Luxury eyewear is defined by an iconic trademark of authentic Austrian crystals and gorgeous designs.
The Global "Luxury Eyewear Market" is expected to grow at a high CAGR during the forecasting period (2022-2029)
The growing demand for high-end eyewear among consumers in European countries such as Germany, UK, France, and Spain is growing significantly propel the demand of the global luxury eyewear market.
Consumers are more likely to buy a new set of eyeglasses or replace their old pair, rather than holding on to an outdated pair. On top of that, the rising preferences of luxury and branded sunglasses are contributing significantly to the luxury eyewear demand.
According to the data from Vision Council, Sunglasses sales in 2017 increased by 3.2 percent at all retail outlets. This exceeds the growth of lenses at 1.8 percent and frames at 0.9 percent.
Moreover, there has been an increase in disposable income that has resulted in the increased purchase of eyeglasses, especially sunglasses and spectacle frames have further fuelled the growth in the luxury eyewear market across the world.
However, the high cost of the product will affect the growth of the luxury eyewear market.
Based on the products, the global luxury eyewear market is broadly segmented as eyeglasses and sunglasses. Among all of the products, Eyeglasses dominate the market owing to the rising prevalence of visual dysfunctions such as myopia, hyperopia, astigmatism, presbyopia, and cataracts in both developed and emerging countries is driving the demand for vision care products.
In China, myopia has reached unprecedented levels, with up to 50 percent of the population requiring prescription eyewear, According to a report by The Economist.
Besides, more time spent studying indoors, reading, and using electronic devices has led to markedly higher numbers than elsewhere in the world.
In 2014, 80 percent of China’s 16-18-year-olds needed to wear prescription glasses, according to The Economist. In 2018, these consumers are now in their 20s and demanding luxurious, fashionable frames which will significantly propel the market growth in the upcoming years.
Further, eyewear designers are increasingly focusing on the development of eyeglasses and sunglasses in new styles, shapes, and sizes. This continuous improvisation has provided consumers with more product options.
The global luxury eyewear market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Among all of the regions, Asia Pacific is dominating the market in terms of the most significant potential consumer of such products, such as glasses.
According to the data from STYLE Magazine in 2014, there has seen a significant change in the high-end eyewear market in China. The launch of luxury retail concepts, the growing diversity of high-quality, handmade products, and the impressive purchasing power of mainlanders will propel the luxury eyewear market growth.
According to the data from Jing Daily's digital publication in 2018, the demand has led to a surge in sales for the luxury eyewear market in China. Besides, Safilo Eyewear Group, that boasts a portfolio of brands including Fendi, Kate Spade, Moschino, Hugo Boss, Givenchy, Dior. Many fashion designers such as Marc Jacobs and Jimmy Choo saw a huge 44.3 percent rise in sales in the Asia-Pacific region for the first quarter of 2018, equal to USD 16.1 million.
According to the data from Precision eyewear laboratory in 2017, Plano sunglass sales in North America alone totaled over USD 4 billion USD for 2017, with exponential growth and interest in high-end eyewear.
The global luxury eyewear market is highly competitive with a large number of regional and international players. The competitiveness among significant market players is highly intense as a result.
The global luxury eyewear market is highly competitive with a large number of regional and international players. The companies are competing based on the price and market presence.
The companies are focused on strengthening the product portfolio through licensing agreements in an attempt to increase company revenue on a global scale.
In January 2019, Safilo Group and Levi Strauss & Co, one of the world’s largest brand-name apparel companies and a global leader in jeanswear renew their multi-year global licensing agreement for the design, manufacture, and distribution of Levi’s branded eyewear.
In September 2018, Marchon Eyewear, Inc., and Cutler and Gross Ltd., are entered into a long-term exclusive agreement for the distribution of Cutler and Gross sun and optical eyewear throughout the United States.
In December 2018, Safilo Group and Alpargatas, the Brazilian footwear, clothing, and accessories company owner of leading global brands renewed their global Havaianas eyewear license.
The companies follow the strategy of mergers & acquisitions in a bid to increase company revenue, financial resources, and processing capabilities of manufacturing facilities.
For instance, in January 2016, French lens manufacturer Essilor International acquired Luxottica Group in a deal estimated at some USD 24 billion.
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