Luxury pen is a premium product that has some special features and can be customized according to the customer preferences. It can be of different styles and colors. Luxury pen has a special casing of gold and silver with a lifetime warranty and guarantee against any mechanical failure. These types of products are used as gifts on special occasions. It is a niche market product. A luxury pen can be refilled for fountain, ballpoint, and roller point. They are preferred by the rich people or famous personalities. They are designed in such a way that gives quality and comfort while writing.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
A surge in disposable income, living standards, and awareness about brands are the factors that drive the growth of the global luxury pen market. Changes in technology and the invention of new things can also contribute toward the growth of the global market. However, rise in use of computers and digitalization can create a threat to the luxury pen market. Contrarily, the launch of a new product with updated features and customization can create an opportunity for the growth of the global luxury pen market. Also, the interest of people toward the branded product to improve their esteem can contribute to the growth factor of the global market.
The global luxury pen market trends are as follows:
Less awareness about the luxury brand, the companies focusing on increasing the knowledge of consumers about the product and influence them to purchase such products impact the market growth.
The companies are also focusing on improving the features and design of the product to improve its quality and comfort. They are improving the luxury pen nib with platinum and diversifying their portfolio to increase the market share.
COVID-19 Scenario Analysis:
- The COVID-19 pandemic has drastically affected the stationery market.
- The demand for stationery products is decreasing as it is mostly used in the office, school, and college, which are closed due to pandemics.
- There is also an increase in the fake website and selling products on discounts, which has caused losses for customers.
- Due to pandemic, there is an increase in the black market and a rise in corruption.
- The production of the stationery is paused due to fall in demand and lack of manpower.
- The restriction on travel has also affected the trade which has caused losses and disruption in supply.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global luxury pen industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global luxury pen market share.
- The current market is quantitatively analyzed to highlight the global luxury pen market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers suppliers in the market.
- The report provides a detailed global luxury pen market analysis based on competitive intensity and how the competition will take shape in coming years.
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