With the considerable impact of COVID-19 on consumers’ ability to travel, demand for luxury sunglasses slumped in 2020. Limits to overseas travel benefited demand for local sunglasses, because sunglasses are one of the items consumers tend to purchase in duty-free shops.
Not only COVID-19, but also the summer weather had an adverse impact on demand for luxury eyewear in Korea. The summer of 2020 saw the longest monsoon period on record.
Customs allowed duty-free shops to retail their stock through local markets including premium outlets and department stores in the second half of 2020. This was implemented as a strategy to ease the loss burden that duty-free shops experienced due to the travel restrictions arising from COVID-19.
In the post pandemic environment demand for luxury eyewear is expected to recover strongly. Assuming COVID-19 infection rates decline and the global travel environment demonstrates recovery, this will be underpinned by consumers’ pent-up demand for travel.
The merger of two global eyewear giants in 2019 – Luxottica Group and Essilor International SA – is expected to have a considerable impact on the global eyewear market. However, in South Korea, both Luxottica Korea and Essilor Korea Co operate as separate companies, and concentrate on different business areas.
Although e-commerce saw some share gain in 2020, the increase was not as dramatic as that in other categories. However, e-commerce is expected to grow more rapidly over the forecast period, as will TV homeshopping.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in South Korea 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 South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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 extract FREE! Home Page