After two years of declining sales, following social unrest in 2019 and early 2020, and then the COVID-19 pandemic in 2020, luxury eyewear has returned to recording positive growth in 2021. This is being driven in particular by the large luxury sunglasses category.
Luxottica Retail HK Ltd continued to hold the leadership in luxury eyewear in Hong Kong. The Ray-Ban brand recorded a good performance in 2020 Other than its existing popularity in the market, it has been maintaining engagement with consumers to sustain the desirability of the brand.
The reduction in consumer confidence and purchasing power resulting from measures aimed at containing COVID-19 encouraged consumers to look for less expensive alternatives to luxury eyewear during the pandemic. Moreover, access to such products was increased by the recent strong emergence of Japanese fast fashion eyewear brands.
The recovery in the luxury eyewear category will see it exceeding 2018 sales levels again in 2025 (in current value terms). The category’s recovery will be supported by the full resumption of the travel industry, either in the shape of local consumers traveling beyond Hong Kong or in the form of inbound arrivals.
E-commerce saw a major increase in its share of luxury eyewear sales in 2020, with both optical goods stores and luxury brands launching online sales operations during the year. However, its share remains smaller than in many other luxury goods categories and is also expected to decline slightly in 2021.
The crossover of sunglasses with technology companies is not a new phenomenon, with technology aiming to showcase the rising importance of smart lifestyles, while traditional sunglasses are also engaging more with young and tech-driven consumers. In late 2020, Gentle Monster launched another crossover collaboration with tech giant Huawei for its Eyewear II collection, with these being audio sunglasses, containing microphones and speakers for listening to music, making calls and accessing smart assistants, claimed to come in a modern and fashionable frame.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregate of luxury sunglasses and luxury spectacle frames.See All of Our Definitions
This report originates from Passport, our Luxury Eyewear research and analysis database.
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