Eyewear companies looking to unlock growth potential for their business will benefit from understanding some of the top global consumer trends taking place in 2022 that resonate specifically in the eyewear industry, and how businesses outside the industry have been responding to these trends. Read on to find out more.
According to the latest data identified by Euromonitor International, fast-moving consumer trends, changing macroeconomic and demographics indicators and shifts in consumer behavior are opening up opportunities within the luxury goods industry in Saudi Arabia. Luxury brands need to understand the impact of these changes which will be essential for businesses to create winning strategies to penetrate or expand across markets.
The main concern for high-street fashion brands in late 2021 and the first half of 2022 was to find enough clothes to sell, as demand was heating up in Europe, while key manufacturing hubs in Asia were under strict restrictions to curb their COVID-19 waves. With a drastically different situation today, many of the key fashion players are suffering from excess inventories, while warehouse prices are soaring, and consumers’ budgets are increasingly squeezed.
Global sales of luxury goods are set to grow by just under 6% in 2022, according to the latest data published by Euromonitor International. The outlook also remains positive, with sales set to exceed the pre-pandemic level by 2023. This article will examine the impact that COVID-19 is having on the industry today, how our behaviour has changed and how we are becoming steadily acclimatised to living with the virus.
Purpose at the core of business is important for the footwear and apparel industry, especially considering its history with ESG issues. Veja and Allbirds are purpose-led B Corps that are creating a new blueprint for the sourcing, production and marketing of footwear.