The use of luxury eyewear has soared amongst fashion-conscious millennials in the previous decade. Luxury eyewear typically costs above US$ 200 and provides a number of features such as UV ray protection and innovative designs made from exquisite, high-quality materials. Luxury eyewear is intended to showcase the wearer’s social status, wealth, and individuality, while making a strong fashion statement. The luxury eyewear market caters to the demand of discerning clientele across the world.
Shopping tourism key driver of luxury eyewear market
The luxury eyewear market is on track to record significant growth for the period 2021 – 2026 due to the rapid rise in the High Net-Worth Individual (HNI) population in emerging economies, coupled with a preference towards individual style and customization options. Celebrity influencers, the prominence of social media promotion, rapid adoption of digital technology, and a willingness to experiment with the latest fashion trends bring new customers into the luxury eyewear market fold. The HNI population tends to purchase eyewear with ample personalization, superior quality, exclusive building materials, and designer and special editions. Growing tourism in shopping hubs such as Japan, the UAE, France, Thailand, and Switzerland has been responsible for the growth in luxury shopping. European countries in particular, are home to a large number of fashion brands, boosting the Europe luxury eyewear market.
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Rampant counterfeits and conservative culture pose challenges to luxury eyewear market
However, the high price of luxury eyewear can also pose a challenge, especially to grow volumes in emerging economies. A World Bank report suggests that there has been an exponential rise in social inequality as global wealth is concentrated in the hands of a fifth of the population with the richest 1% controlling a massive chunk. Some companies have launched counterfeit eyewear that is often identical to the original product, making it impossible for an average customer to tell the difference. Furthermore, economic prospects are not uniformly bright in all developing economies, making the growth trajectory for luxury eyewear makers quite uneven. In addition, there can even be socio-political barriers such as a resistance to flaunt one’s newly acquired wealth with luxury products.
Diverse materials and innovative production techniques commonplace
A characteristic trait of the luxury eyewear market is that manufacturers frequently involve raw material suppliers to improve product safety procedures. Technological advances recently have made it feasible to manufacture lightweight luxury eyewear through 3D printing. A noted Danish manufacturer deploys Selective Laser Sintering (SLS) technology based on 3D printing that creates durable prints for unique frame designs used in lightweight eye care products. Luxury eyewear manufacturers have utilized materials such as softwood, titanium, carbon fiber, 24 karat gold, and even diamonds to stay ahead of rivals in the luxury eyewear market.
Target Western Europe for both local customers and visiting tourists
Luxury eyewear manufacturers are focusing their retail & distribution efforts by way of store refurbishments, openings, and closures depending on the present and future demand potential. Such activity is especially prominent in the Europe luxury eyewear market. Western and Northern European nations such as Norway, Sweden, the Netherlands, Belgium, the UK, and France with very high living standards are critical from a demand perspective. Although Norway has a small population, the country is one of the richest in the world and has the disposable income to spare for luxury eyewear. As per an IMF report published in 2019, Norway had the third highest GDP per capita in Europe, making it well worth the investment for luxury eyewear makers.
COVID-19 impact on luxury eyewear market
Companies profiled in the report on the luxury eyewear market are Eyetec, Derigo, Marchon, MIRARI, OAKLEY, OPTEC JAPAN CORPORATION, Safilo, and Marcolin. In May 2020, Safilo announced a steep decline in its Q1 sales as COVID-19 necessitated the closure of most of its retail outlets. The company warned that the sales in the current quarter would be even worse. The company anticipates growth to be minimal as the lockdown is eased in patches. Online sales grew by leaps and bounds, but it will be some time before they can fully replace the experience of retail shopping – key in the luxury eyewear industry.
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?