Demand for luxury sunglasses declined over the course of 2020 as the strict adherence to the principles of home seclusion and social distancing led to consumers spending much less time outdoors. The situation with regards to sales of luxury sunglasses deteriorated substantially during the lockdown quarantine that formed a central plank of the official response to the COVID-19 pandemic during the first half of the year.
Faced with a decline in demand for luxury eyewear due to the COVID-19 situation during 2020, many of the category’s leading players and some of the most important retailers of luxury eyewear turned to price discounts as a way of boosting demand and keep sales ticking over. For instance, discounts of 20-25% were on offer for luxury spectacle frames in Better Vision Optical Stores, while Waltz Vision launched a major mid-year sale, with prices slashed by up to 60% from June until the end of August.
Major challenges emerged for store-based retailers of luxury eyewear during 2020 as the quarantine lockdown and the strict adherence to the principles of social distancing took their toll on the ability of retailers to operate profitably. With stores closed and consumers reluctant to go shopping in crowded public areas, many turned to social media, mainly Facebook and Line, where some of the country’s leading eyewear retailers became increasingly active.
Overall, sales of luxury eyewear are expected to recover strongly during the forecast period. This is linked to the negative impact of the COVID-19 pandemic eventually receding as the spread of virus is brought under control.
The forecast period is expected to see increasing numbers of Thai consumers treating their spectacles as though they were fashion accessories. With this in mind, it is likely that luxury eyewear brands will benefit from the cachet and status that they represent.
The forecast period is expected to see more Thai people offering luxury eyewear as gifts to friends and family. This is likely to see the promotion of these products becoming more important in the run-up to specific special gifting occasions.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Thailand 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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