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.
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 made available at economical prices compared to offline. Citizens prefer online shopping channels such as portals and mobile apps due to the simplicity and convenience.
In Asia Pacific, the market is expected to register the fastest CAGR of 4.1% from 2021 to 2028. The growing population in developing countries, including China and India, changing lifestyles, and the increasing disposable income boost the demand for luxury pen products in the region.
Manufacturers are looking to maintain their brand image and gain customer loyalty by offering innovative products as per customer specifications and analyzing consumer behavior patterns. Key players in the market are offering customized and personalized designs with diamonds, gold, platinum, and other high-valued materials used for crafting.
The report “Luxury Pen Market Size, Share & Trends Analysis Report By Product (Fountain, Ball Point, Roller Ball, Fineliner), By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global luxury pen market on the basis of product, distribution channel, and region: