Home > Consumer Goods & Services > Personal Care > Eyewear > Luxury Eyewear Market

Luxury Eyewear Market Size By Price Range (USD 200 - USD 500, USD 500 – USD 1000, USD 1000+), By Product (Eyeglasses, Sunglasses) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025

  • Report ID: GMI4381
  • Published Date: Oct 2019
  • Report Format: PDF

Luxury Eyewear Market Size

Luxury Eyewear Market size exceeded over 71 million units with an industry value of approx. USD 41 billion in 2018 and the industry is estimated to grow at a CAGR of over 3% from 2019 to 2025.

Luxury Eyewear Market

Luxury eyewear is priced above USD 200 and offers several salient features such as protection from harmful radiations and innovative frame designs engraved with exquisite materials. The eyewear is specially designed to showcase individuality, luxury, social status, strong fashion statement, and quality. Luxury eyewear caters to the demands of sophisticated consumer group across the globe.

Fashion consciousness among consumers is augmenting the demand for luxury eyewear including luxury frame and sunglasses. The growing eye health awareness related to damages caused by Ultraviolet A (UVA) & Ultraviolet B (UVB) radiations is propelling the use of luxury eyewear. Extreme weather conditions, predominantly in the Asian and the Middle East & African (MEA) countries, compel people to wear luxury sunglasses to protect eyes from harmful radiations.

The luxury eyewear market growth is attributed to the increasing wealth among Ultra-High Net Worth Individual (UHNWI) & High-Net Worth Individual (HNWI) consumers and their inclination toward fashion accessories. For instance, in January 2018, according to the World Bank’s wealth report, global wealth grew to USD 1,143 trillion from USD 690 trillion in 2014. As per the report, there has been a substantial increase in social inequality as global wealth is concentrated among 20% of the global population. UHNWI & HNWI consumers prefer to buy luxury eyewear merchandise at airport shops since they cater to exclusive brands. Additionally, consumers with high-purchasing power tend to wear luxury eyewear during various occasions, including traveling, vacations, and several promotional events.

The rise in spending capabilities of millennial professionals & Generation Z coupled with celebrity influence and the increasing sales through online sales channels such as e-commerce will contribute to market growth. High-end consumers prefer buying luxury eyewear products due to versatility in varieties available and extensive supplies.  

Technological innovation to drive luxury eyewear market

Manufacturers engage with raw material suppliers to continuously improve their processes related to product safety. Technological advancement has made possible the manufacturing of eyewear using 3D and lightweight products. For instance, Denmark-based manufacturer, Monoqool, uses Selective Laser Sintering (SLS) based on 3D technology that can produce durable print capabilities for creating unique frame designs using ultra-thin design lines and lightweight eyewear products. Manufacturers tend to develop new eyewear with innovative design and engrave exquisite materials, such as carbon fiber, titanium, fine woods, diamonds, and 24 karat gold, to stay competitive.

Luxury Eyewear Market Analysis

Belgium Luxury Eyewear Market Revenue & Shipment By Price Range

The segment growth is attributed to rapid urbanization, increasing disposable incomes, rise in spending capabilities of millennials, and celebrity fashion influence. For instance, Belgium had about 1.07% HNWI from a total of 11.4 million population in 2018. The HNWI population in the country grew at 7.09% from 2016 to 2018. This has created a potential market for luxury eyewear brands. The willingness to buy luxury eyewear strengthens consumer confidence (more than 70%) predominantly among millennials in the region will drive the luxury eyewear market growth.  The increasing standard of living in the country is also contributing to market growth.

