In order to contain the COVID-19 pandemic, the Spanish authorities took the decision to lockdown the country for eight weeks 2020. It took over three months for the country to return to some semblance of normality following the implementation of these restrictions, which had severe implications for the Spanish economy.
During the 2020 COVID-19 crisis, companies across Spain and around the world shifted many roles to working from home. This new style of working had a negative effect on the performance of luxury writing instruments and stationery in 2020 as they are frequently purchased as status symbols to be used in business meetings.
Although consumers were less likely to purchase products in luxury writing instruments and stationery in 2020 as a status symbol for work, products in this category are still popular as gifts for special occasions like weddings or when buying a house. In 2020, the COVID-19 national lockdown and social distancing measures prevented large social gatherings such as weddings and other parties.
The COVID-19 pandemic in 2020 had an extremely negative impact on the Spanish economy as Spain recorded the largest decline in GDP since the Civil War. This is expected to last into the forecast period, as the country’s recovery from the economic crisis sparked by the global health crisis is expected to be a long road.
As with other categories in luxury goods, luxury writing instruments and stationery relies heavily on the presence of wealthy international consumers in Spain through the country’s tourism industry. As such, the recovery of luxury writing instruments and stationery depends on the recovery of tourism in Spain.
Younger generations prefer and are more used to technological devices. The increasing popularity of tablets, laptops and computers, and especially smartphones, amongst younger Spanish consumers is limiting the performance of the category in the country, as Spaniards increasingly value new ways of connecting with their friends and family, rather than pen and paper.
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This report originates from Passport, our Luxury Writing Instruments and Stationery research and analysis database.
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