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How Much Are Sales of Luxury Eyewear Projected to Increase in Next 10 Years?

April 12, 2023

Global demand for luxury eyewear is predicted to increase at a compound annual growth rate (CAGR) of 3.4 percent from 2023 to 2033, according to Fact.MR. The following data was culled from a report on Luxury Eyewear Market.

The report attributes market expansion to rising levels of consumer disposable income and fashion awareness. Significant factors influencing the market expansion include the increasing use of e-commerce platforms and strategic alliances between important industry participants.

Manufacturers are concentrating on growing their consumer base by connecting with them via various channels. Sunglasses and eyeglasses fall into the super-premium to luxury price range and include features such as radiation protection and cutting-edge frame styles that are lavishly embellished, the report noted.

The need for eyeglasses has grown as a result of factors such as the geriatric population, longer life expectancy and shifting fashion trends. Consumers now wear eyeglasses not just for vision correction but also to improve their entire look. Changes in fashion trends and the shift from spectacles to contact lenses are two factors that have fueled market expansion.

Over the projection period, the risk posed by counterfeit products will be a significant obstacle for the market for luxury eyewear. Consumers find it challenging to discern between authentic and counterfeit items since they seem similar. Hence, counterfeit goods have a detrimental influence on price, sales volume and customer confidence.

The industry is shifting focus from the generation of generic eyewear to focusing on the individual customer solution. Companies are offering customization with technological solutions such as conveyors to meet the needs of the optical market.

Top luxury eyewear providers are focusing on quality control, strategic mergers and acquisitions, product standards and supply chain management to improve market share and expand their customer base. Key companies in the global luxury eyewear market are focusing on offering innovative eyewear designs following safety regulations, are a versatile mix of comfort and affordability, and can be showcased as fashionable accouterments.

Established players are concentrating on pricing trends and new developments and collaborating with suppliers and distributors around the world, thus making their presence felt across the eyewear supply chain.

For instance, In 2019, Luxottica 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, 2019, Safilo Group, reported that it has purchased a 70 percent stake in the California Company, Blenders Eyewear LLC. With Blenders, the company plans to support and accelerate its focus on e-Commerce and omnichannel retailing.

>>Read more about this report on the growth of the luxury eyewear market>>

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