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.
By Distribution Channel:
Rapidly Growing Online Sales in UAE; However, Offline Stores Claim Majority Market Share
With the burgeoning digitalization, online shopping has transformed paths for consumers to purchase products, shaped new user interactions, and created lucrative growth opportunities for both single & multi-brand luxury eyewear stores in the UAE.
The mounting inclination of customers toward online shopping has led to the gradual development of the digital ecosystem, which has provided customers with hassle-free access to product-related information & prices and, in turn, fueled the overall growth of the UAE Luxury Eyewear Market.
Prada, in December 2020, announced to redefine the world of fashion by intensifying its digital strategy & restyling the look of the prada.com website in the United Arab Emirates, which will allow customers to enjoy an unforgettable shopping experience and an original exploration of the Prada universe.
Moreover, retailers are increasingly integrating technologies like Augmented Reality (AR) into their websites to help customers enjoy features like Virtual Try-On and find out how products look on them. It has led to more customers inclining toward online platforms. For instance, Gucci has recently introduced an AR app feature with frictionless ’Visualization’ & ’Try-On’ options to let consumers evaluate its eyewear collection, and it is available in the United Arab Emirates.
However, virtual technologies would not lead to Offline stores becoming obsolete. Instead, these advancements are vital for driving consumers to brick-and-mortars by harmonizing with the ease of online shopping. A study found that more than 30% of consumers would prefer visiting a physical store by any means if it had interactive virtual services. Hence, the future of luxury eyewear is the blend of online shopping with an in-store experience.
Dubai Attained the Largest Share of the UAE Luxury Eyewear Market
In UAE, Dubai is the most prominent market for well-established branded eyewear products. The emirate is home to several of the world's largest shopping malls. Luxury is not just an extravagance but a lifestyle for most of Dubai's population. Hence, it is of utmost importance in the city, and this consumer attitude has been the key driver to high-end brands entering the UAE.
The burgeoning spending toward purchasing expensive & luxurious sunglasses, prescription lenses, & contact lenses owing to the consumer’s high purchasing power and the extreme climatic conditions in Dubai are the prime factors driving the Dubai Luxury Eyewear Market.
Moreover, the rapidly expanding travel & tourism sector of Dubai also offers lucrative growth opportunities to the luxury eyewear manufacturers market as travelers are the ones that contribute the most to luxury product purchases. Being the most desirable shopping destination for the rich & famous worldwide, all well-established luxury brands are present in the emirate that display the most expensive sunglasses & associated eyewear products.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The UAE Luxury Eyewear Market is expected to grow at a CAGR of around 4.2% during 2022-27.
A. Dubai is expected to continue dominating the UAE Luxury Eyewear Market during 2022-27 and present immense growth opportunities to the leading industry players.
A. The rapidly expanding UAE’s tourism & travel sector and the high tendency of UAE’s population to live luxury lifestyles & mounting brand consciousness among them are the key factors driving the UAE Luxury Eyewear Market during 2022-27.
A. Post the upliftment of restrictions imposed in the wake of the Covid-19 pandemic, the UAE Luxury Eyewear Market is witnessing a steady growth rate, owing to the mounting inclination of consumers toward digital stores. The same trend is likely to be followed in the coming years, mainly due to the rapidly expanding tourism in the country.