Luxury eyewear recorded dynamic retail volume and current value growth during most of the review period. These products are an affordable luxury for many middle-income consumers, and have an important role to play in encouraging consumers to make the initial step up from mainstream products, and are seen as gateway products.
Despite also seeing a significant retail current value decline, luxury spectacle frames has seen the best performance in 2020. However, volume declines have been similar across the category, with lower price declines minimising the value losses for luxury spectacle frames.
With the temporary closure of store-based specialist retailers, players have been keen to offer services to help consumers choose luxury eyewear and maintain their sales. For instance, several players have offered home try-on to consumers so that they do not have to visit a store and risk their health.
Luxury eyewear is set to see a return to retail volume and current value growth in 2021 and for the rest of the forecast period, although the rates of growth are expected to be lower than those seen in the review period. Consumers are likely to be slow to return to stores due to continued concern about contracting COVID-19, at least until vaccines are rolled out.
Luxury sunglasses is set to see the strongest retail current value growth in the forecast period, although this is partly because it saw a stronger decline in 2020 due to COVID-19 restrictions, and will a see a release of pent-up demand. However, people are expected to start taking domestic holidays in 2021, due to continued international travel restrictions, as well as offers on staycations from local luxury hotels, which will boost domestic sales of sunglasses.
Moving into the forecast period, when the worst impact of COVID-19 has passed, trends which were seen in the review period are likely to re-emerge. For instance, the emergent segment of smart sunglasses is expected to grow in importance during the forecast period as consumers who can afford it continue to favour the latest technology.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Luxury Eyewear industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Luxury Eyewear research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page