Unit sales of luxury sun glasses plummeted in 2020 as travel restrictions imposed to limit the spread of COVID-19 not only forced many local consumers to postpone their holidays, for which many purchase the latest fashions in sun glasses, but also meant that international tourists stayed away. Even the easing of the local lockdown restrictions did little to help sales in 2020 as the summer was over by the time the restrictions were partially lifted.
Consumers and employees have spent increasing amounts of time using computers, tablets and smartphone screens during the COVID-19 pandemic. These devices were not only used for working from home as most employees were encouraged not to go into the office, but also became the centre of home entertainment for many Filipinos during the long periods of home seclusion.
Regulations requiring people to wear face masks and face shields when out in public have led to increased demand for lenses with anti-fogging properties alongside growing demand for lenses offering blue ray protection. Consumers are willing to pay higher unit prices for such products because they tend to prioritise spending on products related to health and wellness, especially if they are seen as longer-term investments.
Luxury eyewear is expected to see double-digit current value growth in 2022 and year-on-year for the rest of the forecast period, reaching the pre-pandemic level of sales by 2023. As the immediate threat from COVID-19 diminishes, consumers will be encouraged to once again book holidays and meet up socially with friends.
E-commerce held a minor share of sales of luxury eyewear in 2019, and, despite the closure of physical outlets during the pandemic, few consumers turned to online shopping during the health crisis. Shoppers for these products like to inspect them at close hand and try them on prior to purchase, and few e-commerce retailers have been able to replicate this experience during the COVID-19 crisis.
Package deals are common to mass brands such as Owndays and JINS, and to optical shop’s in-house and above average price frames and lenses. Some eyewear stores are also adapting package deals to luxury eyewear to attract more consumers.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Philippines 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 Philippines, 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.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!