In 2020, sunglasses recorded heavy retail current value and retail volume losses as the COVID-19 pandemic restricted consumer travel and led to a reduction of consumer spending power. The financial impact of the COVID-19 pandemic prompted consumers to prioritise their spending and, as consumers spend much more time indoors in 2020, sunglasses were not considered a priority by most consumers in Italy.
Luxottica Group continued to dominate sunglasses in 2020 and will remain the firm leader in 2021, seeing a rising value share mainly due to the strength of its accessible luxury brand Ray-Ban. A third Ray-Ban monobrand store opened in in Verona in early 2019, boosting the share of this brand in the year.
In 2021, Luxottica is set to launch a new brand of sunglasses designed by popular social media influencer Chiara Ferragni. The products, which will appeal to the rising importance of social media influencers in fashion and advertising, will be on sale at Salmoiraghi & Viganò and Sunglasses Hut outlets from 2021 as well as a number of e-commerce platforms belonging to both the Veneto Group and Chiara Ferragni.
Despite posting a moderate recovery in 2021, sunglasses can expect to post a stronger recovery from 2022 onwards as the vaccination programme continues to progress and the country expects to reach herd immunity. Although the speed of recovery will increase at the beginning of the forecast period, however, volume and value sales are not expected to recovery to 2019 levels until 2025, which is a slower recovery than that expected for some other eyewear categories.
Over the forecast period, the competitive landscape will remain in flux as sales will depend on collaborations with fashion houses and well-known personalities. Safilo Group SpA, for instance, can expect to be negatively impacted by the cessation of its licence agreement with Dior from 2021 over the forecast period.
Over the forecast period, the sustainability trend is expected to become more apparent in sunglasses with a number of big names launching sustainable products and ranges. Emporio Armani, for instance, launched a sustainable range of sunglasses and frames in 2021 which is made from eco-friendly materials, including recycled materials.
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Understand the latest market trends and future growth opportunities for the Sunglasses industry in Italy 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.
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This report originates from Passport, our Sunglasses research and analysis database.
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