When luxury pens are so expensive, are you better off in cash?
In the past five years, luxury pens have increased in price to reach a level not seen since the 1980s.
Luxury pens are made with materials that are not cheap, or even safe to use.
In some cases, the pen itself is also expensive, making it difficult for the user to justify its purchase.
In the same period, the number of luxury pens in circulation has decreased, according to Luxury Pens Association (LPA).
According to LPA, there are about 7.4 million pens in the UK.
According a recent survey by the British Council, the UK is home to around 1.6 million luxury brands.
LPA president and CEO, Rob Hensley, said that while a range of new brands have entered the market, the trend has been towards “luxury pens” over the past few years.
“Our survey shows that the number one consumer preference for luxury brands is the luxury pen, with 70 per cent of respondents saying they buy pens to ‘keep up with the Joneses’,” he said.
With prices for luxury pens on the rise, it is becoming harder for users to justify the purchase.
The LPA said the “price-per-metre-price” model of purchasing a luxury pen is becoming increasingly popular.
“For those who are willing to pay for it, the most popular way to achieve that is by using a premium pen,” Henslay said.
“But for those who don’t, the cheapest way to get a premium product is by paying a premium price.”
In a report released in January 2017, PricewaterhouseCoopers (PwC) said that the average retail price of a luxury luxury pen was around £3,000, with some brands costing up to £20,000.
PwL said that the price of premium pens in 2016 was around $4,500, but that the total cost of a pen in 2018 was around $25,000 a pen.
“The demand for luxury products is on the upswing, and in fact we see it growing,” Hengley said.
It is also getting harder for the average consumer to justify their purchase.
“People are paying more and more for their luxury goods.
The price is increasing, but the value of the product has been decreasing,” Hentsley said, adding that the new generation of pens were “too expensive” for most people.
He said the price increase was also being driven by consumerism.
“[Consumers] are buying luxury products on the basis that it’s a luxury item, not because it’s really useful,” he said, referring to the need to “keep up the trend”.
“They are buying them because they can afford it, they can get it for cheap, they don’t have to pay extra for their own materials, or if they are lucky, they are able to get the materials from a friend or family member.”
As consumers spend more on their luxury items, more pens are available at the same price.
“It is going to be a bit of a challenge for people to justify buying a pen that costs a lot more,” Hentley said of the demand for expensive pens.
“In many ways, we are at a point where we’re seeing a resurgence in this market.”
What do you think of luxury pen prices?
Do you use them?
Are they safe?
Let us know your thoughts in the comments section below.