LONDON--(BUSINESS WIRE)--The consumer stationery retailing market is expected to grow by USD 6.35 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Traditional retail outlets such as stationery stores and distributor shops continue to remain the major revenue generators for the furniture market. These stores operate as multi-brand outlets with a high emphasis on product variety, price-based promotions, and consumer shopping experience. Moreover, the growing penetration of internet-enabled devices is increasing the sale of consumer stationery products through online retail platforms. Hence, many retailers in the market are increasingly adopting omnichannel retail strategies to tap the growth potential in brick-and-mortar stores, such as traditional outlets as well as in online retail platforms. This is one of the key factors driving the growth of the global consumer stationery retailing market.
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As per Technavio, the growing emphasis on product innovation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Consumer Stationery Retailing Market: Growing Emphasis on Product Innovation
The growing competition in the market is compelling market vendors to focus on product innovation to remain competitive in the market. Vendors are making significant investments in R&D to enhance products in terms of aesthetics, functionality, and packaging. For instance, in February 2020, Omega launched inkless pens, the pens that work without ink. The company released three varieties, namely Omega 2.0, Omega Series 4, and Omega Series 5 at competitive prices to attract customers. The launch of such innovative products by vendors is fueling the growth of the global consumer stationery retailing market.
“Rising popularity of fashion stationery and the growing demand for sustainable consumer stationery products will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Consumer Stationery Retailing Market: Segmentation Analysis
This market research report segments the consumer stationery retailing market by Product (Paper-based stationery, Writing equipment, and Marking and correction equipment) and Geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the consumer stationery retailing market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing focus on the development of educational infrastructure in developing countries such as India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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