Global Luxury Pens Market Forecast to 2028 – Growing Demand for Luxury Pens for Gift Purposes Presents Opportunities – ResearchAndMarkets.com

0

DUBLIN – (COMMERCIAL THREAD)–The “Global Luxury Pen Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Product Type (Ballpoint Pens, Fountain Pens, Rollerball Pens, Multifunction Pens and Others) and Distribution Channel” report was added to ResearchAndMarkets.com offer.

The global luxury pen market was valued at US $ 2,251.10 million in 2020 and is expected 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 has unique characteristics and is customizable according to the preferences of the customer. These pens are designed to provide better quality and comfort, while adding royalty an extra aesthetic. Luxury pens are categorized as high end products, mainly used by the elite class group as a status symbol. They are also treated as precious gifts to commemorate a special occasion or achievement. The change in consumer lifestyle, supported by an increase in disposable income and an increase in investment in luxury writing instruments, is mainly driving the demand for luxury pens. Additionally, manufacturers are strategically investing in product development by modifying luxury pen tips with platinum and other expensive metals. It should give a boost to the growth of the market.

Based on the distribution channel, the luxury pen market is segmented into hypermarkets and supermarkets, specialty stores, online retail and others. In 2020, the specialty store segment dominated the luxury pen market. Specialty stores refer to a store or store that offers a huge assortment of styles, brands or models with a relatively narrow product category. They aim to sell a specific type of product only. These specialty stores offer the benefits of high level customer service, exclusive discounts and premium offers. Since specialty stores keep a smaller number of products, because they only sell branded or specific products, customers can spend quality time making the best selection of luxury pens they have. intend to buy. The staff in these stores are knowledgeable about the product and help customers learn about the benefits and specifications of the products before they buy, which again attracts a fixed set of customers who become repeat customers later on.

Geographically, the luxury pen market is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SAM), and Middle East and Africa (MEA). Europe is considered to be one of the lucrative regions for the luxury pen market, due to the increasing attention paid to luxury writing products. The region is expected to be the fastest growing region during the forecast period. Countries in the region have seen an increase in demand for luxury pens due to strong economic growth, as well as a trend towards high living standards. The region offers many opportunities for market growth due to growing brand awareness, as well as increased spending on research and development activities. This, in turn, is expected to diversify the application base of luxury pens, leading to market growth. In addition, the rapid development of the manufacturing base supported 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 luxury pens to be given as gifts. In addition, the companies specializing in luxury pens focus on attracting people with their designer workmanship and premium quality.

Reasons to buy

  • Highlights key business priorities to help companies realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the global Luxury Pen Market, thereby enabling players to develop effective long term strategies.

  • Develop / modify business expansion plans using a substantial growth offering in developed and emerging markets.

  • Take an in-depth look at market trends and prospects, as well as what drives the market, as well as what hinders it.

  • Improve the decision-making process by understanding the strategies that drive business interest across products, segmentation, and verticals.

Market dynamics

Conductors

  • Growing consumer interest in luxury writing products

  • Growing brand awareness related to luxury pens

Constraints

  • Focus on digitization and high operational costs

Opportunities

  • Growing demand for luxury pens for gift purposes

Future trends

  • Significant investment in innovation and product development

Companies mentioned

  • AT Cross Co. LLC

  • Caran d’Aché

  • Faber Castell

  • Grayson Tighe

  • Hugo boss

  • Jack Row

  • Mont Blanc

  • Conklin pens

  • Fisher Space Pen

  • Bentley Engines

For more information on this report, visit https://www.researchandmarkets.com/r/hhprc9


Source link

Share.

Comments are closed.