Among all countries in the Middle East, the UAE is a highly active market for luxury eyewear manufacturers. The burgeoning demand for luxury products in the UAE attributes to wealthy & ultra-rich consumers present in the country, who spend billions to purchase designer sunglasses, spectacles, etc., from well-established brands and maintain their social status.
The "UAE Luxury Eyewear Market" is anticipated to grow at a CAGR of around 4.2% during the forecast period, i.e., 2022-27, says MarkNtel Advisors. Optical frames have transformed their application as a medical necessity into a fashion accessory, thereby encouraging consumers to spend a significant amount on the purchase of eyewear. Consumers in the UAE are extremely brand conscious and like boasting about their possessions. Currently, UAE is one of the most attractive luxury eyewear markets amongst all Middle East countries, and it's driven mainly by the rapidly expanding tourism sector and burgeoning fashion consciousness among the country's population.
Travel & tourism present an incredible growth opportunity for luxury eyewear manufacturers. Travelers, either at the airport or in a foreign market, contribute to nearly half of the luxury eyewear purchases. The presence of luxury brands in Abu Dhabi & Dubai has pushed these cities as sought-after shoppers' stops. With tourism as the principal driver of luxury eyewear sales in Dubai, well-established market leaders have performed exceedingly well in the UAE.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Key Companies Profiled||Blackfin, Boss, Bulgari, Calvin Klein, Carrera, Chloe, Chopard, Dior, Giorgio Armani, Cutler & Gross|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19 on the UAE Luxury Eyewear Market
The Covid-19 pandemic in 2020 inflicted several social & economic losses and created an unprecedented moment of crisis for every business, and initially, the UAE Luxury Eyewear Market was no exception. Since the sales of luxury eyewear were dependent majorly on brick & mortar stores, which, due to lockdown & movement restrictions, were shut, the market players witnessed massive revenue losses.
Moreover, the majority of consumers in the market are travelers, which, due to travel bans, couldn't visit the leading shopping destinations in the UAE, including Abu Dhabi & Dubai, which also declined the market growth to a significant level.
Nevertheless, it was during these times they embraced a long-term vision of future challenges and turned this crisis into an incredible growth opportunity. They sought new ways to connect with their customers and started developing online channels to bridge the buyer-seller gap.
The pandemic has greatly spurred the enactment of online shopping among both organizations & consumers. The leading players in the luxury eyewear market have made massive investments to incorporate advanced technologies on their digital platforms and enhance the online journey for consumers.
However, offline stores that offer an unmatched customer experience will not be replaced entirely by digital platforms. Presently, with the adoption of omnichannel selling strategies and ensuring the new safety & hygiene norms, they are conveniently selling their products online and, in turn, fueling the overall market growth.