In the context of the pandemic, sunglasses continues to be one of the most impacted eyewear categories. The same trends that moderated demand in 2020, including the lack of touristic activities, less out-of-home occasions, and the financial difficulties of a large portion of the population, are slowing the start of recovery in 2021.
Even though most companies’ strategies rely on imported items, the few players working with local production are seeing the benefits of importing large scale supplies for local production. For example, some of these players managed to get through the most severe months of the lockdowns without pausing their production and, consequently, reducing the inflationary pressure on their products.
Sunglasses in Brazil have been historically faced with the challenge of competing with illegal trade as counterfeit products are distributed across the whole country. Furthermore, these products eventually go through a process of conversion in which they “become legal” and can eventually be found and sold in legal stores.
Brazilians are traditionally very attached to brands and fashionable items that count on differentiations, such as licensing, or other popular appeals that tend to be welcomed by a large portion of middle-class consumers. Some players’ strategies are focused on making connections with music festivals, DJs and popular celebrities.
Some of the major players in sunglasses have started to play in the segment of spectacles during the last years, seeing stronger drivers of demand in products for correction. For instance, Chilli Beans and Hot Buttered are increasing their investments in spectacles, marking a shift in their core business.
The recent oscillations brought upon by the pandemic made Brazil’s currency among the most devaluated globally. The uncertainties regarding Brazil’s economic environment will make imports a risky investment in the long term.
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Understand the latest market trends and future growth opportunities for the Sunglasses industry in Brazil 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 Sunglasses research and analysis database.
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