As part of Argentina’s quarantine measures against the pandemic, optical stores were closed for several weeks in 2020. When they began to reopen they were operating with restricted hours and with the need for booked appointments, which caused people to buy glasses only in an emergency, and not in an impulsive way or for fashion reasons.
Luxottica Group Srl remained the leading player in luxury eyewear in Argentina at the end of the review period. The global leader in eyewear offers a wide range of prestigious designer eyewear brands in the country, including Armani Exchange, Bvlgari, Burberry, Dolce & Gabbana, Emporio Armani, Giorgio Armani, Michael Kors and Prada, among many others.
2019 witnessed a pronounced slump in sales of luxury eyewear in Argentina. The major cause of the category’s difficulties during the year was the adverse economic situation in the country, specifically the significant unit price increases that have resulted from the substantial depreciation in the exchange value of the Argentinian peso against major global currencies.
It is expected that with the reopening of optical stores, volume sales of luxury eyewear will begin to recover from 2021. However, returning to the 2019 level over the forecast period is unlikely due to the economic problems in the country, which will limit consumer interest in this category.
Optical stores remains the main retail distribution channel for luxury eyewear in Argentina, although e-commerce doubled its value share in 2020 because of the lockdown. The primacy of optical stores in sales of luxury eyewear derives mainly from the expert sales advice that is on offer in these retail outlets.
At the end of the review period, many of the major global luxury eyewear brands still had zero presence in Argentina. Indeed, many of the most prestigious and high-profile luxury eyewear brands at global level are virtually unheard of among the local population.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Argentina with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Eyewear research and analysis database.
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