Here is an interesting article on Fender, the world famous guitar maker, and how the economy has affected them.
“Times have changed, and so has music. In the 1950s, ’60s and ’70s, electric guitars powered rock and pop. Today, turntable rigs, drum machines and sampler synthesizers drive music like hip-hop. Electric guitars, huge as they are, have lost some of their old magic in this era of Jay-Z, Kanye West and “The Voice.”
Games like Guitar Hero have helped underpin sales, but teenagers who once might have hankered after guitars now get by making music on laptops. It’s worth remembering that the accordion was once the most popular instrument in America.”