Publication Month: Aug 2021 | Report Code: TIPRE00018245 | No. of Pages: 124 | Category: Consumer Goods | Status: Published
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 the increase in disposable income and 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.
In 2020, Europe contributed to the largest share in the global luxury pens market. The dominance of the luxury pens market in this region is primarily attributable to the presence of a strong industrial base with the presence of prominent manufacturers, which are significantly contributing to new product launches and development. In Europe, the demand for luxury pens is increasing, mainly, due to the high standard of living backed by a rise in disposable income. At present, owning a luxury pen is considered a status symbol among the elite class in the region.
As of August 2021, India, Brazil, Russia, the US, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms of confirmed cases and deaths due to COVID-19. The pandemic has affected economies and industries in various countries due to lockdowns, travel restrictions, and business shutdowns. The consumer goods industry is one of the major industries that has suffered due to disruptions in the supply chain. The shutdown of various manufacturing plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has hampered the global supply chain and manufacturing processes, delivery schedules, and product sales. In addition, global travel restrictions imposed by countries in Europe, Asia, and North America are affecting business collaboration and partnership opportunities. Along with this, due to the pandemic, the consumers are focused on consuming essential goods and have decreased their spending on luxurious goods. The decrease in spending on luxurious items will have a negative impact on the luxurious pens market.
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Luxury pen are designed to provide better quality and comfort, along with adding to royalty as an added aesthetic. The demand for luxury pens is rising with the shift in lifestyle patterns backed by the rise in disposable income in the developed countries. At present, owning a luxury pen is considered a status symbol, especially among the elite class. Additionally, the look and attractiveness associated with a luxury pen help to convey a royal appeal. Companies specializing in luxury pens are focused on luring people with their designer finish and high-end quality. In the current era, the focus has been shifted toward authenticity mixed with craftsmanship, which is effectively promoting the demand for luxury pens. The operating players can connect with the emotion attached to luxury pens and have effectively placed their product to capture particular consumer demand. For instance, in 2015, Krone International developed the Abraham Lincoln pen under its limited edition which aims to capture Lincoln's "genetic essence." The company claimed to use authenticated strands of Lincoln's hair by reproducing Lincoln's DNA and embedding it in the crystallized form, in the amethyst stone of each of the 1,008 pens. Similarly, an article published by Chicago Tribune in January 2016 stated that A.T. Cross Company marketing officer Magnus Jonsson always tucks an A.T. Cross pen between two buttons on his shirt. The pen is embarked with 14-karat-gold and acts as a statement piece to start a conversation. The company states that with the growth of the world economy, the investment would be made in consumers and corporate gifts, which is expected to provide an impetus for the luxury writing instrument category. This is expected to proliferate the growth of the luxury pens market.
Based on product type, the luxury pens market is segmented into ball point pens, fountain pens, roller ball pens, multifunctional pens, and others. In 2020, the ball point pens segment dominated the global luxury pens market. A ball point pen—also known as biro, ball point, or even a dot pen—is a pen that dispenses ink over a metal ball at its point, that is, over a ball point. The luxury ballpoint pen is considered pretty popular and can be convenient to use. Some ball point pens have replaceable refills and twist or click-top action, which makes them easy to use. Additionally, these pens are significantly used for notetaking, as well as creative writing.
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The key market players operating in the luxury pens market include A. T. Cross Co. LLC.; Caran D'ache; Faber-Castell; Grayson Tighe; Hugo Boss; Jack Row; Montblanc; Conklin Pens; Fisher Space Pen; and Bentley Motors. Major players in the market are focusing on strategies such as mergers and acquisitions and product launches to expand the geographic presence and consumer base.
The List of Companies - Luxury Pens Market
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