Product innovation and design improvement will be key focuses for luxury eyewear market players, according to the latest edition of the report by Fact.MR. The market has been forecast to record impressive growth through 2021 and beyond. According to the study, social media influence, superior shopping expectations, and rising disposable income of millennial demographic are accelerating the sales of luxury products, including eyewear.
Emergence of e-commerce websites and strategic collaborations among leading market players are the key driving factors for the luxury eyewear market. Additional discounts offered by various leading brands especially to encourage sales across online retail stores have been creating growth opportunities. Leading companies also are engaging in innovative marketing campaigns and celebrity endorsements, especially for the eyeglasses, which have been stimulating the sales.
“As competition continues to surge, brands are likely to focus on product launches with special features. For instance, the launch of ultraviolet rays or UV-ray protected eyewear in premium segment, has considerably helped in attracting consumers,” says a Fact.MR analyst.
Key Takeaways
- Online multi brand stores to grow at an impressive CAGR of 5.5% through 2027
- By product, sunglass segment to dominate the market with a CAGR of 6%
- UK and France to hold the largest market share backed by the growing fashion industry in that region
- Italy is expected to be the hotspot for the luxury eyewear manufacturers due to the rising consumer spending on premium brands present in the country
- Rapid economic development and evolving marketing campaign to provide lucrative opportunities for Indian luxury eyewear market
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Prominent Drivers
- Improving consumer trends, emergence of social media is improving the demand of luxury eyewear market
- Celebrity brand endorsement and increasing marketing campaigns are providing lucrative opportunities for the growth of luxury eyewear
Key Restraints
- Increasing penetration of counterfeit products is likely to hinder the sales of luxury eyewear
Competitive Landscape
Essilor International S.A., Kering S.A., LVMH Moet Hennessy (Louis Vuitton SE), Luxottica Group S.p.A., Safilo Group S.A., Giorgio Armani S.p.A, Marcolin S.p.A., Chanel S.A., and Brooks Brothers among others are some of the key players profiled by Fact.MR. According to the study, market is fairly fragmented. Strategic collaborations & acquisition and innovative eyewear designs are the key strategies to generate lucrative opportunities in upcoming years.
For instance, INSPECS is set to launch its own sustainable eyewear range called BOTANIQ™. It is designed by an in-house team at INSPECS, the line uses biodegradable eyewear materials as a direct response to consumer demand for sustainable products. The collection is launched this month with 48 SKUs across 16 styles.
Also, in August 2020, Chanel launched eyeglasses e-commerce in the United States with over 300 unique products that is also available on its online website. The product’s inaugural Fall 2020 eyeglasses collection is inspired by Chanel’s emblematic tweed, according to the fashion house.
More Valuable Insights on Luxury eyewear Market
In its latest report, Fact.MR provides a detailed segmentation on the global luxury eyewear market for the period 2019-2027. The study divulges essential insights on the luxury eyewear market trends, growth and opportunities. To gain a better perspective, the market is segmented on the basis of product type (eyeglasses and sun glasses), glass type (standard and UV protected), demographic (men, women and kids), price range (US$ 100-300, US$ 300-500, US$ 500-700, US$ 700-900, and above US$ 900), distribution channel (e-commerce, company outlets/franchise, multi brand stores, hospitals & clinics, and others), and key regions (North America, Europe, APAC and MEA).
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