Market Insights Consumer Toys & Hobby Musical Instruments

String Instruments - Costa Rica

Costa Rica

in Costa Rica, a country known for its rich musical traditions, is also a part of the global market segment for String Instruments market.
In 2024, the revenue in this market segment for Costa Rica amounts to US$6.8m.
Looking towards the future, it is expected that the market will experience an annual growth rate of 6.89% (CAGR 2024-2028).
When comparing in Costa Rica to other countries on a global scale, it is important to note that the majority of revenue, amounting to US$1,092.0m , is generated in China in the year 2024.
To put this into perspective, in Costa Rica, the revenue generated per person in the String Instruments market is US$1.30 in 2024.
This figure is calculated by dividing the total revenue by the total population of the country.
The demand for traditional Costa Rican string instruments is on the rise, as musicians seek to preserve the country's rich cultural heritage.

Key regions: United States, China, United Kingdom, Worldwide, Asia

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on goods people buy for their leisure activities and hobbies.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use in-house market research, national statistical offices, international institutions, trade associations, third-party studies, and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and household number. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for forecasting the Toys & Hobby market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.