BEIJING, March 19 (Xinhua) -- Steinway & Sons, a prestigious piano maker, expects to see its business flourish in China over the coming years, as musical eduction is gaining greater importance in the country, China Daily reported on Tuesday.
Benjamin Steiner, CFO of the time-honored company, said the Chinese piano industry is a huge and rapidly growing business.
According to the China Art Association, there were about 50 million Chinese children learning a musical instrument by 2018, and the piano was among the most popular options for parents.
"Thirty million to 40 million children in China take piano lessons, compared to less than 10 million in the rest of the world," said Steiner, "So, 60-80 percent of kids playing the piano are in China."
He said the company's business remained strong over the years, with the Chinese market accounting for a fifth of its global sales last year, adding he expected the ratio to grow to 50 percent over the next 10 years.
Although most of the pianos sold in China were lower-priced ones, Steiner believed that more people would invest in expensive pianos in the future.
Speaking of the uncertain global business environment, he said he has not seen any sales decrease caused by the economic uncertainties yet.
Benjamin Steiner, CFO of the time-honored company, said the Chinese piano industry is a huge and rapidly growing business.
According to the China Art Association, there were about 50 million Chinese children learning a musical instrument by 2018, and the piano was among the most popular options for parents.
"Thirty million to 40 million children in China take piano lessons, compared to less than 10 million in the rest of the world," said Steiner, "So, 60-80 percent of kids playing the piano are in China."
He said the company's business remained strong over the years, with the Chinese market accounting for a fifth of its global sales last year, adding he expected the ratio to grow to 50 percent over the next 10 years.
Although most of the pianos sold in China were lower-priced ones, Steiner believed that more people would invest in expensive pianos in the future.
Speaking of the uncertain global business environment, he said he has not seen any sales decrease caused by the economic uncertainties yet.
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