The health of the Museums industry is tied to individuals' inclination to donate or spend money on leisure activities, which is affected by trends in disposable income and consumer confidence. Following a drastic downturn during the recession, the industry began to turn around at the end of 2011, with the majority of museums reporting an increase in attendance, a trend that has continued throughout the five-year period. Furthermore, improving economic conditions resulted in a rise in private donations, the second-largest source of industry revenue. The majority of museums in the United States qualify as nonprofit organizations and therefore benefit from a tax-exempt status from the Internal Revenue Service (IRS). As a result, many of these institutions rely on government support. Over the five years to 2021, industry revenue growth will be bolstered by rising employment, which will accelerate disposable income growth. As a result, more individuals are expected to make discretionary museum trips and charitable donations.
This industry engages in the preservation and exhibition of objects of historical, cultural and educational value and includes art galleries, art museums and other museums in general. This industry does not include commercial art galleries that sell art products and objects.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.