LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global eyewear market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global eyewear market is mainly driven by the demand for discretionary eyewear, arising due to the high prevalence of eyesight disorders among consumers. Changing eating habits and spending more time playing video games, watching television, and using personal computers at work and home are the primary causes of poor eyesight. In developed countries, such as the US, Germany, the UK, France, Italy, Spain, and Japan, the consumption of discretionary items is increasing because of the availability of a broad variety of designs, colors, and features in products, along with the influence of celebrity endorsement.
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The top three emerging trends driving the global eyewear market according to Technavio consumer and retail research analysts are:
- Adoption of omnichannel distribution system and digital marketing
- Growing demand for premium eyewear, personalization, and loyalty programs
- Utility of eyewear as fashion product
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Adoption of omnichannel distribution system and digital marketing
Online shopping is gaining a strong foothold across economies, with more number of emerging players taking to the online platform to launch their products. To increase volume and value sales and expand customer reach, they are aggressively executing their online marketing and promotional activities. Online marketing does not only provide customers with easy access but also helps vendors reduce operational costs.
“In the era of dynamic customer demand, market players are making all efforts to offer customization services for online purchases, with additional options like virtual fitting and free product trials at home. With customization of eyewear also becoming popular, players are trying to increase their customer satisfaction rates. Some vendors also offer expert advice and suggestions on product choices based on the requirements of the customers,” says Tamal Saha, a lead analyst at Technavio for research on retail goods and services.
Growing demand for premium eyewear, personalization, and loyalty programs
The desire for premium eyeglasses and sunglasses among potential customers is growing in European countries such as Germany, the UK, France, Spain, and Italy. Some of the popular premium brands of sunglasses are Tom Ford, Burberry, Gucci, Louis Vuitton, and Giorgio Armani. Despite low volume sales relative to the mass-made product, increasing consumer expenditure on premium brands will be beneficial for the global eyewear market during the forecast period.
“Personalization in eyewear products and services help small eyewear marketers develop long-term relationships with customers and encourage repeat business for the company. Friendly and helpful sales associates of leading market players are well-versed in current trends and store merchandise and help customers select sunglasses and drive impulse purchases. The retailers may provide an added convenience by offering personalization,” adds Tamal.
Utility of eyewear as fashion product
Eyewear manufacturers and designers are increasingly focusing on the development of eyeglasses and sunglasses in new styles, shape, sizes, colors, and structural orientation. With the continuous improvisation of product development and product innovation, consumers have options to choose products depending on the occasion, such as office wear, casual wear, party wear, and beachwear.
Prescription sunglasses have gained immense popularity over a period, with many consumers maintaining two pairs of glasses for daily use, one pair of regular prescription eyeglasses, and another as prescription sunglasses.
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