Oct. 8, 2012
/PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Bookselling Market Report 2012
This Key Note Market Report examines the bookselling market in the UK, comprising of consumer, academic and professional, and school books. The market has changed significantly over recent years, which has led to a decline in retail value, with Key Note estimating that sales stood at £3.3bn in 2011.In terms of sectors, consumer books still contributed the greatest share of the market, however a large decline in value has been evident. This is believed to be due to the recession having an impact on consumer spending, while the growing popularity of e-books is taking potential sales away from the traditional market. Academic and professional titles are thought to have fared better in the current climate, as the types of books included in this sector are often essential for work or study, and as such, the sector has been more resilient to the economic downfall. Furthermore, sales of school books, which include English Language Teaching (ELC) aids, are believed to have suffered a decline in value, mainly influenced by the recession and a cut in school spending on items such as books.Overall, there are a number of significant threats to the bookselling industry, including the growing popularity of e-books. The digital versions are believed to be reducing sales of traditional books, while many are distributed at much lower prices, devaluing the entire book industry. The increase in book discounting is also reducing any potential growth, as retailers are more focused on lowering prices during the tough trading period.WH Smith and Waterstones are two of the leading high-street booksellers, although both continue to face competition from online and cheaper outlets. Online sites such as Amazon and Play are believed to have increased their share of the market, as consumers are more price conscious since the recession, opting for the cheapest outlets. Similarly, supermarkets and discount bookshops have also fared well during the recession, as both types of outlets offer minimal prices, while promotions and discounts are heavily applied. Another major change to the industry includes the loss of Woolworths in 2008 and Borders the following year. Both retailers were significant contributors to the bookselling market, and along with their departure, it is believed that many independent retailers also exited the marketplace due to the tough trading environment currently evident on the high street.In regard to the future, the current outlook is bleak, as the economic climate in the UK remains uncertain, and recovery continues to be slow. The university tuition fee rise is expected to reduce the number of people enrolling into university in late 2012, which is likely to have an impact on sales of academic and professional books, which currently remains the only profitable sector within the industry. Despite this, the many film adaptations of books due to be released in 2012 are likely to be beneficial to the industry, as fans often wish to make a comparison between book and film. Key Note estimates that the market could decline further in terms of value in 2012; however, as the economy continues to gradually recover, sales are forecast to increase to reach an estimated £3.39bn by 2016.
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