COVID-19 and the economic slowdown affects luxury sun glasses more severely than luxury spectacle frames in 2020. Whilst the former is considered more of a discretionary item, the latter is needed in day-to-day life for sight.
Spectacle frames are increasingly being seen as a fashion accessory, which is boosting sales of these products. Swedes have picked up on this global trend, with some consumers who do not even need to wear spectacles simply buying them as an accessory due to the increasing importance of frame design.
There are a limited number of distributors that are controlling a large proportion of the sales of luxury eyewear in Sweden. Like other upmarket products, such as perfumes, luxury eyewear is often distributed by external distributors rather than by the brands themselves.
It is anticipated that luxury eyewear value sales will recover relatively quickly compared to other discretionary luxury goods as spectacle frames more particularly are considered a necessity for sight. However, value sales in luxury eyewear are forecasted to reach pre-COVID-19 levels only towards the end of the forecast period.
Spectacle frames are considered to be a necessity and Swedes rarely compromise on quality, which has resulted in a stable development for this product. However, the rising popularity of laser surgery is putting pressure on corrective eyewear as a whole.
Among sales channels, e-commerce has been gaining in value share in luxury eyewear during 2020. This is mainly owing to Swedish retail chains developing their omni-channel presence while proposing tools for choosing eyewear online, including platforms for trying eyewear virtually.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Sweden 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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