In 2022, print book sales in the US fell 6.5% compared to 2021, and this trend has continued into 2023. Unit sales of print books fell 2.7% in the first six months of 2023 compared to the same period in 2022.
There are a number of factors contributing to the decline in book sales, including:
The rise of e-books and audiobooks. E-books and audiobooks have become increasingly popular in recent years, and they now account for a significant share of the book market.
The decline of bookstores. The number of bookstores in the US has been declining for many years, and this trend has accelerated in recent years. This is due in part to the rise of e-books and audiobooks, but also to other factors such as competition from online retailers and the COVID-19 pandemic.
The rising cost of books. The cost of books has been rising in recent years, making them less affordable for some readers.
Despite the decline in book sales, there are still some bright spots in the bookselling industry. Adult fiction sales are up, and there is a growing interest in audiobooks. Additionally, many independent bookstores are finding success by focusing on community building and curating a unique selection of books.
Overall, the bookselling market is in decline, but there are still opportunities for booksellers who can adapt to the changing landscape.