Sales of albums affected by MJ's death

The following is a short article on how the death Michael Jackson has caused the demand for his albums to spike overnight, as well as the price elasticity of demand of the albums in the short and long run.

Eileen =)


King of Pop's death sparks buying frenzy here

By BRANDON CHEW

MICHAEL Jackson's death has revived demand for his music here. Music retailers Gramophone, HMV, That CD Shop, and Sembawang Music have all reported spikes in sales of the late King of Pop's products, following the unexpected news of his death yesterday morning.

The singer's CDs and DVDs had all but sold out after lunchtime yesterday at these stores.

Jinny Tee, assistant manager at That CD Shop's Great World City branch, said that the singer's products had been 'flying' off the shelves, selling out at most of the company's outlets.

According to sources, a bulk of the consumers were in their mid-20s or 30s. The peak of Jackson's popularity came in the mid-1980s and early 90s.

Such a buying frenzy is 'normal behaviour for fans', noted Keith Ng, senior manager at Sembawang Music. 'Consumer demand increases when an artist passes away', he added.

Mr Ng also commented that Sembawang would be placing orders for most of Jackson's discography, with new shipments to arrive late next week.

Music retailers here were quick to pick up on the consumer surge. HMV and Gramophone both had set up special display areas for Jackson's music in some of their stores.

While some companies have reacted swiftly in anticipation of a sustained increase in demand, others remained sceptical about Jackson's ability to sell records, even after his passing.

An assistant manager at Gramophone believes the demand shock caused by the pop icon's death will not be sustained beyond 'a few days', owing to a lack of popularity with younger consumers. His views contrast markedly with those of Jasmine Shi, marketing executive at HMV, who foresees the increase in sales 'continuing over the next few weeks'.

(Source: http://www.businesstimes.com.sg/sub/news/story/0,4574,339463,00.html?)