Economy To Proliferate Thai Luxury Writing Instruments And Stationery Market: Ken Research
Posted on 27 July 2017 by KenResearch Consumer Products and Retail,
The global writing instruments and stationary market is expected to grow at a healthy rate owing to the surge in consumer brand consciousness. Luxury writing instruments are a status symbol for many people in business and a plenty of consumers use these for gifting and promotional purposes.
Geographically, the maximum market share has been of the Asia-Pacific region and this region is expected to continue to dominate the market in the years to come owing to an increase in the student population, more emphasis being laid on education, expansion in enterprising activities, unprecedented growth in the workforce and a surge in demand for quality writing instruments in the region. Some of the countries contributing to the market’s growth are Thailand, Singapore, Indonesia, Malaysia, Philippines, China, India and Japan.
Good growth in demand and healthy sales has attracted a healthy supply and thus the global luxury writing instruments market is highly competitive and attracts a large number of international as well as regional vendors all over the world, who compete on the basis of pricing, product differentiation and variety of product listings.
Crayola, Faber-Castell, Mitsubishi Pencil, Newell Brands, PILOT etc. are some of the vendors in the competitive landscape. These vendors, in their pursuit of achieving a competitive advantage, launch new products, improve the quality of existing products (by increasing durability of the products) and strive to perfect pricing strategies.
The stationeries and office supplies segment accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. One of the main factors responsible for the growth of stationary and office supplies segment under the writing instruments market has been the increase in the industry sales in developing countries.
The different products under the luxury writing instruments and stationary listings include pens, pencils, colored writing instruments, markers, highlighters, writing accessories etc. out of which maximum market share in the past years has been of the “pens” segment, which is expected to maintain its dominance in the years to come.
The factors responsible for growth of the market are growth in demand for high quality and professional writing instruments, development of innovative products, presence of many vendors in the affordable luxury segment, and popular perception of luxury pens being status symbols.
According to the report titled, “Luxury Writing Instruments and Stationery in Thailand”, the market for luxury writing instruments and stationary showed exceptional performance in the year 2015 when there was huge penetration of high-priced writing instruments whilst demand became more sophisticated. In the years that have followed, this growth has been positive owing to a growing economy, increased popularity of pre-owned luxury products, aggressive pricing strategies by various top brands to counter increasing competition and significant development in synergy of online and offline retailing channels.
This growth in the luxury market is receiving a huge boost from the Thai government, whose target is to make the country a luxurious shopping destination. Tourists, who constitute an important consumer segment, are allowed tax deductions and local consumers are lured in by manufacturers and vendors who provide unique personalized offerings and exclusivity in the form of special collections and limited editions.
Store-based retailing continues to be the core distribution channel for luxury goods in Thailand and flagship boutique stores are set up to convey brand image. Also, online tools continue to remain important in today’s era of digitalization as consumers often look for information online before they make their purchase. Popular social media including Facebook, Instagram and the Line mobile application are vital tools to promote new products virtually before they hit the stores.
Thus, one can confidently conclude that the growth in the luxury writing instruments and stationary market is expected to be promising and will receive a boost in the form of improvement in in-store experience for luxury retail (with the view to impress and pamper consumers) along with supportive government campaigns.
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