Home > Consumer Goods & Services > Personal Care > Eyewear > Luxury Eyewear Market
Luxury Eyewear Market Size
- 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 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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2018 |
| Luxury Eyewear Market Size in 2018: | USD 41 billion |
| Forecast Period: | 2019 to 2025 |
| Forecast Period 2019 to 2025 CAGR: | 3% |
| 2025 Value Projection: | USD 52 Billion |
| Historical Data for: | 2014 to 2018 |
| No. of Pages: | 320 |
| Tables, Charts & Figures: | 479 |
| Segments covered: | Price Range,Product |
| Growth Drivers: |
|
| Pitfalls & Challenges: |
|
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.
Frequently Asked Questions (FAQ) :
Luxury Eyewear Market Scope
