In comparison with other categories within personal luxury, luxury eyewear recorded the strongest current value decline in 2020. Luxury sunglasses suffered in particular, as consumers did not see the necessity for sunglasses as they stayed at home most of the time.
The share of sales of luxury eyewear via e-commerce increased strongly in 2020, and to a lesser extent in 2021, although this was from a low base. Part of this was due to the temporary closure and opening hour restrictions on store-based retailers.
The competitive landscape in luxury eyewear in Singapore continued to be dominated by Kering Eyewear Singapore in 2020, with the player offering a wide range of leading brands, including the three leading brands, Gucci (following the ending of Safilo’s licensing contract in 2018), Saint Laurent and Bottega Veneta. Its closest competitor, at a notable distance, was Luxottica South East Asia, which gained value share pre-pandemic due to the merger with Essilor, with Prada, Armani and Coach now globally owned by EssilorLuxottica.
Over the forecast period, luxury eyewear is expected to continue the recovery process which started in 2021, as restrictions on outlet opening are unlikely to be reimposed in Singapore and the more relaxed movement policy will allow consumers to participate in more outdoor activities. This will help sales of sunglasses to rebound due to more usage occasions.
With the notion of preventive health awareness set to prevail following the outbreak of COVID-19, increased sanitisation and hygiene procedures will be incorporated into luxury optical shops as part of their daily operating practices. According to the Ministry of Health’s safety regulations, all optical practitioners working in these specialist stores are expected to observe strict personal hygiene and infection control when attending to customers, such as cleaning their hands with hand sanitiser before and after each appointment, and the wearing of masks when in close contact with customers.
Smart sunglasses are seeing rising attention from consumers. For example, Gentle Monster, a sunglasses brand from South Korea, collaborated with consumer electronics giant Huawei to launch a new generation of their Huawei X Gentle Monster Eyewear II collection during October 2020.
Delivery:
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 Singapore 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 Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Eyewear
This is the aggregate of luxury sunglasses and luxury spectacle frames.
See All of Our DefinitionsThis 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!