The COVID-19 pandemic is set to drive a double-digit decline in sales of luxury eyewear in 2020 The primary reason for this will be the sharp economic contraction brought about by the closure of the economy, restrictions on movement and job losses. The recession is projected to be the worst in Switzerland’s post-war history.
Sales of luxury sunglasses have been affected by the travel restrictions put in place to try and manage the virus. This has prevented many Swiss consumers from taking summer holidays abroad, and in many cases reduced the need to buy these products.
The government’s response to the pandemic has also limited consumer access to these products, undercutting value sales in 2020. The closure of all non-essential stores between March and May included luxury brand outlets selling luxury frames and sunglasses, and although these measures were relaxed, consumers have been reluctant to return.
Sales of luxury eyewear are set to make an extremely slow recovery post-pandemic, with sales in current terms only reaching pre-COVID-19 levels at the end of the forecast period. Volume sales of both luxury spectacle frames and luxury sun glasses will fail to fully recover over the forecast period.
The competitive environment for luxury sunglasses will remain concentrated over the forecast period among global couture brands, with consumers increasingly making purchasing decisions based on innovative fashion concepts. Leading brand Gucci is set to grow share, with a strategy based on the continuous introduction of new collections and sophisticated advertising strategies.
The outbreak of coronavirus has seen a sharp spike in online purchasing, and e-commerce sales in 2020 are set to almost double in value. The main reason for this is the restrictions placed in retail at the beginning of the year, and subsequent consumer reluctance to return to stores because of the inconvenience of social distancing measures and concerns about infection.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Switzerland 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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