Loss of tourist spending enforced a severe contraction on sunglasses in 2020, as branded sunglasses, especially luxury brands, used to be essential purchases by mainland tourists, trading up. For the local market, buying sunglasses is closely linked to travel.
With gyms and indoor sports venues remaining closed during the early part of 2021, the popularity of outdoor activities, such as hiking, trekking and cycling have further grown since the onset of COVID-19. Similar to dynamic consumption of sportswear and equipment, sports sunglasses have also been perceived as an essential purchase among consumers engaging in outdoor activities, given the average high temperature in Hong Kong.
Luxottica retained its leadership of sunglasses in 2020, with its Ray-Ban brand. Other than its existing popularity in the market, it has maintained engagement with consumers to keep up the brand’s desirability.
Though consumption of sunglasses slowed down in 2020, it is expected to pick up again over the forecast period. Tourist spending, especially those from mainland China, will still be a significant share of buyers, as luxury sunglasses brands in Hong Kong still enjoy the price advantage created by the VAT difference between mainland China.
Benefitting from the home-seclusion economy, optical goods saw a sharp increase in online availability via brands’ direct-to-consumer sites and third-party e-commerce sites. Consumers are expected to maintain their digital purchasing habit in the post-pandemic world, especially for sunglasses as there is no need for a prescription.
Sunglasses manufacturers engaging in crossovers with technology companies is not new, as tech phones aim to showcase the growing importance of smart life while traditional sunglasses also engage with young and tech-driven consumers more. Back in 2019, Ray-Ban was in talks with Facebook to develop smart glasses which it said would be released in 2021.
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Understand the latest market trends and future growth opportunities for the Sunglasses industry in Hong Kong, China 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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