Luxury eyewear will continue to perform well in 2020 despite the outbreak of COVID-19. Compared to other products within luxury goods, luxury eyewear is considered to be more essential.
Most of the top-tier brands within luxury eyewear have continued to generate growth in 2020, despite the pandemic. Gucci responded to the pandemic by opening a seasonal flash store in the Breeze Xinyi shopping centre.
Although the Taiwanese government has not implemented lockdown, many consumers have restricted themselves and have been spending more time at home during 2020 as to reduce contagion with the virus. Consequently, retailers have been focusing on new ways to continue attracting consumers during the pandemic, thus continuing to generate sales.
After performing well during the pandemic, luxury eyewear will see continual growth over the duration of the forecast period starting from 2021. Despite the ongoing global financial repercussions of the pandemic, Taiwan in some ways will be immune from this due to the government’s quick response in controlling the virus.
In 2020, a Japanese fast fashion brand entered the competitive landscape of eyewear that offers instant services whereby they prescribe customers with a new pair of glasses within 30 minutes. Although a fast fashion brand does not immediately pose a threat to the luxury eyewear industry, players should be aware over the forecast period of this emerging trend of fast fashion brands offering more efficient services.
Although luxury eyewear is expected to perform well over the forecast period, growth is predicted to slow at some stages. The ongoing pandemic in other countries is expected to have an effect on Taiwan, even though the government was able to control the situation rapidly.
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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.
This report originates from Passport, our Luxury Eyewear research and analysis database.
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