Impact of Outbreak of COVID-19 on Luxury Eyewear Industry

Global Luxury Eyewear Market: Overview

The demand within the global luxury eyewear market is rising on account of several key developments in the fashion industry. The use of luxury eyewear amongst youngsters has increased over the past decade. Extensive marketing and promotions have played an integral role in driving sales across the luxury eyewear market. Changing inclinations of the masses, especially in terms of their fashion preferences, has played a vital role in market growth. The market vendors are constantly designing new models to attract the attention of the end-users. The revenue index of the global luxury eyewear market is slated to improve in the years to follow.

A report added by Transparency Market Research (TMR) sheds value on some of the leading drivers of market demand. The global luxury eyewear market can be segmented on the basis of type, end-user, and region. The unprecedented demand for sunglasses amongst youngsters has become a vital prospect of market growth.

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Global Luxury Eyewear Market: Notable Developments

The growth of the luxury eyewear market goes hand in hand with advancements in the clothing and apparel sector.

The Swiss watchmaker, Omega has ventured into the manufacturing of sunglasses in 2016. The company disrupted the market with its innovative and distinct designs. The company is now looking to develop a new line of sunglasses and optical wear to expand its consumer base. The company intends to sell its product through independent retailers and its brand boutiques. Innovation has become the watchword of the global luxury eyewear.
A recent agreement between Lanvin and Marchon has sent ripples across the go all luxury eyewear market. The agreement entails the sale of luxury and optical eyewear under Lanvin’s brand name. The two entities are expected to earn voluminous revenues through the new venture. Such collaborations are a sign of integrity and stability across the global luxury eyewear market.

Some of the leading players in the global luxury eyewear market are:

Prada
Dior
Rayban
Armani

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Global Luxury Eyewear Market: Growth Drivers

Availability of Latest Designs

The availability of the latest designs of eyewear promoted via entertainment channels such as movies and TV series has played a key role in market growth. The presence of a stellar range of options for the consumers shall given an impetus to the growth of the global market. The next decade could be a game changer for the global luxury eyewear market. TV shows and movies have become the primary mode of promotion for sunglasses. Celebrities are quick to set trends with regard to the adoption of sunglasses. This factor, coupled with the availability of polarised pairs of spectacles, has aided market growth.

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Use of Social Media Marketing

Fashion accessories are extensively promoted via social media channels. The use of targeted marketing strategies has played to the advantage of the vendors operating in the global luxury eyewear market. Fashion influencers have tied up with major brands for luxury eyewear to promote new products. Owing to the aforementioned factors, the global outreach of the luxury eyewear market is projected to expand. As the trend of wearing sunglasses gathers momentum, the market vendors are earning the advantage of quick adoption of new models. The players have become more customised in their approach to marketing and sales.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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