Consumers spent even more time than normal using a variety of digital devices during lockdown when they were required to work or study from home which can be damaging to the eyes. However, under the Movement Control Orders (MCO) enforced by the Malaysian government, standalone and optical stores were forced to close between 18 March and 4 May 2020.
In 2020, the minimisation of international travel globally and in Malaysia had a negative effect on the sales of luxury eyewear. In Malaysia, borders remained closed to international tourists throughout 2020, with only minimal exceptions.
Most retailers and industry players responded to the diminished demand in 2020 and 2021 by offering continuous price reductions. Once standalone and optical stores were allowed to reopen after the lockdown periods, significant price discounts were offered to attract consumers and boost sales.
The economic conditions in Malaysia, especially the high unemployment rate, will continue to have an effect on demand for luxury eyewear over the forecast period. As a result, players and retailers will play an essential role in stimulating demand at the beginning of the forecast period.
Over the forecast period, consumers will continue to favour shopping for luxury eyewear, especially luxury sunglasses and luxury spectacle frames through physical channels such as optical stores. This will remain the case, despite the emergence and substantial growth of e-commerce channels and the development of technologies, such as virtual try-on features launched by multiple retailers such as Focus Point and Smartbuyglasses.
A moderately fast recovery is expected for luxury eyewear, with current retail value sales set to return to 2019 levels by the end of 2022. As luxury spectacle frames and luxury sunglasses are generally priced as entry-level luxury goods, they will be relatively more affordable in comparison to other personal luxury products, supporting a quicker recovery.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Malaysia 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 Malaysia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!