As the high-end fashion landscape continues to grow, luxury eyewear is fast emerging as one of the most lucrative sectors. In fact, between 2024 and 2029, this industry is set to see global revenue swell by over 11%, equivalent to roughly $3.4 billion. This will mark nearly a decade of revenue increasing year-on-year. But why exactly are premium sunglasses and optical glasses so successful? Read on to find out.
Growth of online platforms
Unlike brick-and-mortar stores that are often inaccessible whether due to location, scheduling, or just consumer discomfort, online shopping platforms are more universally convenient. As it is, recent polls from Vision Monday reveal that more than 14% of eyewear buyers prefer to make their transactions online. On leading eyewear ecommerce provider Eyebuydirect, this is highlighted given that shoppers can easily purchase glasses from various brands. This includes several premium brands, such as Armani Exchange, Coach, Ralph, and Ray-Ban. Using their own preferred device, shoppers can even virtually try on these pieces, much like how they would in a physical store. In many cases, online shoppers are even privy to special digital-only promotions, which further encourage making purchases. Thanks to these features, a wider pool of consumers can now actively take part in the luxury eyewear sector, thereby adding to its overall revenue.
Rise of collaborations
As the power of influencers and celebrities steadily rises, many luxury eyewear brands have wisely taken advantage of this. According to Vogue Business, working with popular individuals means that they often come with a devoted following. This drives up both hype and sales. For instance, sunglasses brand Gentle Monster’s collaborations with K-pop superstar Jennie Kim saw the singer’s two Instagram posts receive over 11 million likes. As a promotion for the Gentle Jelly collection, big-name social media stars across Instagram, YouTube, and TikTok received the themed PR packages, which fueled more interest and brand awareness. Similarly, more and more exclusive luxury houses are signing celebrities as eyewear ambassadors for in-house designs. A recent example of this is how Dolce & Gabbana has retained Grammy winner Miley Cyrus as the face for their 2024 eyewear campaigns.
Popularity of limited releases
Most brands employ the tactic of creating a sense of urgency and exclusivity. Nowadays, there is no better way to do this than to hinge releases on specific seasons or events. For instance, summer collections from some years ago saw designer brands introduce new silhouettes. This included Fendi’s IRIDIA collection, which showcased cat-eye frames in glimmering colorways. Speaking of events, the premium performance brand Oakley regularly sees its brand traffic and popularity spike during major sporting seasons. As part of their marketing efforts, they regularly sponsor participating athletes, which ensures a huge global audience sees their products. For instance, during the Tokyo Olympics, the brand went viral multiple times thanks to the athletes sporting them. The most popular of these included when Qatar’s Mutaz Essa Barshim gained worldwide acclaim. The high jumper was praised not only for his performance but also for his use of Kato sunglasses, which was an especially interesting choice given the nighttime competitions.
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