The scope of our recent study on the “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 (Hypermarket and Supermarket, Specialty Stores, Online Retail, and Others)” comprises the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The luxury pens market was valued at US$ 2,338.78 million in 2021 and is projected to reach US$ 3,287.53 million by 2027; it is expected to grow at a CAGR of 5.0% from 2021 to 2028.
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Based on product type, the luxury pens market is categorized into ball point pens, fountain pens, roller ball pens, multifunctional pens, and others. The ball point pens segment is anticipated to account for the largest market share during the forecast period. Based on distribution channel, the luxury pens market is categorized into hypermarket and supermarket, specialty stores, online retail, and others. The specialty stores segment is anticipated to dominate 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 global luxury pens market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Europe is expected to account for the largest share of the market. 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.
Impact of COVID-19 Pandemic on Luxury Pens Market
The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst COVID-19-affected countries in terms of confirmed cases and reported deaths. The COVID-19 pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting business collaborations and partnership opportunities.
The report segments the global luxury pens market as follows:
Based on type, the luxury pens market is segmented into ball point pens, fountain pens, roller ball pens, multifunctional pens, and others. In terms of application, the luxury pens market is segmented into hypermarkets and supermarkets, specialty stores, online retail, and others. By geography, the luxury pens market is segmented into five main regions—North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
GROWING DEMAND FOR LUXURY PENS FOR GIFTING PURPOSES TO CREATE LUCRATIVE OPPORTUNITIES FOR THE MANUFACTURERS TO BOOST ITS DEMAND IN THE GLOBAL MARKET
Luxury pen is a type of premium product which exhibits unique features and are 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 elite class group as 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 increase in disposable income and growing investment in luxury writing instrument is primarily driving the demand of luxury pen market. Additionally, the manufacturers are strategically investing in product development by modifying the luxury pen nib with platinum and other expensive metals. It is expected to provide impetus to market growth.
A luxury pen is considered as one of the precious timeless gifts to commemorate a special occasion. For instance, a luxury pen act as a memorable graduation gift or a royal signature tool for a person and can also act as a status symbol in an office. A fancy pen helps to convey a sense of professionalism and promotes a person’s confidence. At present, business firms are investing in personalized luxury pens to gift to their business partners and employees. Additionally, they are among the preferred giveaway items at trade shows, corporate events, seminars, and conferences. In today’s world, gifting a luxury pen to employees as a way to acknowledge their accomplishments is gaining prominence in the corporate world. For instance, gifting a premium executive pen to employees who have been associated with the company for a longer period or to the person who outperforms their targets, helps to promote employee motivation. In some instances, companies tend to provide customized luxury pens, which are finely inscribed and personalized with a particular logo, name, or text.
This inculcates a sense of professionalism and helps to win employee loyalty. Additionally, luxury pens are often considered as preferred as gift items and are, nowadays, perceived as fashion accessories, similar to high-priced watches. Similarly, several companies are following the ongoing trend of gifting such pens to their employees. For instance, Newell Rubbermaid and Jarden merged in December 2016 to promote luxury writing. Following the merger, the company strategically entered into an agreement with its fine writing brands such as Parker and Waterman to provide luxury pens as graduation gifts. Hence, it is quite evitable that the demand for luxury pens is rising for gifting purposes and is expected to create lucrative growth opportunities for the market.
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