The eyewear industry comprises an essential component in the luxury market, according to a report by Bain & Company. Over the past few years, it has grown significantly as a standalone industry.
Fashion-conscious consumers follow latest trends and purchase products from leading international eyewear manufacturers. Brands such as Chopard and Police have experienced a rise in sales, thus, reflecting the growth of the luxury eyewear industry in the Mena region. The key factors driving this growth are improving incomes and an increasing fashion consciousness among the people.
Optical frames have translated more and more from being a medical necessity into a fashion accessory; resulting in consumers spending significant amounts on the purchase of optical frames, sunglasses and associated eye care products. Extreme climatic conditions and consumers’ relatively high purchasing power will help bolster the luxury eyewear industry’s revenue in the region.
“Eyewear sales in the UAE are on the rise,” says MS Reddy, an industry expert. “The strong growth in luxury sunglasses was the most notable development of 2013. The industry grew by 10 per cent and consumers of the HENRY (high earner, not rich yet) income bracket contributed to a large percentage of eyewear sales.
“Consumers in the UAE and GCC countries are brand conscious, and like to flaunt their belongings. Hence, it’s important for a brand to speak for itself. Luxury eyewear brands will continue to capture significant value share in the coming years,” he adds.
Tourism is also a key factor that is influencing this growth, as the UAE is seen an emerging centre for shopping, leisure and family entertainment globally. Therefore, luxury accessories, including designer sunglasses, have maintained a strong presence in the region.
The global market for optics and sunglasses will also see significant growth, expanding at the rate of six per cent in the coming five years and will go on to account for a total of US$20 billion in revenues.
Wednesday, September 18- 2013 @ 0:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.