What's driving the Luxury Eyewear Market Size? Christian Dior Couture, Dolce & Gabbana Srl, Essilor Luxottica (Oakley, Inc.), Giorgio Armani S.p.A
Rapid digitalization across the globe is increasing the screen time for everyone, which is adversely impacting eye health. Digital devices, such as smartphones, tablets, and laptops, are toxic to eye health, predominantly in children and teenagers, as they use digital media uninterruptedly for long hours to play games and watch videos. For instance, in 2018, over 32% of German youngsters complain of bad eye health due to the uninterrupted use of digital media.
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Major players operating in the luxury eyewear market are Christian Dior Couture, Dolce & Gabbana Srl, Essilor Luxottica (Oakley, Inc.), Giorgio Armani S.p.A., etc.
Luxury Eyewear market is projected to surpass USD 52 billion by 2025. The market growth is attributed to the growing eye health awareness among consumers.
Some major findings of the luxury eyewear market report include:
- Millennial & generation z consumer group is deeply influenced by social media trends, celebrity fashion wear, and brand recognition
- Prominent market players use social
media as marketing platform to enhance their customer engagement by increasing the frequency of conversation with consumers
- Sophisticated consumer group prefer innovative & creative eyewear to showcase their distinctiveness
- The increasing demand for Asia Pacific region due to growing number of UHNWI & HNWI population is propelling market growth
The sunglasses segment held a significant market share in 2018 and is estimated to increase over the forecast timeline due to extreme weather conditions and growing eye health awareness. A rise in the number of millionaires across regions such as the Middle East & Africa (MEA) and Asia Pacific coupled with extreme weather conditions is proliferating the segment growth. Growing health awareness related to UV rays? protection among HNWI and upper-middle-class buyer groups is a major factor in the availability of UV protected sunglasses for high-end consumers.
Major players in the luxury eyewear market are focusing on various business growth strategies such as strategic alliances and developing innovative products. Additionally, the market players showcase their product?s unique ability through several promotional events. This helps them to enhance product integrity and brand reputation, which are key purchasing patterns in the luxury eyewear market. For instance, in March 2019, Oakley partnered with 18 leading North American mountain resort companies, focusing on mountain adventure sports such as Breckenridge, Keystone, Park City, Heavenly, Northstar, Kirkwood, Stowe, Vail Resorts? Vail, Beaver Creek, and Whistler Blackcomb to support the winter season, equipping riders with goggles, eyewear, outerwear, helmets, and accessories. This partnership helped the company to test its Oakley Prizm lens technology in the mountain environment. The ability of its sunglass in extreme weather conditions is expected to help the company to increase its market share in the luxury eyewear market.
Market players are also focusing on expanding their business in the unserved region by opening their retail stores. For instance, in October 2018, Oliver Peoples opened a retail store in Vancouver, Canada that was first in Western Canada. This new store helped the company to expand its customer base in Western Canada.
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