Luxury Sunglasses Market Estimated to Witness High Growth Owing to Increasing Disposable Incomes
Paragraph: Luxury sunglasses are eyewear that protects the eyes from harmful UV rays and at the same time makes a style statement. They are made from high-quality materials such as acetate, metal and polycarbonate. Luxury brands produce sunglasses that stand out for their unique and bold designs. Celebrities are often spotted wearing exclusive and expensive sunglasses from top luxury brands.
The global luxury sunglasses market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics: One of the major drivers fueling the growth of the luxury sunglasses market is the rising disposable incomes of consumers globally. As incomes rise, consumers are able to spend more on premium products that were earlier considered luxury goods. This has created demand for branded luxury sunglasses among the growing middle and affluent classes. Furthermore, increasing social media influence has made luxury sunglasses a style statement. Celebrities and influencers are setting new trends by wearing exclusive and expensive sunglasses from top brands which motivates common people to purchase similar products to feel a sense of luxury and for status symbol. The growing popularity of outdoor recreational activities has also boosted the sales of sunglasses globally.
SWOT Analysis
Strength: Luxury sunglasses enjoys a premium brand image and reputation. Many luxury brands are able to charge a premium for their sunglasses due to strong brand equity and quality perception among customers. Luxury sunglasses tend to incorporate more advanced lens technology that provides better protection from UV rays and other environmental hazards. This competitive advantage gives luxury sunglasses brands an edge over cheaper alternatives.
Weakness: Luxury sunglasses have a very high price point which limits their customer base. Only customers belonging to higher income groups can afford to purchase luxury sunglasses on a regular basis. The availability of cheaper alternatives also affects the sales potential of luxury models. Luxury sunglasses have limited production runs which makes some styles rare and less accessible.
Opportunity: Rising disposable incomes in developing countries is expanding the customer base for luxury products. More people are able to afford premium luxury items like sunglasses. Online retailing is providing luxury brands new opportunities to reach customers beyond their physical stores. Customers, especially millennials, are willing to pay extra for sustainable and eco-friendly luxury products giving brands a chance to promote green credentials.
Threats: Economic slowdowns can negatively impact the discretionary spending on luxury items. Changes in fashion trends may make some styles less popular quickly. Intense competition fromother luxury brands forces companies to continuously invest in innovation and improve customer experience to remain relevant.
Key Takeaways
Global Luxury Sunglasses Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising incomes and brand consciousness. The global luxury sunglasses market is estimated to be valued at US$ 12813.32 Mn in 2023 and is expected to exhibit a CAGR of 39.% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market due to large consumer bases in countries like China, Japan and India which are lucrative for luxury brands. North America and Western Europe are also major luxury sunglasses markets attributed to high disposable incomes and spending power of populations. Strong brand positioning and emphasis on high quality is enabling key manufacturers to strengthen their footprint across major luxury eyewear consuming regions worldwide.
Key players operating in the luxury sunglasses market are AOC Resins, Ashland Inc., BASF SE, CCP Composites, Changzhou New Solar Co. Ltd., DSM, DuPont, Lanxess AG, Eternal Chemical Co. Ltd., Reichhold Inc., SABIC Innovative Plastics Holding BV, and Satyen Polymers Pvt. Ltd.. Regional analysis focused on Asia Pacific region indicates countries like China and India will experience fastest growth in luxury sunglasses sales aided by growing middle and affluent classes seeking branded luxury products.
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