LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global luxury sunglasses market to grow at a CAGR of almost 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global luxury sunglasses market for 2017-2021. To calculate the market size, Technavio research analysts have considered the revenue generated through the retail sales of different types of luxury sunglasses.
Luxury sunglasses have become one of the most important and fast-growing segments in the sunglasses industry. These are designed to target brand-and fashion-conscious customers that invest heavily in them. These sunglasses come in many styles, shapes, tints, lens material, and colors. Therefore, they not only protect the eyes but also enhance the fashion and aesthetic appeal of the consumers.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global luxury sunglasses market:
- Premiumization in luxury sunglasses industry
- Emergence of online retailing of luxury sunglasses
- Luxury sunglasses: positioned as a fashion accessory
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Premiumization in luxury sunglasses industry
With advanced technology and innovative features being introduced in most of the industries, the quality and innovation of luxury sunglasses is no exception and is crucial for the growth of the sunglasses industry. The players are involved in enhancing the quality of their products to execute proper branding to project the true facts about their products, which attract brand conscious customers.
Narendra Nandaigari, a lead retail goods and services research analyst at Technavio, says, “Due to the maintenance of high-quality products and positioned brand, the key competitors can see large profits from high margins in the sunglasses industry. Luxottica Group has effectively created a monopoly in the industry by taking advantage of branding as an asset.”
Emergence of online retailing of luxury sunglasses
Currently, consumers do not have much time for leisure shopping because of their busy schedules. Thus, they prefer to shop online rather than from physical stores. With the introduction of online retailing, the competition in the optical retail market including luxury sunglasses market has recorded a tremendous growth over the last five to six years.
“The development of online platforms has resulted in the presence of a large number of companies in the online retail market. Major national and international manufacturers of eyewear including that of luxury sunglasses have ventured into this space gain from the market potential. Online retailing is considered to help the players with the promotion and enhancement of their brand image,” adds Narendra.
Luxury sunglasses: positioned as a fashion accessory
Luxury sunglasses have a broad appeal among customers that seek to showcase their wealth, social status, and fashion sense. Hence, manufacturers of luxury sunglasses are focusing more on the production of sunglasses with new styles, sizes, colors, designs, and other aesthetic features. These factors in luxury sunglasses encourage customers to purchase more than one pair of sunglasses, to match with their apparel or current fashion trends.
Moreover, key competitors are emphasizing on the design of customized sunglasses based on the feedback of the customers that includes bright hues, multicolored, and jeweled designs. Customized luxury sunglasses are also available as office wear, casual wear, party wear, and beachwear. Consumers can also select luxury sunglasses based on the shape of their face and skin tone.
Top vendors:
- Essilor
- LOUIS VUITTON
- Luxottica Group
- Safilo Group
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