The global eyewear industry, worth approximately $125.4 billion in 2022, has a broad scope, covering not only corrective eyewear like prescription glasses and contact lenses but also sunglasses for vision protection.
The aforementioned report notes that sunglasses account for nearly one-third (30%) of the total global eyewear market, with annual sales of about $11 billion. Since sunglasses are essential for protecting the eyes from the sun’s harmful ultraviolet rays, which may increase the risk of eye conditions at any age, consumer interest is evenly distributed across age groups.
The eyewear market can also be classified according to price point, so it’s worth noting how the luxury sunglasses segment has been performing as consumers’ purchasing power steadily increases. Data reveals that the luxury sunglasses market was valued at $4.1 billion in 2020 and is projected to reach $6.9 billion by 2030, representing a compound annual growth rate of 5.5%.
However, beyond the tremendous shift to more aspirational purchases, luxury sunglasses have seen impressive growth in sales and popularity due to the following industry trends, effectively leveraged by brands to meet changing consumer needs and expectations.
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Prescription Options To Meet Vision Needs
Instead of simply accommodating consumers’ need for sun protection and aesthetic appeal, luxury sunglasses brands have come out with prescription options to also meet their need for vision correction. It’s especially important to balance these aspects, considering the World Health Organization has reported that about 10% of cases of cataracts, which is one of the leading causes of vision loss, are associated with UV radiation.
Optical retailer Sunglass Hut stocks some of the world’s top designer brands like Versace, Oakley, and Dolce & Gabbana as well as offering prescription sunglasses options to meet consumer needs for both sun safety and clear vision. On top of curating stylish and protective frame styles like the oversized Versace Biggie and the double-bridged DG4403, the retailer makes it easy to get appropriately graded lenses by letting customers upload a copy of their prescription.
Celebrity Endorsements To Leverage Their Persuasive Power
In addition to product development through prescription sunglasses options, luxury sunglasses have been tapping into celebrities’ persuasive power through endorsements and ambassadorships. These marketing efforts align with research findings that prove celebrity endorsements’ impact on consumers’ purchase intention of luxury goods, mainly through celebrity credibility, expertise, and effective brand match-ups.
For instance, a Vogue Business article reports that searches for the luxury sunglasses brand Saint Laurent increased by 41% since May 2024, with celebrities like Blackpink’s Rosé and actor Dominic Sessa partnering with the brand and posting photos of themselves wearing its signature sunglasses. While there have been debates on whether celebrity impact can translate into actual sales and profits, it remains true that strategic talent partnerships can elevate brands’ cultural positioning and extend their audience reach.
Immersive Retail Experiences To Boost Brand Recognition
Lastly, sunglasses companies and retailers can boost brand recognition and engage customers by providing immersive retail experiences. While it’s essential to boost e-commerce presence in light of digital transformation, luxury brands must still pay attention to their physical retail stores to better showcase their products and cement their brand identity.
Take, for example, how the South Korea-based brand Gentle Monster increased its revenue by 48% and reached a value of $443 million in 2022 after opening flagship stores and partnering with retail chains like Selfridges. Gentle Monster also competes with key industry players like EssilorLuxottica and Warby Parker through experiential retail, characterized by store locations that combine art exhibitions, 3D installations, and other creative elements with their distinct sunglasses and spectacles collections.
In summary, luxury sunglasses brands have been able to build and sustain growth in recent years by meeting consumers’ prescription needs, leveraging celebrity impact, and providing immersive retail experiences.
