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Luxury Pen Market: Information by Product Type (Ball Point, Fountain), Application (Calligraphy), Distribution Channel (Specialty Stores, Online Retail), and Region — Forecast till 2030

Market Snapshot
Study Period:
2018-2030
Base Year:
2021
Fastest Growing Market:
Europe
Largest Market:
Asia Pacific
CAGR:
5.62 %
Key Players
A.T Cross Co

Caran D'ache

Faber-Castell

Grayson Tighe

Hugo Boss

Jack Row

Market Synopsis

The global luxury pen market is expected to grow at a CAGR of 5.62% during the forecast period, i.e., 2018–2030

A luxury pen is a top-of-the-line item usually customized according to the client's prerequisites. It can arrive in various styles and shades and is primarily used for gifting purposes. They are leaned toward by rich people or notable personalities and give quality and solace while writing. The global market for luxury pens has been divided into types, applications, distribution channels, and regions. 

Market Drivers

Growing Awareness Against the Use of Single-Use Plastics

The significant driver for the luxury pen market is that they are harmless to the ecosystem. They are more expensive because of the biodegradable and recyclable material used to make them. Generally, the materials that make up the body of a pen are plastic, elastic, metal, and wood. Most Luxury Pens have negligible usage of plastic. The typical pens are made of plastic to make them reasonable and affordable for everyone. The producers utilize single-use plastic for these pens. 

As the name suggests, single-use plastics are used once and disposed of afterward, with large numbers winding up in the seas. These plastics can require hundreds of years to decay, and they can likewise hurt natural life and toxin the dirt and water. With the developing environment concerns, the use of such materials is losing its preference, and the producers are shifting towards more environment-friendly materials. However, a harmful result of producing plastic is the issue of plastic pollution. 

Plastic pollution alludes to plastic material in the indigenous habitat that contrarily impacts greenery wellbeing. Various protests and campaigns against single-use plastics at their disposal are becoming a primary issue. Several people worldwide have begun subbing their regular items with other reasonable options because of this increasing issue of single-use plastic. Luxury pens give one such choice to single-utilize plastic pens, further driving the market.

Rising Operational Expenses Negatively Impact the Market

The primary control for the luxury pens market is the high labor cost which increases with the operation time. The production centers have a decreasing labor supply, which further increases labor costs. These pens use wood, metal, and elastic materials, which cost considerably more than plastic. Moreover, the packaging expenses and premium inks further expand the production costs. 

This is a specialty market, and relatively few retailers are accessible on the lookout, which can hamper the market's growth. The high import duty, inventory costs, and the need to continuously manage the flow of working capital are the factors hampering the global luxury pens market. Additionally, demand for the market is relatively elastic, which means a slight price change can severely affect the demand. Hence, the scope to set up high-profit margins is considerably low. Changes in the buyer's income or substitute costs can also hamper the interest for the items as the demand for the product is elastic. 

Modified Features to Intrigue the Buyers

The introduction of new products with advanced features can create good opportunities to improve the loyal customer base of these luxury pens. For example, makers can enhance the look of the pen by altering the nib with platinum or other expensive material. Additional features like data transmitting and location tracking will also help attract many buyers. The increasing trend of using branded products is proving to be one of the driving factors in the market. 

Competition is an unavoidable factor. Both the luxury and regular pen manufacturers should pay attention to expanding the efficiency of their production cycles, giving better features, and cutting costs. Rather than flooding the market with items, more attention should go into the refinement of existing items and the development of the client base. This can be accomplished by empowering individuals to purchase luxury pens at a more reasonable price, which will grow the market. 

The key to surviving in this market is continuous research and development to introduce new and advanced features that would attract buyers, key acquisitions, and coordinated efforts if a contender takes them over with a better product.

Impact of COVID-19

Before the pandemic, people were investing in the luxury items like these pens as they are premium products. There was a rise in the disposable income of the people. Hence, the demand for these items was surging. The manufacturers invested enough money in research and development to modify the features of the products. But the advent of the pandemic disrupted this growth. It adversely affected businesses all over the world as it affected the demand as well as the supply cycles. 

It gradually began to spread across the world. The principal cases were accounted for in china, and afterward, they began to spread across the globe in no time. A lot of misinformation and chaos spread during this time. As there was an immense expansion in cases in different nations, the public authority had executed other protocols. Furthermore, lockdowns were imposed to stop the spread of the disease. 

According to the guidelines of the governments, the manufacturing units were closed. Due to a lack of funds, many employees were laid off. As there was a decrease in income, people shifted their focus on essential goods. This affected the demand for the items like luxury pens. The interest in these pens decreased, and the production also stopped in the first 3 quarters of 2020. This led to the downfall of the luxury pen market at an international level. 

Recovery of the Market and its Challenges

Post Coronavirus, the interest for the luxury pen is relied upon to develop because of the availability of jobs and speedy recovery due increase in production capacity of different businesses. Besides, different strategies and government aid to the other area have helped the economy recuperate quickly. 

The luxury pen market had a major setback, given less income, fear of the disease, and focus on essential goods. After the restrictions were lifted and the businesses were back on track, the expenditure of individuals expanded, given the ascent in pay.

