The measures taken to prevent the spread of COVID-19 hampered the ability of consumers to purchase luxury eyewear in 2020, which resulted in the category seeing only moderate growth in retail volume terms. The Russian government imposed a period of non-working and self-isolation from 30 March to 1 June 2020, during which all physical stores were closed (with the exception of those providing essential services, such as grocery shops and pharmacies).
Unit prices increased significantly on luxury eyewear in 2020. This was due to currency fluctuations and the weakening of the Russian ruble, resulting from the COVID-19 outbreak and the decline in oil prices due to the harsh global decrease in demand for petrol and fuel.
Almost all luxury eyewear brands saw solid growth in current value terms in 2020. They benefited investment in rapidly expanding their online presence, good brand positioning, advertising and promotion.
The reopening of international borders is expected to lead to a slowdown in the growth of luxury eyewear over the forecast period, despite positive signs in 2021. Some consumers are expected to start spending on travel again, as well as purchasing luxury eyewear abroad rather than at home.
Players within luxury eyewear are expected to focus on e-commerce over the forecast period, as they continue to focus on the new retailing landscape in the wake of COVID-19. In luxury eyewear, this is being supported by major e-commerce players such as Lamoda and Wildberries, which have been enhancing their online strategies by providing free delivery and next day delivery services to attract consumers.
Many of the leading brands of luxury eyewear carry with them an air of prestige and as such are likely to remain popular over the forecast period, generating sales from both locals and foreign visitors. These brands also have the resources to invest in marketing and distribution and so have a wide reach, while they are also likely to be better able to weather any economic fallout from COVID-19.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Russia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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.
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