InterMedia News: Magazine Industry Trends June 2024

The UK magazine industry continues to face challenges, with an overall Retail Sales Value (RSV) decline of 3.0% in the three months to March 2024. However, this marks a slight month-on-month (MoM) improvement of 0.5%. Monthlies showed signs of recovery, with a 0.9% MoM increase in both volume and value, despite annual declines. Over a 12-month period, the market saw a 9.9% drop in volume and a 5.8% decrease in value, with both monthlies and weeklies following a similar downward trend.

Some segments showed resilience, with puzzles leading the way at a 12.9% RSV increase year-on-year (YoY). The music category also experienced growth, driven in part by bookazine series, while TV listings held steady with a 0.3% YoY share increase. However, crafts suffered the biggest decline, down 18.7% YoY, with sewing and papercraft falling over 30%. Supermarkets, while experiencing a 5.3% YoY revenue decline, remained the dominant sales channel, while M&S showed 2.5% RSV growth.

Despite overall declines, early signs of recovery are emerging. The fall in inflation below the Bank of England’s 2% target, combined with consumer spending projections for summer, presents an opportunity for further growth. Barclays’ Consumer Spending Report showed a 0.4% retail decline in May, yet 18% of customers plan to increase spending. If these trends continue, the magazine sector could see positive MoM improvements through 2024.