The US Market for Arts and Crafts to Exceed US$40 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global outlook on the Arts and Crafts Stores Industry. China, by spearheading recovery in the global economy, emerged as the world’s largest auction market for fine arts in the year 2010, with Chinese artists making it to the top-10 list of global artists by auction revenue. The region, along with other Asian countries such as Hong Kong is poised to transform into a lucrative destination for renowned auction houses and is expected to emerge as a hub for art fairs and galleries, attracting collectors from various countries across the world.

Arts and Crafts Stores: A Global Outlook

Follow us on LinkedIn – Arts and crafts represent a principal component of socio-economic life and an integral element of the culture of every country. Like all other sectors, Arts and Crafts Stores were adversely affected by the global economic downturn which resulted in an overall decline in sales during the 2008-09 period. While consumer spending on certain types of craft declined significantly, purchases of certain other craft items such as sewing goods, cake decorating and jewelry making supplies increased, as people attempted to achieve savings by making products themselves. As a result, the Do-It-Yourself (DIY) movement gained significant traction during this period.

An out-of-the-ordinary trend that is being witnessed in recent times is that crafts that were previously the exclusive domain of the middle-aged and the older women group are now extending scope to include the younger population, even the male demography. With these and other consumers exhibiting increasing interest, stores are conducting various art related workshops to provide lessons in such skills. Further, the market is also witnessing a trend of recycling or reconstruction of old and unused items. This trend which was widely prevalent during the time of the great depression is making a comeback in the current cash constrained economic scenario. Consumers, instead of deposing items are recycling them to give them a new look and extend their functionality.

For over half-a-century, the global market for fine arts was dominated by the US and the UK. But in 2010, a marked shift was witnessed in this leadership, as China owing to its economic strength and favorable political climate overpowered the two countries and emerged into the forefront of the global fine arts auction industry. The country became a global hub for fine arts, attracting art collectors from various countries across the world.

The research report titled “Arts and Crafts Stores: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the industry, highlights latest trends and demand drivers, in addition to providing statistical insights. Regional markets briefly abstracted and covered include United States, Canada, Japan, Europe, Asia-Pacific and Africa The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.

For more details about this comprehensive industry report, please visit –
http://www.strategyr.com/Arts_and_Crafts_Stores_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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