According to a recent study published by Global Industry Analysts, Inc, the global market for Writing and Marking Instruments is forecast to reach US$21.6 billion by the year 2017.
Luxury writing instruments performed well in 2012, paralleling steady growth among luxury products in general. Sales within the US luxury writing instruments market increased by 6% in 2012, reaching a market value of $881 million by the end of the year.
An increasing number of professionals regard upscale writing instruments as a reward and reminder of success in their respective professions. High-end, high-style pens are increasingly being perceived as fashion accessories, similar to high-priced watches.
Fine writing instruments, such as Sheaffer(R) are becoming very popular again as special gifts for executives, departing employees, customer appreciation, milestone celebrations, and more. Doesn't this bode well for a renewal of the category in the promotional products industry?
Check back next week for more specific trends to watch for in the high-end writing instrument category and tips for selling these high value items as part of a comprehensive awards and recognition program.
~Margit Fawbush
