Luxury eyewear suffered current value decline in 2020, with value sales falling by a about a fifth, due to the effects of COVID-19. Physical stores were closed for six weeks and when they did open, value sales did not pick up sufficiently to avoid overall value sales decline.
Luxury eyewear is relatively small but is growing in Poland. Luxottica is the only company to hold double-digit value share in 2019 but the much larger share is held by smaller players under “others”, as the environment became increasingly competitive.
When purchasing luxury eyewear, Polish women tend to be highly influenced by the world of fashion and see eyewear as an extension of one’s personality and an essential addition to the wardrobe; therefore, the likes of Prada, Dior and Chanel are extremely popular. On the other hand, Polish men prefer luxury eyewear that is branded with luxury sports car names such as Maybach, Jaguar, Aston Martin and Tonino Lamborghini, which offers a specific masculine look and portrays a certain level of success and status.
It is hoped that COVID-19 will not have a long-term effect on the economy and if disposable incomes continue to rise as they were consistently over the review period, until COVID-19 struck, then consumers will be prepared to spend money on luxury eyewear. If infection rates start to fall in 2021 and people can socialise and travel again, then it is expected that value growth will be in the double-digits, in comparison with the current retail value decline of 2020.
Though value sales of luxury sun glasses are lower than luxury spectacle frames, sun glasses have been gaining value share over the review period. Luxury sun glasses is one of the few fashion accessories available in Poland that targets both women and men, although women’s luxury sun glasses account for significantly higher value sales.
Although spectacle frames could face some competition from contact lenses, the luxury segment is predicted to record strong growth, driven by demand for stylish designs and a certain level of status; some consumers even opt for spectacle frames to offer a different persona in the workplace even though they may not need prescriptive lenses, while others choose to purchase several pairs to match with specific outfits or for various occasions. One other emerging trend is for eco-friendly spectacle frames.
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This report originates from Passport, our Luxury Eyewear research and analysis database.
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