Luxury eyewear will have managed to record relatively similar annual growth rates in 2020 and 2021, despite COVID-19, to those it was seeing prior to the pandemic. Luxury eyewear is considered to be more important than some luxury products, with demand likely to remain relatively consistent during the pandemic.
Most of the top-tier brands within luxury eyewear have continued to generate growth in 2021, despite the pandemic. Gucci responded to the pandemic by offering 2021 oversized limited editions.
With the Taiwanese government implementing a lockdown in mid-2021, this saw many consumers restricting their activities in public and spending more time at home during 2021, even after the lockdown was lifted, to help reduce potential exposure to the COVID-19 virus. Consequently, retailers have been focusing on new ways to continue attracting consumers during the pandemic to help maintain sales levels.
Luxury eyewear is expected to see continued growth throughout the forecast period. Despite the ongoing financial consequences of the pandemic for many consumers, buyers of luxury products will be less impacted by this, while roll-out of the country’s ongoing vaccination programme will also help return Taiwan to normality.
A number of fast fashion brands, such as JINS and OWNDAYS, have entered the competitive landscape in the eyewear industry, offering an “instant” service, which sees them committing to prescribing customers with a new pair of glasses within 30 minutes. Although fast fashion brands do not immediately pose a direct threat to the luxury eyewear industry, players will still need to remain aware over the forecast period of this emerging trend of fast fashion brands offering more efficient services in the eyewear industry.
Although luxury eyewear is expected to record positive annual growth rates throughout the forecast period, there is likely to be one area of depressed sales, at least in the short term, as the ongoing pandemic continues to have an effect on both Taiwan as well as other countries across the globe. For example, travel restrictions could continue to remain in place for the foreseeable future, impacting the tourism industry in Taiwan, with far fewer inbound tourists visiting the country than in normal times.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Taiwan 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 Taiwan, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Eyewear
This is the aggregate of luxury sunglasses and luxury spectacle frames.
See All of Our DefinitionsThis report originates from Passport, our Luxury Eyewear research and analysis database.
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