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. As a result, optical stores such as Sunglass Hut, Optical 88 and Focus Point were not in operation for almost two months since they were considered non-essential.
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 players responded to the lowered demand in 2020 by offering continuous price reductions. Once standalone and optical stores were allowed to reopen after the MCO, significant price discounts were offered to attract consumers and boost sales.
A moderately fast recovery is expected for luxury eyewear, with current retail value sales set to return to 2019 levels by the end of 2021. Since luxury spectacle frames and luxury sun glasses 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.
The economic conditions in Malaysia, and especially the high unemployment rate, will continue to affect demand on luxury eyewear in the forecast period. As a result, players and retailers will play an essential role in stimulating demand in the beginning of the forecast period.
Changing consumer purchasing patterns have been gradually taking hold since the Movement Control Order (MCO) period, and will likely continue evolving in the forecast period. The shift from offline to online will continue strengthening, as consumers maintained online shopping behaviours throughout 2020 even as stores reopened.
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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.
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This report originates from Passport, our Luxury Eyewear research and analysis database.
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