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Luxury Pens Market Expansion Projected to Gain an Uptick During 2016 -2022
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The major players are opting to make their luxury pens more royal by making it diamond studded and gold plated, to grab the maximum market share. One of the key trend in the market is that the manufacturers are strategically investing in product development by modifying the luxury pen nib with platinum and other expensive metals. In spite of the sluggish market and curtailed discretionary spending, the luxury pens market is growing at a good rate. Hence, the global luxury pens market has got a great potential in the forecast period. The global luxury pens market is anticipated to witness a moderate single digit growth in the upcoming years.
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The growing global luxury pens market can be attributed to the growing disposable income and brand awareness amongst people. Growing population coupled with the changing lifestyle of people in the developed countries is anticipated to drive the demand for global luxury pens market. Moreover, possessing a luxury pen has become a status symbol these days and hence, high class society people are opting for luxury pens. Likewise, the attractiveness of luxury pens again plays a great role for boosting its market.
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The luxury pens market is a niche market, and also there are not much retailers available in the market, which can hamper the luxury pens market. Likewise, the import duty of such luxury pens is high enough to impact its market. Due to its high range the inventory cost of the dealers increases, hence it requires more working capital management which can decline the luxury pens market. Moreover, there is an increase in e-communication among people which would further decline the luxury pens market.
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