Due to the COVID-19 pandemic, sales of luxury eyewear in Germany have fallen, registering a double-digit decline in 2020. This mirrors the financial results and forecasts of leading global companies, and the negative consumer confidence, in light of the overall economic situation and higher consumer uncertainty.
Luxottica was one of the top players in luxury eyewear in value terms in 2019. It benefits from offering luxury brands including Prada, Dolce & Gabbana, Armani, Chanel and Versace.
The Gucci brand recorded a significant increase in its value share in 2019, closing the gap between itself and the two leading brands, Hugo Boss and Dior. Gucci is becoming increasingly popular amongst millennials and gen Z consumers, thanks to its successful social media strategy, especially via Instagram.
The most significant aspects that led to a decline in sales for luxury eyewear in 2020 was the lockdown period, economic insecurity and consumers changing purchasing habits. Since luxury eyewear is a category accessible to a large share of consumers in Germany, it suffered due to middle class consumers financial and work difficulties.
With the uncertainties surrounding travel and movement going into 2021, and with the economic recession impacting consumers purchasing decisions, luxury eyewear players will be leaning towards enhancing volume sales, reducing unit prices to increase sales. However, from 2022-2023, the improving economic situation will lead players to once again prioritise value sales, and prices will be heightened aligning to consumers’ confidence to purchase luxury eyewear once more.
Prior to the outbreak of COVID-19, the mindful luxury trend was a new approach to luxury, emerging in the market. Players that entered the landscape in the review period, and those larger, more substantial players, have both been leaning towards a more sustainable approach.
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This report originates from Passport, our Luxury Eyewear research and analysis database.
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