The global luxury eyeglasses business is expected to be valued US$ 40 billion in 2023 and US$ 56 billion by 2033. Global demand for luxury eyeglasses is predicted to expand at a CAGR of 3.4% between 2023 and 2033.
Increased usage of smart devices, huge savings offered by online channels, and the ability to compare features and price are all contributing to a surge in luxury eyewear sales via e-Commerce platforms. On e-commerce platforms, users may submit product reviews, which enhances the user experience and helps businesses learn about customer preferences.
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Rising levels of consumer disposable money and fashion knowledge are related to market expansion. The increasing use of e-Commerce platforms and strategic collaborations amongst key industry participants are two prominent factors impacting market expansion.
Competitive Landscape:
To increase market share and client base, top luxury eyewear producers are focusing on quality control, strategic mergers and acquisitions, product standards, and supply chain management. Key players in the global luxury eyewear market are focusing on providing novel eyewear designs that adhere to safety rules, are a versatile blend of comfort and affordability, and can be shown as fashionable accessories.
In 2019, Luxottica Group, acquired Barberini S.p.A., the world’s leading optical glass sun lens manufacturer. The acquisition enables the Group to improve its ‘made in Italy’ production and its know-how in glass sun and prescription lenses.
In, 2019, Safilo Group, reported that it has purchased a 70% stake in the California Company, Blenders Eyewear LLC. With Blenders, the company plans to support and accelerate its focus on e-Commerce and omnichannel retailing.
Key Players:
- Luxottica Group
- Safilo Group
- Blenders Eyewear LLC
- Kering
- GrandVision NV
- Fielmann AG
- Marchon Eyewear, Inc.
- Marcolin S.p.A
- QSpex
- Rodenstock GmbH
- Warby Parker
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Regional Analysis:
Market revenue is being boosted by an increase in millionaires and famous fashion influencers, as well as increased disposable money. Consumer interest in stylish things is driving market growth. Consumer affinity for high-end eyewear items, as well as increased affordability to purchase luxury sunglasses, are expected to boost market value.
Brand recognition, growing quality standards, and the existence of multiple notable fashion brands are driving market expansion in the United States. A surge in the local supply of UV-protected eyewear, as well as a growing trend of wearing trendy frames, are driving market growth.
Germany is a prominent fashion center. Individuals’ high living standards, the presence of significant competitors, and strong product demand are fueling market expansion. Rising consumer awareness of image and style is driving them to spend more money on fashionable eyewear, which will drive market value in the future years.
Key Segments of Industry:
- By Product Type :
- Eyeglasses
- Sunglasses
- By Glass Type :
- Standard
- UV Protected
- By Demographic :
- Men
- Women
- Kids
- By Price Range :
- US$ 100 to 300
- US$ 300 to 500
- US$ 500 to 700
- US$ 700 to 900
- US$ 900
- By Distribution Channel :
- e-Commerce
- Company Outlets/Franchises
- Multi-brand Stores
- Hospitals & Clinics
- Others
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