Even in a digital age, sales of the classic writing instrument have held steady and are projected to grow at an annual rate of 7.7% through 2028.
So much for the whole world going digital: It turns out we’re still very much a nation of pencil pushers.
Trade data supplied to MarketWatch by the Writing Instrument Manufacturers Association shows that a key import category encompassing pencils and similar writing tools has grown by 17% from 2008 to 2022 — to a whopping figure of roughly 3.7 billion units annually. In short, a lot of pencils. The reason the pencil, a writing tool that dates back centuries and typically consists of graphite encased in wood, is not only able to survive but flourish has much to do with who uses them. Namely, children.
And as the population of children in the U.S. grows — from 63.6 million in 1990 to 73.1 million in 2020, according to government and other data — that pretty much explains the growth in the pencil market, experts say. — Tia Frappoli, president of the office-supplies practice for market researcher Circana Not that digitization hasn’t crept into the world of learning.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vegan egg market projected to grow by nearly $1 billion before 2028: reportTechnavio projects that the vegan egg market will grow at a compound annual growth rate of 8.28% between 2022 and 2027, to the tune of over $910 million.
Read more »
CNBC Daily Open: Why did the unemployment rate rise even as jobs were added?The U.S. economy added more jobs in July, but the overall unemployment rate rose. This may sound counterintuitive, but there’s a simple explanation.
Read more »
Plufl: We are obsessed with this dog bed designed for people (and it's on sale now for Labor Day)See why reviewers claim that it's even more comfortable than their regular mattress.
Read more »
Here’s why Idalia intensified so quickly, and why it might be the new normalThe sucker-punch speed comes from two main factors, according to a scientist: sea surface temperature and lack of wind shear. Warm water acts as fuel, and wind shear, which knocks storms off balance, acts as a deterrent.
Read more »
Bohm, Realmuto hit back-to-back homers as Phillies rally for 4-2 victory over BrewersAlec Bohm and J.T. Realmuto opened the seventh inning with back-to-back homers and the Philadelphia Phillies defeated the Milwaukee Brewers 4-2 to avoid being swept despite getting held hitless until the sixth.
Read more »
Back-to-back home runs lift Phillies over Brewers, 4-2, to snap three-game skidOn Friday, Alec Bohm had a night to forget with a costly error, but on Sunday, his home run was crucial in helping the Phillies end their losing streak and hold on to their wild card spot.
Read more »