Superior shopping expectations and improved per capita spending of the millennial demographic are molding performance of luxury product categories, including luxury eyewear in the global market.
DUBLIN, IRELAND / ACCESSWIRE / February 13, 2020 / The global luxury eyewear market is set to surpass a value of US$ 50 Bn by the end of 2027, according to the latest research intelligence report of Fact.MR. Leading brands in the luxury eyewear market are augmenting their investments in optimization of marketing strategies in a bid to enhance customer loyalty.
"Increasing implementation of omni-channel retailing is significantly impacting the build-up of high-end eyewear market, with greater emphasis expected on pricing and distribution," says the Fact.MR report.
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Luxury Eyewear Market: Key Findings
- Eyeglasses remain bestsellers, accounting for more than 60% share in the market value.
- Branding efforts are becoming critical for sales, marketing, and public relations, especially for fashion houses and eyewear manufacturers.
- Virtual try on tools gaining rapid traction, as they allow consumers to see how eyewear fits and looks before a purchase.
- The complexity of supply chains is pushing need for stronger distribution networks.
- Europe, accounting for around 1/3rd of global market revenues, remains a lucrative investment pocket.
Luxury Eyewear Market: Key Driving Factors
- Increasing consumer awareness about UV protection is shaping consumer perception about sunglasses as more than a fashion accessory, which remains a key factor driving sales of sunglasses.
- Actionable insights about changing consumer trends, sourced from social media platforms, work in favor of the online retail of luxury eyewear.
- Notable rise in per capita spending of consumers on premium products is significantly contributing to market growth.
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Luxury Eyewear: Key Market Restraints
- Widespread penetration of counterfeit products reduce the prospects of luxury eyewear manufacturers.
- High capital investments involved in all distribution channels remains a major challenge for new potential entrants in the industry.
Competition Landscape
The global luxury eyewear market is a moderately fragmented landscape. While industry leaders continue to maintain their strategic focus on merger and acquisition activities in a bid to capture a larger consumer base, innovative designs will also be their priority in following years. New launches that meet the parameters of comfort and affordability will be an important strategic move of key market players. Vertical integration with global suppliers and distributors is also a key business strategy adopted by some of the major companies in luxury eyewear market. The report has profiled some of the major players in global luxury eyewear market, which include but are not limited to, Essilor International S.A., Brooks Brothers, Kering S.A., Giorgio Armani S.P.A., Luxottica Group S.P.A., Marcolin S.P.A., Safilo Group S.P.A., and LVMH Moet Hennessey (Louis Vuitton SE).
About the Report
This 250+ pages study provides detailed forecast data on the luxury eyewear market. The key categories covered in the report include product type (eyeglasses and sunglasses), glass type (standard and U.V. protected), demographic (men, women and kids), price range (US$ 100 - 300, US$ 300 - 500, US$ 500 - 700, US$ 700 - 900, US$ > 900), distribution channel (e-commerce, company outlets, multi brand stores, hospitals and clinics, and others) and 25+ countries in key regions (North America, Latin America, Europe, APAC, and the Middle East & Africa).
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SOURCE: FactMR