In 2020, luxury eyewear, while recording reduced sales, was comparatively less affected by the COVID-19 pandemic relative to other areas of luxury goods. The category in general is likely to have benefited from its wide price points, accessibility and ongoing adoption of digital channels.
The spread of the COVID-19 crisis during the first half of 2020 meant that large numbers of consumers were unable to visit eye care professionals either for routine tests or to take advantage of their lens warranty. In response to this, Essilor extended all lens warranties due to expire between mid-March and mid-June 2020 for a further three months.
Consumers’ growing awareness around safety and hygiene during 2020, prompted by the COVID-19 crisis, encouraged leading players such as Luxottica to focus on the evolving needs of consumers. Luxottica thus launched a new collection of clear glasses that responds to consumers’ growing demand for both safety and fashion.
All categories of luxury eyewear are expected to maintain a trend of negative retail value growth at constant 2020 prices until midway through the forecast period, at which point a gradual return to marginal growth is expected. Overall, however, the category is set to struggle to return to positive average growth, with men’s luxury sun glasses set to be the only area to achieve this by the end of the forecast period.
The post-COVID-19 era may present luxury eyewear manufacturers with the opportunity to adapt products and services in terms of addressing issues such as lens misting when wearing a face mask and various options for relieving eyestrain due to extended screen time when working remotely. Retailers will likely need to pivot towards offering advanced services in a bid to entice consumers to return to stores, while the rapid advance of technological offerings is likely to encourage further investment in multichannel capability over the longer term to ensure players have equal access to consumers across multiple touch points, with potentially less reliance on face-to-face advice.
Despite the growing importance of the e-commerce channel in luxury eyewear, bricks-and-mortar stores will continue to play a key role. However, it is likely that technology will enable consumers to spend less and less time in stores through the ability to select products online in advance.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Turkey 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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