Advancement in technology especially in the gadgets for back-to-school market and innovation in stationery products in market are likely to shape back-to-school market during the forecasted period.
The global back-to-school market is expected to reach $131.1 billion by 2030, registering a CAGR of 4.8% during the forecast period. The stationery segment led in terms of market share in 2020, and is expected to retain its dominance during the forecast period.
Market dynamics are factors that have an effect on the prices and actions of global back-to-school market participants. When the supply and demand curves for a particular good or service alter as a result of these pressures, pricing signals are produced.
Both macroeconomic and microeconomic issues may be related to forces of market dynamics. Other than pricing, demand, and supply, there are other dynamic market dynamics. Human emotions can also affect the market, affect the way people make decisions, and signal price changes.
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Decision-makers try to figure out the best approach to use different financial tools to stem various methods for accelerating growth and lowering risks when market dynamics affect supply and demand curves.
The Asia-Pacific region, which is the largest and fastest-growing on the planet, has seen a rise in literacy rates specifically in this decade. The region is also expanding in terms of online sales channels, which are quickly becoming one of the dominant sales channels in the retail industry. Now, a lot of brands are moving toward an omni channel market strategy. The COVID-19 pandemic has led to a rise in the sale of school supplies online. Future customer behavior is predicted to continue shifting toward online shopping, which is anticipated to support industry expansion.
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The global acceptance of digital technologies during the pandemic, according to CXO, has caused the education system to advance with the merger of an offline and online education system. For the approaching years, universities intend to keep up with their digital transformations and workshopping as innovative methods of instruction. Additionally, the use of books is forecast to decline while student adoption of digital tools like the Kindle is anticipated to increase. This is explained by the fact that the Kindle itself has a number of benefits, which have increased usage. Along with being paperless, the Kindle also provides free books, discounted books, a dictionary, translations, electronic markers, large print, and a search feature.
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Based on type, the stationery segment contributed to the highest share in 2020, accounting for more than two-fifths of the global back-to-school market, and is projected to continue its leadership status during the forecast period. Moreover, this segment is estimated to manifest the highest CAGR of 6.5% from 2021 to 2030. This is attributed to necessity of various stationary products such as pens, pencils, rulers, sharpeners, color pencils, and notebooks across the globe. The report analyzes the segments including bag pack, electronic, clothing, shoes, and others.
The hypermarket/supermarket segment to maintain its dominant share during the forecast period
Based on distribution channel, the hypermarket/supermarket segment contributed to the largest share in 2020, accounted for nearly two-fifths of the global back-to-school market, and is estimated to maintain its dominant share during the forecast period. This is due to availability of broad variety of products under a single roof and ample availability of parking space and convenient operation timings. However, the e-commerce segment is projected to portray the fastest CAGR of 6.0% from 2021 to 2030. This is due to ease in availability, benefits such as information about the attributes of the products, time-saving features, and facility of home delivery provided by online platforms.
Asia-Pacific, followed by Europe and North America, to maintain its lead position by 2030
Based on region, Asia-Pacific, followed by Europe and North America, accounted for the highest market share in 2020, contributing to around two-fifths of the global back-to-school market, and is estimated to maintain its lead position by 2030. Moreover, this region is expected to register the largest CAGR of 6.0% during the forecast period. This is due to huge consumer base and massive opportunities for growth
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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