Incontestable Sales Increase of Pencils & Colors to Eclipse that of Pens through 2028, reveals Fact.
Increasing popularity of auctions, exhibitions and arts shows, and the money associated with them has impacted the art supplies manufacturing sectors, creating demand for luxury and premium art supplies.
[UKPRwire, Thu Sep 13 2018] Vogue of artforms has gained immense ground in recent years, paying off for retailers who are capable of coping up with evolving creative whims. With the uptake of DIY movement during recession, and continuation of the trend post-economic recovery has augured well for art supplies sales, as people latched onto their crafting habits for generating income.
The art supplies market was sized at over US$ 26,000 Mn in 2017, according to a recent report published by Fact.MR. A modest rise in revenues at 4.5% value CAGR has been foreseen for the art supplies market during the period of forecast, 2018 to 2028. Despite consolidation among retailers that cater creative types, specialty arts chains are discerned to be more insulated from e-commerce, compared to other sales platforms in the retail sector.
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Tangibility of online channel in the art supplies market has increased recently, making it second leading sales conversion platform for art supplies. However, pervasive consumer inclination toward shop-in store preferences has retained preeminence of stationary shops in the art supplies market, and the status quo will persist in the near future.
While demand for art supplies has been sustained by educational institutes, hobbyists, and professional artists, household spending on discretionary products has been subjugated in light of weak consumer sentiment. According to Fact.MR study, volume sales of art supplies in school will remain twice as that in residences during the period of forecast.
Splintered nature of the art supplies market has led growth prospects to remain influenced by broader macroeconomic variables rather than product-specific trends. Importance of art in early childhood development, which includes cognitive developments and fine motor skills, also continues to remain a predominant growth determinant for art supplies market.
“More adult consumers are exercising various forms of arts, with pencils, pens, and colors evoking the feeling of childhood nostalgia. A handmade movement has emerged as a consequence, which in turn has been complementing sales of art supplies. The trend will further gain momentum, particularly aligning with consumer focus toward creative outlets and do-it-yourself approach. Social networks apropos of art and craft will also observe a spiraling rise, paving avenues for consumers to socialize and pursue art-related hobbies simultaneously,” according to a lead analyst, Fact.MR.
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Among various art supplies prevalent worldwide, variants of pens are likely to subdue the market, with the study forecasting pens to hold bulk shares of the market, both in terms of value and volume, throughout 2018 to 2028. However, incontestable sales proliferation of pencils and colors have meant that, sales of pens will be eclipsed by that of the former art supplies through 2028.
A key trend impact sales of art supplies worldwide is adult coloring, which is indicative of consumers’ requirement for focusing on something creative and leveraging their leisure time. Popularity of adult coloring has gained enough traction to challenge art supplies manufacturers in catering the worldwide demand uplift.
Social activities such as paint nights and art competitions & exhibitions continue to burgeon in emerging nations such as India, and China, as well as developed nations such as the U.S. Primary agenda behind such competitions is to offer average consumers with a platform for entertainment, fun, and making new connections. Digital and social aspects of such initiatives, fundamentally organized by educational institutions and residential communities, further open doors to construct, maintain, and expand a small business.
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