In 2020, in order to curb the spread of COVID-19, the Spanish authorities took the decision to implement national lockdown measures throughout the country. During this national lockdown period, non-essential retail outlets were closed, and non-essential activities came to a halt for almost three months.
Spaniards are, in general, taking a greater interest in health and wellness trends. The COVID-19 pandemic has intensified this trend in 2020, as consumers had more time to research health and wellness topics during the national lockdown and the pandemic itself proved an incentive for consumers to focus on their physical health.
The COVID-19 pandemic has caused significant economic upheaval in Spain as consumers were faced with the financial uncertainty of a lengthy national lockdown and the continued threat of the global COVID-19 pandemic in 2020. This exacerbated the already poor performance of the Spanish economy, causing a shift in buying patterns for Spanish consumers.
In the forecast period, characterised by financial crisis following the economic upheaval of the COVID-19 crisis and national lockdown, Spanish consumers are expected to return to the thrifty habits of the post-2008 crisis period. As consumers had already done following the 2008 economic crisis in Spain, consumers are expected to restrict their spending in the forecast period, which will constrain growth in luxury eyewear.
Spain is one of the countries with a higher penetration of smartphones in the world. In fact, according to industry sources, Spaniards spend over five hours a day in front of screens.
Over the review period, buying habits shifted towards experiences over objects. The COVID-19 pandemic, however, has also prompted a further shift in buying habits towards products and experiences related to health and wellbeing.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Spain 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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