Eyewear was on an upward trend in 2023. The resurgence of travel post-pandemic, coupled with heightened consumer interest in eye health amid vision challenges such as myopia, presents opportunities for players. Going into 2024, businesses and consumers will increasingly face the adverse effects of the new economic reality of slowing growth. Nevertheless, deals such as LVMH’s acquisition of Barton Perreira highlight the growing importance of eyewear for the luxury industry.
This report comes in PPT.
The global eyewear market sees a solid performance in 2023, with a rising ageing population and consumers’ heightened interest in health, coupled with rising inflation forcing companies to adjust pricing upwards, driving demand. Nevertheless, the global uncertainty regarding prices and resources will remain a significant threat for eyewear, with the impact of restrained consumer behaviour.
Asia Pacific is poised to overtake Western Europe in 2025, to become the second largest region in global eyewear sales, reaching USD41.6 billion. North America retains its position as the leading regional market, achieving over USD50 billion in 2023.
Luxury eyewear continues to grow rapidly across the world, propelled by the return of international tourists, which will provide a welcome boost to sales of luxury sunglasses. Sunglasses emerged as the fastest growing category in 2023.
The growing demand for sustainable eyewear from Gen Z consumers, coupled with businesses acknowledging their responsibility for long-term green impact, highlights the importance of sustainability in the industry. Business are also increasingly being reminded to ensure that everyone, regardless of their physical, economic, or geographical barriers, have access to correct vision and a perfect fit.
The pandemic marked a pivotal moment for eyewear e-commerce. Despite initial high growth, e-commerce has slowed as consumers value in-store expertise. To succeed, optical retailers of any size must embrace an omnichannel approach, ensuring a seamless transition between online and offline experiences.
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.
See All of Our DefinitionsIf you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!