Retail current value sales of luxury eyewear declined at a double-digit rate during 2020 due to a combination of the economic shock of the pandemic and a decline in international tourist arrivals and recovered only partially in 2021. Nonetheless, demand for luxury eyewear performed relatively robustly in the broader context of personal luxury.
With far few international tourists visiting Spain during both 2020 and 2021 than earlier in the review period, retailers of luxury eyewear focused on local consumers by offering discounts. For example, Specsavers offered two pairs of glasses for the price of one, including such luxury brands as Marc Jacobs in this offer.
Although the economic shock of the pandemic dissipated somewhat during 2021 as restrictions on movement were eased, the rate of unemployment remains elevated and inflationary pressure is mounting in Spain. As a result, consumer confidence remains fairly subdued, with many local consumers postponing non-essential purchases (opting to repair their existing eyewear, rather than replacing it, for example) or trading down from luxury brands.
The recovery in demand for luxury eyewear will accelerate during 2022, and in constant terms, retail value sales will exceed their pre-pandemic (2019) peak in 2023. This growth will mainly be driven by a revival in international tourist arrivals, as demand for luxury eyewear among local consumers is expected to remain relatively subdued, as the Spanish economy’s recovery from the economic shock of the pandemic is set to be relatively sluggish.
The penetration rate of smartphones is very high, with local consumers spending an average of more than five hours a day in front of screens, according to industry sources. Screen time increased significantly during 2021 due to lockdown measures, and this is likely to lead to more eye health problems that necessitate the wearing of glasses.
Exclusivity and emotions are set to play a bigger role in the purchasing decision in luxury eyewear during the forecast period. Personalisation is already a possibility for some products in personal luxury, but it is not yet a significant factor in luxury eyewear.
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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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