Luxury Sunglasses Market is Estimated to Witness High Growth Owing to Increased Spending Capacity of Millennials
Luxury sunglasses are stylish eyewear used for vision protection from strong light. They come in various frame materials such as acetate, metal and others. Popular brands manufacture luxury sunglasses with advanced lenses that offer 100% UV protection along with polarized and mirror coated options. The high-income individuals across the world prefer luxury sunglasses as a fashion accessory and status symbol.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the Global luxury sunglasses market size is increased spending capacity of millennials. The millennials demographic across regions such as North America and Europe have high disposable incomes and spending on luxury brands is a way of lifestyle statement for them. Moreover, major luxury brands extensively target and endorse their products to millennials through social media and digital marketing campaigns which boost the sales of luxury sunglasses. Additionally, the willingness to pay premium prices for branded luxury goods further drives the demand among millennials.Furthermore, the rise of e-commerce has made luxury sunglasses accessible to customers globally. The online platforms offer a wide variety of luxury sunglass collection from major brands at affordable prices and with convenient delivery options. This has boosted the sales volumes and increased popularity of luxury sunglasses.
SWOT Analysis
Strength: The luxury sunglasses market has witnessed strong growth in demand especially in developing economies of Asia Pacific and Latin America over the last few years. Leading brands focus on maintaining high quality standards and innovative designs which help them charge premium pricing. Moreover, celebrity endorsements and collaborations boost brand recognition significantly.
Weakness: Availability of low cost alternatives from local brands limits the sales potential of international luxury brands to some extent. Frequent changes in fashion trends also impact profits of companies if they are not able to adapt designs quickly. Economic slowdowns reduce discretionary spending on expensive luxury products.
Opportunity: Emerging middle class populations in developing nations present a sizable untapped market. Successful targeting of millennial audience obsessed with latest trends can spur future revenues. Development of eco-friendly and recycled materials based luxury frames opens new revenue streams. Partnerships with fashion houses help luxury sunglass makers to enter new geographies.
Threats: Intense competition from domestic and international brands pressures margins of all players. Rising logistics and sourcing costs amid high inflation erode profitability. Changing consumer preferences towards affordable yet stylish private labels challenge established luxury brands.
Key Takeaways
The global luxury sunglasses market is expected to witness high growth over the forecast period supported by rising affluence in emerging economies and growing popularity of premium fashion accessories among young demographics worldwide.
Regional analysis: The Asia Pacific region holds the major share of the global luxury sunglasses market currently. China, Japan and India are projected to see high growth aided by growing middle and upper class population interested in premium products. Increasing domestic consumption of luxury goods, rising number of flagship stores of international luxury brands and booming e-commerce have amplified the regional market size in recent years. North America and Western Europe are mature markets but brands focus on innovative products and experiential retailing to attract new customers.
Key players operating in the luxury sunglasses market include Amada Miyachi, Inc., Arcon Welding Equipment, Colfax Corporation, DAIHEN Corporation, ESAB Welding & Cutting Products, Fronius International GmbH, Illinois Tool Works, Inc., Nelson Stud Welding
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