Soaring millionaire population set to propel luxury eyewear market share
As millennial and generation Z mindsets take center stage, luxury eyewear market is in the cusp of revolution. Given that companies view brands through the prism of Corporate Social Responsibility (CSR) and will be inclined to pay a premium for brands sharing their CSR values, they are prioritizing transparency and authenticity. Moreover, companies are vying to inject more innovation and creativity in production as well, augmenting luxury eyewear market trends.
Palpable rise in the number of High-Net-Worth Individual (HNWI) demography, along with sophisticated living standard is set to fuel luxury eyewear market outlook during the forecast period 2019-2025. It is widely perceived that high-end build material, superior product quality and personalization, special edition and designer products are focal aspects to woo HNWI demography.
With millennials and gen Z increasingly concerned towards UV ray protection, popularity of luxury eyewear with UVA and UVB protection has soared by leaps and bounds. Traction towards trending fashion, digitization and celebrity influence has been instrumental in spurring luxury eyewear market outlook.
Prolonged use of laptops and smartphones inevitably takes a toll on eye health, preying mostly on children and teenagers. For instance, more than 32% of German youngsters complained of bad eye health owing to incessant use of digital media. As such, awareness programs and routine eye check-ups are expected to augment the use of luxury lens, and bolster luxury eyewear market size.
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According to PRB’s 2019 World Population Data Sheet, India will outdo China as the world’s most populous country—with a projected 1.67 bn people set to live in India by 2050. Further, aging trends allude Asia and Europe to have some of the world’s oldest population, while Africa will be home to some of the youngest.
Accordingly, luxury eyewear market trends exhibit a sanguine picture for stakeholders contemplating investments in luxury frames and lenses landscape. Besides, hostile weather conditions in APAC and MEA will potentially uphold luxury eyewear market share. Further, booming tourism sector in countries, including Switzerland, France, Italy, Japan, UAE and Thailand will bolster the industry outlook.
Global Market Insights, Inc. predicts luxury eyewear market revenue to be valued at around US$ 52 bn and industry size to exceed 96 mn units by 2025.
Amid talks of vast chasm left by wealth inequality, soaring number of millionaires in North America and APAC has augured well for luxury eyewear market share. The U.S. has more than 15.3 mn millionaires, making approximately 4.6% of the U.S. population in 2018. The U.S. still leads in terms of number of millionaires with the country minting close to 40% of the world’s millionaires in the 2018. The U.S. luxury eyewear market size is slated to gain impetus from soaring number of millionaires and tax cuts.
Luxury eyewear market is rather fragmented with competitive scenario of the luxury eyewear market outlook projected to become intense. Prominent players, as such, are increasingly focusing on strategic alliance and innovative product development to embolden footholds and propel product porftolio.
Major players looking forward to bolster luxury eyewear market size include Gucci (Kerring S.A), Dolce & Gabbana Srl, Calvin Klein Inc., Porsche Design (Porsche SE), and Bulgaria (stylized as BVLGARI), among others.
Author Name : Sunil Jha