Luxury Eyewear Gaining Prominence across Developed and Developing Economies
The global luxury eyewear market is projected to grow at a CAGR of over 3% and is estimated to reach a value pool of over US$ 50 Bn by the end of the forecast period (2019-2027). Despite continued threats of trade war and economic uncertainty, the overall outlook for the luxury eyewear market remains optimistic.
Over the past decade, the aspirations of luxury businesses’ have shifted exponentially and continue to be influenced by changing market frontiers. A retreat of the middle class, sustainable living, change in lifestyle patterns and trend setting experiences are aiding the growth of the global luxury eyewear market.
A palpable increase in the number of High-Net-Worth Individual (HNWI) demographics, together with sophisticated living standards, is set to fuel the luxury eyewear market for the foreseeable future. However, in terms of entry price and distribution, luxury eyewear is no longer seen as a way of making ambitious luxury brands more accessible. Millennial consumers are extremely aspirational in terms of overall shopping experience, luxury in particular.
Key Takeaways of Luxury Eyewear Market Study
- Eyeglasses, presently leads the product type segment with a share of over 60%. The excitable jump in branded eyeglasses sales as consumers become increasingly conscious about brands and fashion is attributing to such growth
- Europe is presently the most lucrative region for the global luxury eyewear market with a market share close to 1/3rd in global market
- In European countries such as Germany, UK, France, Spain, and Italy, the demand for luxury eyewear among potential customers is growing
- APAC is expected to gain a strong incremental growth rate of over 5.5% during the forecast period. Factors such as increasing marketing campaigns, new product releases and rapid economic development is contributing to growth in the region
- Threats from counterfeit products are narrowing the prospects for luxury eyewear, especially in developing regions
“The past decade has witnessed significant change in the high-end luxury eyewear market due to the launch of luxury retail concepts. Moreover, the implementation of Omni-channel retailing is significantly impacting the luxury eyewear market” says the Fact.MR analyst
Competitors Leveraging on Product Development to Attract Customers
The global luxury eyewear market is consolidated in nature with a few fashion giants such as Luxottica Group S.p.A., Safilo Group S.p.A. and LVMH Moët Hennessy holding top shares. Manufacturers and designers of luxury eyewear are developing eyeglasses and sunglasses in new styles, shapes, sizes, colors and structural orientation. Getting a large customer base has been the prime effort of these companies which is an uphill battle for many in the luxury eyewear industry. With the luxury eyewear industry being saturated and consumer spending turning to experiences instead of high-priced goods, the biggest competitors are putting greater emphasis on the marketing of their products.
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