Luxury Eyewear Market
Luxury Eyewear Market By Product Type (Eyeglasses, Sunglasses), By Glass Type (Standard, U.V. Protected),By Demographic (Men, Women, Kinds), By Price Range, By Region - Global Mraket Forecast 2020-2027
Luxury Eyewear Gaining Prominence across Developed and Developing Economies
The global luxury eyewear market is estimated to grow at a modest CAGR of over 3% during the forecast period (2019-2027) and reach a valuation of over US$ 50 Bn.
The aspirations of luxury businesses is shifting exponentially over the past decade, and are continuing to be influenced by evolving consumer preferences. In European countries such as Germany, the UK, France, Spain, and Italy, the demand for luxury sunglasses and eyeglasses among potential customers is growing.
Despite volume sales relative to the mass-produced products, rising consumer spending on premium brands during the forecast period will prove to be fruitful for the luxury eyewear market.
However, increasing e-commerce penetration has further accelerated the sales of counterfeit products by expanding their geographical scope. Customers are facing difficulties in distinguishing between genuine and falsified items, since they seem similar.
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Luxury Eyewear Market to Soar on Popularity, as Sunglasses Incur Sales of Over 6%
The sunglasses segment is expected to witness respectable sales figures during the forecast period with a growth rate of over 6%. The sunglasses segment will be driven by increasing consumer awareness and demand for sun protection and ultraviolet radiation, as well as the growing popularity of sunglasses as a fashion accessory.
As branding is critical for public relations, several sales and marketing strategies are being adopted by manufacturers and fashion houses to increase sales of luxury eyewear. Top-tier competitors in the luxury eyewear market are engaging in celebrity endorsement, thus leveraging brand affiliation and brand identity on sunglasses. These factors are expected to help boost sales of sunglasses during the forecast period.
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E-commerce and Social Media to Clip Steady Growth Rate
The online distribution of luxury eyewear is growing at an annual growth rate of about 5.5%. Online platforms benefit customers and manufacturers to buy and sell easily. The new additions on this platform which are gaining speed is a virtual try on tool which allows customers to actually see how the glass fits on their face before buying it.
Most of the key players involved in luxury eyewear commerce are strategically investing in online distribution in order to reach a wider customer base and gain high market share.
Social media is also an opportunity gateway for the luxury eyewear manufacturers to get acquainted with customer demands. Other than demographics and digital evolution, manufacturers try to recognize the challenges and concerns of individuals so that they can work on developing products which are more user friendly.
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Moderately Fragmented Market Structure with a Multifaceted Supply Chain
Primary competitors in the global luxury eyewear market are focusing on strategic mergers & acquisitions to improve market share and expand their customer base. In the medium to low price range the market is quite fragmented.
Key companies in the global luxury eyewear market are focusing on offering innovative eyewear designs that are a versatile mix of comfort, affordability and can be showcased as fashionable accoutrements. Some of the key developments in the luxury eyewear market are:
- In August 2019, Luxotica Group acquired Barberini S.p.A., the world's leading optical glass sun lens manufacturer. The acquisition enables the Group to improve its 'made in Italy' production and its know-how in glass sun and prescription lenses.
- In December, 2019, Safilo Group reported that it has purchased a 70 per cent stake in the California Company, Blenders Eyewear LLC. With Blenders, the company plans to support and accelerate its focus on e-commerce and omni-channel retailing.
The supply chain is highly complex and the manufacturers require strong networks to be effective in the market. This factor will put forward a serious challenge for new entrants as investments are to be made in every distribution channel.
Besides, the established players are integrated vertically, and are collaborating with suppliers and distributers around the world, thus making their presence felt across the eyewear supply chain.
Global luxury eyewear Market: In-Depth Assessment on Key Segments
The global luxury eyewear market is segmented on the basis of product type, glass type, demographic, price range, distribution channel and region.
By Product Type :
By Glass Type :
- U.V. Protected
By Demographic :
By Price Range :
- US$ 100 – 300
- US$ 300 – 500
- US$ 500 – 700
- US$ 700 – 900
- US$ > 900
By Distribution Channel :
- Company Outlets / Franchises
- Multi Brand Stores
- Hospitals & Clinics
By Region :
- North America
- Latin America
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