobacco, perhaps records are, after all, recession-proof.
In 2002 there was no streaming; however, audio sharing sites were booming… and yet, nothing killed my obsession with records.
My husband once told me some goods follow what’s known as the lipstick effect: small, relatively inexpensive luxuries some people indulge in during economic downturns to boost their mood or preserve their sense of normalcy.
I’d love to hear your thoughts in the comments. Vinyl: luxury or necessity? Perhaps a necessary luxury?
Thanks for reading/listening. Happy spinning!
I have to agree with Ian -- there's a tactile, emotional connection with buying vinyl, that isn't and wasn't there for me with CD purchasing/browsing. The size and weight play a significant role as well. Also, albums are more subject to wear and tear; you have to treat them more carefully. I know some CDs are kept in paper sleeves, but it never felt the same to me.
I only buy used albums, so a sense of history is also involved. It feels like purchasing art. It is purchasing art. And maybe that's the economic connection? Isn't it true that paintings also were purchased and sold during austere times? I could be wrong on that.
I used to have a large vinyl collection, and alongside it a large CD collection. Life events dictated a distress sale several years ago. I miss collecting, though, even though it's impractical now.
But ... yesterday I was browsing in a charity record shop that also sells new 'vinyls'. I picked up a new, sealed copy of 'Ariel' by Kate Bush. I had an emotional reaction; it was a thing of beauty - not just the high-quality printing of the sleeve, but the sheer weight of the package. (I'm already familiar with the beauty of the music). It felt like a different experience from the flimsy discs I used to buy years and years ago. Of course, it should feel like a different experience, because the album was priced at £45.
All of this is a long way of saying I can understand why vinyl sales are holding up. Why people have to buy, whether new or 'pre-loved'. Records are not, and have never been, mere 'product', and it's gratifying to know there are still large numbers of people who agree - and who support musicians with their hard-earned cash.