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Consumer Magazines Market Report 2009
Key Note Publications Ltd, June 2009, Pages: 114
This Market Report examines the UK consumer magazines market, which has been badly affected by cuts in consumer spending power and even more by reduced advertising budgets right across the UK. Senior executives in this industry are saying that trading conditions are the worst that they can remember. It has been especially difficult for them to deal with the suddenness of the decline in advertising since the summer of 2008, particularly since September. For the second year running (2007 and 2008), the number of consumer magazine titles has contracted. We estimate that the market value of consumer magazines, excluding customer titles, was worth slightly more than £3.35bn in 2008.
The market is dominated by the mass-circulation sectors such as television listings, women's weeklies, women's lifestyle and men's lifestyle. Other important sectors include teenage, music, motoring, cookery, gardening and home interests. Sales have fallen markedly in the teenage and women's weeklies sectors. The men's lifestyle sector has also weakened over the review period. Tighter consumer pockets, some tired titles and increased competition from the Internet lie behind the contraction in these sectors. Although there are a few exceptions, it is true to say that the whole market is in difficulty. There are some distinctly odd trends in this market at the moment, in that some very famous, high-profile titles are showing a sharp decline. There seems to be no clear reason why this should be so.
This report contains the results of a specially commissioned survey conducted by NEMS Market Research in April 2009, which reveals the latest attitudes towards magazines, as well as consumer buying habits. The results confirm the role that young people play as major buyers in this sector, many of whom now have less money to spend. They also show that buying habits are shifting between different socio-economic groups, as well as explaining why the industry is having such a tough time, with a high proportion of adults buying fewer magazines in 2009 than in 2008. Another trend that is evident from the survey is that women are cutting back on magazine purchases more than men, although a higher percentage of women than men also said that they are buying more magazines this year than last.
Publishers are reacting to these developments by making staff cuts, by closing titles and by restructuring their sales and advertising departments. They are also revamping magazine titles and creating brand extensions. Launches of new titles are declining. The Condé Nast Publications Ltd's high-profile launch of two titles in the spring of 2009 is an exception, and the decision to do so has been long in the making. The new titles began their gestation early in 2008; therefore, there was a significant period of time for the risks and potential to be assessed.
We are forecasting that the market will contract in value by 3.5% in 2009 and by a further 1.5% in 2010. Although a recovery may well start in 2010, this will only show through strongly in 2011. One former industry executive is forecasting that more than 60 titles will close by the end of 2009. This appears to be much too pessimistic, but it is certain that there will be closures.
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