According to MarkNtel Advisors, the UAE Luxury Eyewear Market is expected to grow at a CAGR of around 4.2% during the forecast period, i.e., 2022-27. The market growth attributes primarily to the rapidly expanding tourism in the UAE and the ultra-wealthy country's population who spends billions on luxury sunglasses, spectacles, etc., to maintain their social status.
UAE is the most attractive market for luxury eyewear since people living here are extremely brand conscious. Moreover, the UAE is emerging as a hub of leisure, shopping, & entertainment due to the mounting tourist pool contributing to over 50% of all luxury eyewear purchases. Besides, enhanced fashion sense and increasing preference for luxury brands among the UAE's population are other crucial aspects driving the market through 2027.
Offline Distribution Channel Dominates the UAE Luxury Eyewear Market, Growing Trend of Online Sales
The surging digitalization and the rapidly expanding e-commerce sector in the UAE have increased the trend of online sales of luxury eyewear products in the country. The mounting inclination of consumers toward online shopping has enabled them to have instant access to product-related information like prices & reviews, which, in turn, is significantly contributing to the overall market growth.
Moreover, technological advancements and the integration of AI & AR on online platforms provide a virtual environment for customers to try their favorite eyewear products and make better buying decisions, which, in turn, is propelling the online sales of luxury eyewear products in the country.
However, online technologies can match the experience offered by offline stores. According to a study, more than 30% of UAE consumers prefer visiting brick-and-mortar stores with interactive services. Hence, in the future, the demand for luxury eyewear products in the UAE through online & offline distribution channels is expected to vary according to customer availability & preferences.
“UAE Luxury Eyewear Market Analysis, 2022” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
Dubai Acquired the Largest Share in the UAE Luxury Eyewear Market
The extreme climatic conditions in Dubai and the massive spending on luxury sunglasses, prescription lenses, & contact lenses owing to the immense purchase power of people living there are the prime factors behind Dubai’s dominance in the Luxury Eyewear Market.
With the booming prevalence of social media in the region, buyers intend for personalized products or individualized care from established brands since they believe customization is essential while purchasing luxury goods. Hence, it is another crucial aspect that drives the Dubai Luxury Eyewear Market.
Moreover, the high-profile lifestyle of Dubai’s people, coupled with the strong presence of the luxury brands in the region, are other prominent factors contributing to the rising demand for Luxury Eyewear in Dubai.
According to MarkNtel Advisors, the leading industry players in the UAE Luxury Eyewear Market are Blackfin, Boss, Bulgari, Calvin Klein, Carrera, Chloe, Chopard, Dior, Giorgio Armani, and Cutler & Gross.
Key Questions Answered in the Study