DUBLIN--(BUSINESS WIRE)--The "Global Luxury Pens Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Ball Point Pens, Fountain Pens, Roller Ball Pens, Multifunctional Pens and Others) and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The global luxury pens market was valued at US$ 2,251.10 million in 2020 and is projected to reach US$ 3,287.53 million by 2028; it is expected to grow at a CAGR of 5.0% from 2021 to 2028.
A luxury pen is a type of premium product, which possesses unique features and is customizable as per customer preferences. Such pens are designed to provide better quality and comfort, along with adding to royalty as an added aesthetic. Luxury Pens are categorized as premium products, essentially used by the elite class group as a piece of status symbol. They are also treated as precious gifts to commemorate a special occasion or achievement. The shift in consumer lifestyle backed by an increase in disposable income and a rise in investment in luxury writing instruments is primarily driving the demand for luxury pens. Additionally, the manufacturers are strategically investing in product development by modifying the luxury pen nibs with platinum and other expensive metals. It is expected to provide impetus to market growth.
Based on distribution channel, the luxury pens market is segmented into hypermarkets and supermarkets, specialty stores, online retail, and others. In 2020, the specialty stores segment dominated the luxury pens market. Specialty stores refer to a shop or a store that carries a deep assortment of styles, brands, or models with a relatively narrow category of products. They aim to sell a specific type of product only. These specialty stores provide the benefits of high-level customer service, exclusive discounts, and premium offers. Since the specialty stores keep a smaller number of products, owing to the fact that they sell only branded or specific products, the customers can spend quality time making the best selection of luxury pens that they intend to buy. The staff in these stores are well educated about the product, and they help the customers to know the benefits and specifications of the products before buying, which again attracts a fixed set of customers who become regular customers later.
Geographically, the luxury pens market is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SAM), and the Middle East & Africa (MEA). Europe is considered to be one of the lucrative regions for the luxury pens market, owing to the rising focus on luxury writing products. The region is expected to be the fastest-growing region over the forecast period. The countries in the region have witnessed an increase in demand for luxury pens because of strong economic growth, along with an inclination toward a high standard of living. The region encompasses ample opportunities for the growth of the market attributable to the rising brand consciousness, along with increasing expenditure toward research and development activities. This, in turn, is expected to diversify the application base of luxury pens, thereby leading to market growth. Further, the rapid development of the manufacturing base backed by improved economic activities and better investment opportunities in new product development is also promoting the growth of luxury pens in the regional market. The expansion of the corporate sector will also lead to an increase in demand for luxurious pens for gifting purposes. Additionally, companies specializing in luxury pens are focused on luring people with their designer finish and high-end quality.
Reasons to buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global luxury pens market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest `with respect to products, segmentation and industry verticals.
Market Dynamics
Drivers
- Growing Consumer Interest Toward Luxury Writing Products
- Rising Brand Consciousness Related to Luxury Pens
Restraints
- Rise in Focus on Digitization and High Operational Costs
Opportunities
- Growing Demand for Luxury Pens for Gifting Purposes
Future Trends
- Significant Investment in Product Innovation and Development
Companies Mentioned
- A. T. Cross Co. LLC
- Caran D'ache
- Faber-Castell
- Grayson Tighe
- Hugo Boss
- Jack Row
- Montblanc
- Conklin Pens
- Fisher Space Pen
- Bentley Motors
For more information about this report visit https://www.researchandmarkets.com/r/hhprc9