These pens were primarily used in schools, colleges, universities, offices, etc. The pandemic closed down all these institutions, which affected the demand for luxury pens. Post Coronavirus, as the school, universities, and workplaces are returning, there is expanding interest for the pens. Different establishments and workplaces are working with half limit, and when these workplaces and foundations will begin working with total limit. When this happens, the interest in the luxury pen is predicted to rise.

Segmental Analysis of Global Luxury Pen Market

Given the Type, the worldwide Luxury Pens market is sectioned into two: Ball Point Pens, Converter Pens, Fountain Pens, Roller Ball Pens, Fine Liner Pens, Stylus Pens, Multifunctional Pens, Brush Pens, and Die Pens. In 2021, ballpoint pens took the lead by acquiring a significant market share. It is a go-to kind of pen for general and official work. Due to the increasing popularity of tablets and touchscreen laptops, the stylus pen market is predicted to develop with the most elevated CAGR of 7.53%,

By application, the luxury pens market is portioned into three sections: Calligraphy, Screen Writing, and Document Marking. Document marking accounted to have the most elevated portion of the overall industry. The screenwriting section is relied upon to develop with a CAGR of 11.62% during the forecast period. This is because of the age of digitalization leading to the replacement of physical documents by digital documents. 

Based on the distribution channel, the luxury pens market is categorized into Specialty Stores, Online Retail, and Others. Specialty Stores hold the most significant piece of the pie as they offer a narrow category of products. Online retail is relied upon to observe critical development because of the changing buyer purchasing inclination and growing popularity of e-commerce sites worldwide.

Regional Analysis of Global Luxury Pen Market

Significant Growth in Asia-Pacific and Europe

Europe is viewed as one of the thriving regions for the luxury pens market. The region is predicted to be the quickest developing area over the period. The nations in the district have seen a rise in demand for luxury pens essentially in light of solid financial development and an increase in the standard of living. European countries have sufficient open doors for the market's growth due to expanding consumption and rising brand awareness. This will increase the application base of the luxury pens, along these lines prompting market development.

The UK's luxury pen market has generally been more popular, particularly among senior and mid-level chiefs. The market shows better outcomes in the top-of-the-line fragment. The fundamental justification for this is the increasing standard of living due to the high income of the population. Individuals with top-level salaries will spend more cash on luxury products.

The Asia Pacific region is to develop at a most elevated CAGR because of regarded pen producers in nations like Japan, China, Hong Kong, and India. They produce the world's best luxury pens. For instance, Japan has laid out manufacturing plants, polishing and assembling luxury pens. They additionally have various specialists who are occupied with the plan to expand the market of luxury pens. The ascent in working-class salaries in these nations has set out new open doors for these laid-out luxury brands.

Competitive Players in the Global Luxury Pen Market

Some of the key players in the global freeze-drying market are A.T Cross Co., Caran D'ache, Faber-Castell, Grayson Tighe, Hugo Boss, Jack Row, Montblanc, Conklin Pens, Fisher Space Pen, Bentley Motors, Bespoke British Pens Ltd. among others.

Recent Developments by the Key Players:

  • March 2021 – Caran D'ache announced a partnership with Carl F. Bucherer. With this partnership, these two iconic Swiss industry pioneers, formed by their incredible legacies, have announced a special collaboration on a unique project.
  • April 2020 – Caran D'ache announced a partnership with Paul Smith for a new edition featuring the British designer's Artist Stripe on the iconic 849 ballpoint pen from the Swiss manufacturer.
  • October 2020 – Faber-Castell announced a partnership with BENTLEY to sell their Limited Edition Barnato in the Graf Von Faber-Castell product category.
  • June 2018 – Faber-Castell announced a partnership with William Penn. This collaboration expands their retails in tier I and II markets.
  • July 2021 – Hugo Boss announced a partnership with William Penn to sell their luxury pen products on the Indian E-commerce website of William Penn.
  • June 2021 – Montblanc announced a partnership with Dani and launched the new 'Create to Change' project to continue its vocation for sustainability and traceability.

Global Luxury Pen Market: Segmentation

By Product Type

  • Ball Point
  • Converter
  • Fountain
  • Roller Ball
  • Fine Line
  • Stylus
  • Multifunctional
  • Brush
  • Die

By Application

  • Calligraphy
  • Screenwriting
  • Document Marking

By Distribution Channels

  • Hypermarket and Supermarket
  • Speciality Stores
  • Online Retail
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

Ballpoint pens type segment is expected to be the leading segment in luxury pen market during the forecast period.
The global luxury pen market is expected to grow at a CAGR of 5.62% during the forecast period, i.e., 2018–2030
A.T Cross Co., Caran D'ache, Faber-Castell, Grayson Tighe, Hugo Boss, Jack Row, Montblanc, Conklin Pens, Fisher Space Pen, Bentley Motors, Bespoke British Pens Ltd are the top players in luxury pen market.
Europe is expected to hold the highest market share in luxury pen market.
The rise in demand for luxury pens essentially in light of solid financial development and an increase in the standard of living are the key factors expected to drive Luxury pen market during the forecast period.
The global luxury pen market will be estimated to grow from the years 2018 to 2030.
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