Guitar strings is a big business
You wouldn't think something so simple is such a big deal, but it is.
"Increasing sales of guitars across the world is expected to drive demand for electric & acoustic guitar strings over the forecast period", according to Yahoo! Finance.
The forecast period is 2021 to 2028.
In 2020, the electric & acoustic guitar strings market was a $483 million dollar industry. In 2028 (which is truly not that far away), it's projected to be a $645 million dollar industry.
Try to wrap your head around the fact that guitar strings alone is almost a half-a-billion dollar industry, and that by '28 it will be well past that.
What is making the guitar strings industry future so great?
Answer: Live music performances are becoming common again, guitar sales are going up, and string manufacturers are getting smarter with business expansion strategies.
It's the business expansion strategies that are the most interesting. In the near future, you may see guitar strings for sale in places you wouldn't ordinarily. You may also see promotions for certain musical instruments where the string manufacturer is prominently mentioned to help sell the instrument.
An example of this is something you've most likely already seen. Some guitars are promoted as being sold new with D'Addario strings installed. Just the mention of that brand tells the buyer, "Oh, good. I know the strings that come with this guitar are quality and not junk."
Seeing this is nothing new to buyers of guitars, but it's been going on long enough where when you see D'Addario, you automatically think good string. And, in all honesty, it is. But seeing that brand name, again and again, that's all marketing. D'Addario really knows how to do that right.
You may see similar styles of marketing for guitar strings in unconventional places in the near future - and not just for D'Addario. Fender, Jim Dunlop, DR Strings, and more are all getting in the game on this.
Does this mean the price of strings will go up?
No. What string manufacturers have done, smartly, is that instead of bumping up the price, they have introduced higher grade product options instead.
It is vitally important to have a decent gateway product that everybody can afford, which is what the D'Addario XL is. Without the XL, there couldn't be NYXL. Guitar players get the XL, get to know the D'Addario brand, and then feel comfortable enough to spend more on the NYXL because trust in the brand has been earned.
The low-cost string will stay around, not to worry.