Luxury Pen Market Growth & Trends
The global luxury pen market size is expected to reach USD 322.1 million by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 1.9% from 2021 to 2028. Increasing spending on luxury products among middle-income consumer groups is a status symbol, and the rising demand for customized and personalized luxury pens is expected to promote market growth over the next few years. The increased adoption rate and growing popularity of the product in major economies, including the U.S., Germany, the U.K., and China, are projected to open new avenues in the next few years.
The fineliner product segment is expected to expand at the highest CAGR of 2.5% from 2021 to 2028. Artists use fineliner pens to draw special effects compared to the traditional ones. Hence, fineliner products are in more demand for graphics, painting, and sketching purposes. Such arts compel citizens to spend money, thus increasing the demand for fineliner.
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The online segment is expected to register the fastest CAGR of 12.2% from 2021 to 2028. The use of online shopping portals and mobile apps is getting popular among consumers due to the simplicity and convenience. Products are available at economical rates on online channels compared to offline.
The fountain segment dominated the market with a revenue share of more than 40.0% in 2020. This is attributed to the popularity and many citizens appreciate the quality of the written words. The nib of these pens can be made from platinum or gold with attractive designs. These allow maintaining and giving the luxurious feel easily. Manufacturing technology and high-valued materials make pens elegant.
In Asia Pacific, the market is expected to register the fastest CAGR of 4.1% from 2021 to 2028. In this region, the growing population in developing countries, changing lifestyles, and the increasing disposable income boost the demand for such products in the region. Possessing and signing important deals or agreements with such stationery products becomes a trend among the higher middle-class society.
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Luxury Pen Market Report Highlights
• In Asia Pacific, the market is expected to register the fastest CAGR of 4.1% from 2021 to 2028. The growing population and changing lifestyles in the developing countries are contributing to the growth of the regional market.
• By product, the fineliner segment is expected to expand at the highest CAGR of 2.5% from 2021 to 2028. Artists use fineliner products to draw special effects compared to the traditional ones.
• The online distribution channel segment is expected to register the fastest CAGR of 12.2% from 2021 to 2028. Online channel is becoming popular among the consumers as products are available at economic prices compared to offline.
Luxury Pen Market Segmentation
Million Insights has segmented the global luxury pen market on the basis of product, distribution channel, and region:
List of Key Players of Luxury Pen Market
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About Million Insights
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