The price of a display rack has been falling steadily for years, but the industry is still not on a sustainable footing.
A new report from the National Association of Home Builders and the National Retail Federation suggests that if current trends continue, the price of display racks could drop below $1,000 by 2021.
The report, which is based on data from the Bureau of Labor Statistics, also found that the cost of a typical display rack at a large home improvement store has dropped by an average of 6.7% since 2009.
While a display box can be sold for $400, the cost is usually $1.25 or less, the report said.
“We are in the midst of a very challenging time for the aquarium industry, and we need to make sure we’re taking action on our long-term future,” John O’Neill, president of the National Home Builder Association, said in a statement.
The market is expected to continue to shrink for several more years, O’Neil said.
He cited the recent demise of the aquarium display business as one reason for the drop in prices.
The industry also continues to struggle with an aging population and an increased need for storage space, according to the report.
“With a rising demand for storage, and the growing demand for aquariums, this is an industry that is being affected by a number of factors,” O’Reilly said.