During the lockdown period from March-May 2020, the entire eyewear supply chain remained open. This was due to eyecare being considered an essential product, with the sale of eye protection continuing.
Luxury eyewear has the ability to be bought by a wider consumer group than other luxury items, being an affordable luxury for many Italian consumers. Therefore, while some consumers may not be able to afford designer apparel, they can afford luxury eyewear, spectacles and sunglasses.
Kering Eyewear SpA is set to retain its lead of the landscape in 2019, offering Gucci and Saint Laurent to consumers. Second place player, luxury eyewear manufacturer Luxottica, is holding dividends in 2020, in preparation of a strong decline in sales, due to the outbreak of COVID-19.
Luxury eyewear is set to post a recovery from 2021, with eyewear remaining an essential item for consumers. During the early forecast period, working from home in Italy is likely to be maintained for many activities, and it may continue on a longer-term for some, with some consumers appreciating the change in their work-life balance.
When building new eyewear collections across the forecast period, luxury brands will have to consider the changing consumers trends that are set to take place. Italian and European consumers are expected to appreciate more discreet styles, while affluent Chinese tourists will be looking for fashion-forward, and more visible designs.
In the years to come, consumers are expected to look to eyewear stores, where they can find professional opticians' advice, rather than making purchases of spectacles through online stores or at other retailers. However, this will not be the case for luxury sunglasses, given that these are perceived more as an accessory.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Italy 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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