In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global luxury eyewear market considering 2014-2018 as the historic year and 2019–2027 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting luxury eyewear market development. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.
The global luxury eyewear market is set to surpass a value of US$ 50 Bn by the end of 2027, according to the latest research intelligence report of FactMR. Leading brands in the luxury eyewear market are augmenting their investments in optimization of marketing strategies in a bid to enhance customer loyalty.
“Increasing implementation of omni-channel retailing is significantly impacting the build-up of high-end eyewear market, with greater emphasis expected on pricing and distribution,” says the FactMR report.
Luxury Eyewear Market: Key Findings
- Eyeglasses remain bestsellers, accounting for more than 60% share in the market value.
- Branding efforts are becoming critical for sales, marketing, and public relations, especially for fashion houses and eyewear manufacturers.
- Virtual try on tools gaining rapid traction, as they allow consumers to see how eyewear fits and looks before a purchase.
- The complexity of supply chains is pushing need for stronger distribution networks.
- Europe, accounting for around 1/3rd of global market revenues, remains a lucrative investment pocket.
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Luxury Eyewear Market: Key Driving Factors
- Increasing consumer awareness about UV protection is shaping consumer perception about sunglasses as more than a fashion accessory, which remains a key factor driving sales of sunglasses.
- Actionable insights about changing consumer trends, sourced from social media platforms, work in favor of the online retail of luxury eyewear.
- Notable rise in per capita spending of consumers on premium products is significantly contributing to market growth.
Luxury Eyewear: Key Market Restraints
- Widespread penetration of counterfeit products reduce the prospects of luxury eyewear manufacturers.
- High capital investments involved in all distribution channels remains a major challenge for new potential entrants in the industry.
The global luxury eyewear market is a moderately fragmented landscape. While industry leaders continue to maintain their strategic focus on merger and acquisition activities in a bid to capture a larger consumer base, innovative designs will also be their priority in following years. New launches that meet the parameters of comfort and affordability will be an important strategic move of key market players. Vertical integration with global suppliers and distributors is also a key business strategy adopted by some of the major companies in luxury eyewear market. The report has profiled some of the major players in global luxury eyewear market, which include but are not limited to, Essilor International S.A., Brooks Brothers, Kering S.A., Giorgio Armani S.P.A., Luxottica Group S.P.A., Marcolin S.P.A., Safilo Group S.P.A., and LVMH Moet Hennessey (Louis Vuitton SE).