Jan 24, 2020
Demand for Luxury Eyewear Intensifies, with Increased Spending from High Net worth Individuals Finds Fact.MR
by Team Fact.MR
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.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for luxury eyewear, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for luxury eyewear based on product type (eyeglasses and sunglasses), glass type (standard, U.V. protected), demographics (men, women, and kids), price range (US$ 100-300, US$ 300-500, US$ 500-700, US$ 700-900, and More than US$ 900), distribution channel (E-commerce, company outlets / franchises, multi brand stores, hospitals & clinics, and others) across several major regions.
>>> To Get more insights on luxury eyewear market, visit- https://www.factmr.com/report/4478/luxury-eyewear-market
About the Retail and Consumer Goods Division at Fact.MR
Being a consortium of large number of sub-industries, not many market research companies are being able to fulfil the requirements of consumer product clients. Though, retail and consumer goods analysts at Fact.MR have been tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and helps add exclusive product(s) to their existing portfolio.