The marked fall in inbound tourism and decline in local demand due to the COVID-19 crisis resulted in a dramatic drop in sales of luxury eyewear in 2020. The fall in the number of visitors from Mainland China, who previously contributed more than 50% of category revenue, was particularly significant.
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. Moreover, access to such products was increased by the recent strong emergence of Japanese fast-fashion eyewear brands.
As in other luxury goods categories, retailers sought to generate demand through widespread heavy discounting in 2020. Optical goods retailers across Hong Kong engaged in aggressive promotional activity including offering considerable discounts on luxury eyewear products.
Luxury eyewear is expected to exceed the volume sales seen before the COVID-19 crisis and the social unrest of 2019 by the end of the forecast period. The category’s recovery will be supported by the fact that it spans a wide range of price points and is accessible to a relatively large number of consumers.
E-commerce saw a particularly notable rise in share in luxury eyewear in 2020, with both optical goods stores and luxury brands launching online stores during the year. While new e-commerce stores registered some growth, that growth remained limited and may see a significant backslide, as Hong Kong consumers are expected to retain a preference for trying on spectacle frames before making a purchase.
The slow recovery of international travel will act as a constraint on the revival of luxury sunglasses during the forecast period. Ongoing restrictions on travel, consumer concerns about exposure to the COVID-19 virus, and the enduring economic impact of the pandemic will all act as obstacles to the recovery of international travel.
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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 report originates from Passport, our Luxury Eyewear research and analysis database.
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