The market players are focusing on their distribution channels through targeted store openings, refurbishments, and relocations as well as store closures to increase their revenue and to expand geographical presence. Additionally, market players are optimizing their existing store network according to changing customer traffic patterns. For instance, in January 2017, Luxottica Group acquired Óticas Carol, a prominent optical franchisor in Brazil with approximately 950 locations. This helped Luxottica Group extend its business through BrazilSome companies are collaborating with celebrities from various fields (sports and entertainment) and reshaping their distribution channels to increase market demand across the globe. For instance, Antonio Banderas, an actor for Spy Kids and Zorro, was the brand ambassador for Police eyewear and started his designer eyewear in 2016 for the Opticalia Eyewear chain (about 700 stores between Spain and Portugal).

Norway Luxury Eyewear Market by Product

The macro-economic outlook, socio-political upheaval, tourism, and fluctuations in foreign exchange are the prominent factors fueling the market growth in European countries. Countries, such as Luxembourg, Belgium, and Norway, have high living standards and act as potential markets for the luxury eyewear market. For instance, Norway has a huge rich population, which spends heftily on luxury goods and follows high-level fashion sense. Millennial Norwegians have a 13% rise in disposable household income in real terms compared to Generation X (born between 1966 and 1980) when they were the same age. According to the IMF report published in April 2019, Norway had the third-highest GDP per capita (USD 79.73 thousand) in Europe due to less population (approximately 5 million) and rich economy. High living standard of Norwegians and high purchasing power due to high wage rates are burgeoning luxury eyewear market growth.

Japan Luxury Eyewear Market by Price Range

Asia Pacific is expected to exhibit a surge in the luxury eyewear market share due to the increasing HNWI population, rapid digitization, and the rising number of e-commerce platforms selling luxury eyewear. The presence of millennial entrepreneurs and celebrities in the region is also contributing to market growth. In the region, the countries including China, India, and Japan have more than 6 million millionaires. The High-Net-Worth Individual (HNWI) population of these countries possesses high spending capabilities, which will drive market growth. Also, Thailand tourism and Thai consumers are driving the popularity of athleisure, further contributing to market.  

Luxury Eyewear Market Share

Prominent market players in the market are focusing on strategic alliances, such as collaborations, partnerships, mergers, and acquisitions to widen their product portfolio, design innovative products, and expand their global footprint. For instance, in October 2018, Luxottica Group S.p.A. and Essilor International collaborated to build the combined holding company, EssilorLuxottica. The new firm caters to the growing demand for luxury eyewear and changing customer preferences across the globe.

Some of the prominent companies operating in the luxury eyewear market share are:

  • Balenciga
  • Barton Perreira, LLC
  • Brioni S.p.A
  • Bulgari (stylized as BVLGARI)
  • Burberry Group PLC
  • Calvin Klein Inc.
  • Cartier International SNC
  • Christian Dior Couture
  • Dolce & Gabbana Srl
  • EssilorLuxottica (Oakley, Inc.)
  • Giorgio Armani S.p.A
  • Gold & Wood Luxury Eyewear
  • Gucci (Kering S.A.)
  • Oliver Peoples
  • Porsche Design (Porsche SE)
  • Prada S.p.A. (Prada Holding S.p.A)
  • Ralph Lauren Corporation
  • Tom Ford International LLC.

The luxury eyewear market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD from 2014 to 2025, for the following segments:

Click here to Buy Section of this Report

Analysis By Price Range

  • USD 200 – USD 500
  • USD 500 – USD 1000
  • USD 1000+

By Product

  • Eyeglasses
  • Sunglasses

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Poland
    • Sweden
    • Switzerland
    • Norway
    • Luxembourg
    • Belgium
  • APAC
    • China
    • Japan
    • India
    • Indonesia
    • Malaysia
    • Singapore
    • Taiwan
    • Thailand
    • Vietnam
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

luxury eyewear market’s recorded worth was USD 41 billion in 2018.

The luxury eyewear market is likely to register a crcr of 3% over the forecast period.

Luxury Eyewear Market Scope

Buy Now

Immediate Delivery Available

Premium Report Details

  • Base Year: 2018
  • Companies covered: 20
  • Tables & Figures: 479
  • Countries covered: 29
  • Pages: 320
 Download Free Sample