Luxury Eyewear Market size worth around $52bn by 2025
Published Date: October 3, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Luxury Eyewear Market size is set to surpass 96 million units with industry revenue of approx. USD 52 billion by 2025; according to a new research report by Global Market Insights, Inc.
Luxury eyewear is the eyewear which are exclusive, specially designed and engraved with precious metals such as diamond, gold and platinum. This eyewear represents luxury, individuality and high social status. Consumers tend to buy luxury eyewear which best suits their persona.
The luxury eyewear market is expected to witness significant growth from 2019 to 2025 due to the increase in the number of High-Net-Worth Individual (HNWI) population coupled with the growing wealth and high living standard. Rapid digitization, celebrity influence, and inclination toward trending fashion are supporting the spending of millennials and generation Z toward luxury eyewear. Superior product quality and personalization, high-end build material, and special edition & designer products are the major purchasing standards for eyewear products among HNWI population. Growing tourism in the countries, such as Japan, Switzerland, Thailand, and the UAE has contributed to the growth of major hubs of luxury shopping including eyewear. European countries including Italy and France are the prominent fashion hubs and home to key market players, which will also support market growth in Europe.
However, lack of skilled labor force in developing economies including South Africa and China is anticipated to decline industry revenue. Low economic growth, the declining wealth of HNWI population, counterfeit products, and socio-political barriers are restraining industry growth.
Extreme weather conditions propelling the luxury eyewear market demand
Extreme weather conditions in regions, such as Asia Pacific and the Middle East & Africa (MEA), coupled with the rise in the number of HNWI population in these regions are proliferating the global luxury eyewear revenue. The increasing health awareness related to the protection from UV rays among HNWI and upper-middle-class buyer groups is a major factor in the availability of UV protected sunglasses for high-end consumers. Consumers with high purchasing power tend to buy luxury sunglasses that protect eyes from harmful radiations such as Ultraviolet A (UVA) & Ultraviolet B (UVB). The growing trend among high-end consumers to lead a balanced and healthy lifestyle is contributing to the market growth.
Browse key industry insights spread across 322 pages with 453 market data tables and 26 figures & charts from the report, “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 (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, Poland, Sweden, Switzerland, Norway, Luxembourg, Belgium, China, Japan, India, Malaysia, Singapore, Taiwan, Thailand, Vietnam, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Growing eye health awareness
Prolonged use of digital devices, such as smartphones, tablets, and laptops, will impact eye health, predominantly among children and teenagers. They use digital media platforms for long hours without interruption for playing games and watching videos. For instance, in 2018, over 32% of German youngsters complain of bad eye health due to uninterrupted use of digital media. Regular eye check-ups and awareness programs will proliferate the use of luxury lens, which will protect eye from harmful radiations.
Growing aging population across the globe is expected to drive requirements for vision correction and more complex eyecare solution. For instance, about one-third global population was above the age of 45 in 2018. The average age of presbyopia is 45 and consumers of this age group prefer to buy luxury frames and lenses. This proportion is expected to increase in the coming years.
Luxury eyewear priced above USD 1,000 to witness a growth rate of around 3% globally
The celebrities, ultra-rich people are increasingly using personalized and specially designed fashion accessories, such as luxury eyewear, to showcase their individuality and high social status. They use fashion accessories that support their persona for certain occasions. Luxury eyewear priced above USD 1,000 is engraved with exquisite materials such as gold and platinum. UHNWI & HNWI consumers tend to buy such luxury eyewear, contributing to market growth.
High concentration of millionaires across the U.S. supporting luxury eyewear demand
North America is a developed region and the High-Net-Worth Individual (HNWI) population spends heftily on several luxury goods including luxury eyewear. The celebrity influence due to the presence of Hollywood actors and actresses in the region is contributing to market growth. There are more than 15.3 million millionaires in the country with a net worth of over USD 1 million, which is about 4.6% of the U.S. population in 2018. The country had the heaviest concentration of millionaires in 2018, with about 39.8% of the world’s millionaires. The country also includes numerous upper-middle-class coupled with high median wealth per adult, propelling the market growth. The U.S. luxury eyewear market is gaining traction due to the implementation of the fiscal policy in 2018 coupled with tax cuts and an increase in spending on luxury goods including luxury eyewear.
The companies operating in the industry are focusing on offering innovative, personalized and specially designed luxury eyewear to gain market share. The market is fragmented and very cash generative. The competitive landscape of the luxury eyewear market share is expected to become more intense with key vendors focusing more on innovative product development and strategic alliances to stay ahead of competition. Some of the major market players include 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.), MOSCOT; MYKITA GmbH, Oliver Peoples; Porsche Design (Porsche SE), Prada S.p.A. (Prada Holding S.p.A), Ralph Lauren Corporation, and 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:
Analysis By Price Range
- USD 200 – USD 500
- USD 500 – USD 1000
- USD 1000+
The above information has been provided for the following regions and countries:
- North America
- Latin America
- South Africa
- Saudi Arabia