Like all personal luxury products, COVID-19 negatively affected current retail value sales of luxury eyewear, with value sales declining by almost a third. The downward trend affected all product areas.
Overall, luxury eyewear is led by multinational brands, such as Dolce & Gabbana, Gucci, Chanel and Christian Dior. These brands often benefit from pioneer or early-mover competitive advantages and also benefit from strong advertising.
In Ukraine, the wearing of sun glasses is a popular means of expressing one’s style, rather than simply a product to ensure protection from the sun. Women generate the highest sales, since, when incomes allow, they like to experiment with diverse styles and colours of eyewear.
Luxury eyewear is expected to return to healthy value growth, once the threat of COVID-19 subsides, and people are allowed to move around again. If infection rates start to fall in 2021, then it is expected that current value growth will be high due to pent-up demand, as many consumers deferred eyewear purchases in 2020.
Luxury spectacle frames accounts for lower sales partly because replacement cycles are longer, but also due to growing competition from contact lenses. Younger consumers, especially ones leading on-the-go lifestyles, often prefer the convenience of contact lenses.
E-commerce experienced an uplift in value sales of luxury eyewear in 2020 and this growth will continue over the forecast period, but not as strongly as in 2020. For many consumers, it was the first time that they purchased eyewear online, and now they’ve done it once, they will be open to doing it again.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in Ukraine 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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