I would agree with much of the above, especially when you look at the impact on students in areas like Swindon where there have been lots of redundancies from well-established companies in the area.
Earlier this week, one of the teachers I know in Swindon decided to offer pro-rata lessons to a young student whos dad had been made redundant until he finds a new job. This highlights the challenges currently for families due to a difficult economic environment – the son loved his music lessons yet there had to be cut as the family tightened their budget.
As you mention music lessons are one of the first things to go in an economic downturn as they are not as important as food, housing and basic bills. One note that is positive is that I started setting all of MGR Music Tuition up from 2008 onwards just after the worst economic recession in the recent past so I am positive that even in economic downturns that there will be a stream of students coming through even in the most challenging of economic times – this is very much influenced by the micro-economic factors to that city and its relative affluence compared to the national average.
Phil did you watch/read some of the films/books about the last economic downturn in 2008 and what was going on in Iceland with the banks? I couldn’t believe what I was watching/reading about.