The world’s largest musical instrument maker hopes to tap into late-life enthusiasm for the saxophone in China as a demographic shift reduces demand for pianos and boosts the ranks of elderly hobbyists in the ageing country.
Yamaha, for decades, had counted on soaring piano sales in China as its middle class grew, but the trend has reversed with fewer people giving birth. China’s acoustic piano market has shrunk to a quarter of its 400,000-unit peak about three years ago, according to the company, and instrument sales in China for the latest fiscal year fell 33 per cent from two years earlier.
As China ages, Yamaha views the burgeoning retiree population as an opportunity.
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