Between 18 March and 4 May 2020, Malaysia enacted a country lockdown which mandated the closure of all non-essential stores. As a result, monobrand stores, and jewellery and watch specialist retailers which are popular retailing options for luxury writing instruments and stationary were required to cease operations during this time restricting sales.
Since consumers perceived luxury writing instruments and stationary as non-necessities, they became unwilling to spend on such products in 2020. Furthermore, demand was further restricted since the act of corporate gift giving was reduced in 2020.
Due to the economic fallout from COVID-19, consumers eagerly turned to cheaper alternatives instead of luxury writing instruments and stationary in 2020. Some consumers traded down to cheaper luxury writing instruments and stationary, while others turned to non-luxury brands in 2020.
Due to the non-essential nature of luxury writing instruments and stationery, a very slow recovery is expected to be seen in the forecast period. In fact, luxury writing instruments and stationery is set to continue seeing negative current retail value growth in 2021 and maybe even 2022.
In the forecast period, promotional strategies will be essential to stimulating consumer demand. In order to motivate consumers to purchase, many players will turn to price discounts to stimulate sales.
In the forecast period, players are set to focus more on online channels in order to boost demand. Local consumers switched to online purchases during the country lockdown, and will likely continue this behaviour in the forecast period.
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Understand the latest market trends and future growth opportunities for the Luxury Writing Instruments and Stationery industry in Malaysia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Writing Instruments and Stationery research and analysis database.
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