The sunglasses and eyeglasses market - Italy

The global sunglasses market, valued at $21.97 billion in 2021, is expected to grow at a CAGR of 4.86 percent to reach $29.68 billion by 2027. Despite a significant drop in sales due to the pandemic in 2020 with a 21.6 percent decline from 2019, the market showed recovery in 2021 with a 20 percent increase over 2020. By 2023, sales are projected to hit $24.55 billion surpassing pre-COVID levels. Italy stands out as a key player in the market, particularly in high-end segments, with Italian sunglasses market expected to grow at a CAGR of 0.94% from 2023 to 2027, reaching $0.77 billion in turnover by 2023. The United States remains the most profitable market, expected to reach a value of $5 billion in 2023. In terms of production, Italy is second to China, hosting major companies such as Luxottica, Safilo, and De Rigo. Online sales now account for 12.8 percent of total sales, suggesting a shift towards e-commerce, which is expected to surge in upcoming seasons. The impact of COVID-19 was substantial, as seen in LuxotticaEssilor's first-half 2020 revenues declining by 29% compared to the first half of 2019. Despite these challenges, consumer attitudes towards eyewear have increased the focus on premium products and health-related consumption, with an uptick in prescription eyewear usage. Branding remains crucial in the industry, with luxury/premium sunglasses ownership rates higher among Generation Y and Z and directly proportional to income levels. The Italian market has seen a decrease in the number of eyewear enterprises to 789 in 2021, with significant economic contribution and employment in regions such as Belluno and Treviso. Distribution channels have diversified, with a growing emphasis on online fashion sites and traditional optical chains, while major industry players continue to dominate the high-end market segments..Title: Trends and Dynamics in the Italian Sunglasses Market In recent years, Italy has cemented its position as a dynamic player in the global sunglasses market. The Italian sunglasses market has witnessed a steady growth trajectory, with an expected annual growth rate of approximately 1%. In 2023, the market is anticipated to generate a turnover of approximately $0.8 billion. Brands remain a critical factor influencing consumer preferences, with over half of the population reportedly owning premium or luxury sunglasses. This inclination towards branded sunglasses is marked among women who slightly surpass men in ownership percentages. Brand importance when purchasing fashion accessories, including sunglasses, holds considerable weight, particularly among the younger generations, Generation Y and Generation Z, who show a stronger preference for branded items compared to their older counterparts, the Baby Boomers and Generation X. Additionally, the average income level of consumers plays a significant role in the ownership of luxury and premium sunglasses, with a greater percentage of ownership noted among higher-income brackets. The Covid-19 pandemic undeniably impacted the sunglasses market in Italy, causing a substantial decline in exports and a drop in production, with exports falling around 27%. The drop was more pronounced in sunwear, with sunglasses sales plummeting by approximately 32%. Despite these setbacks, the post-pandemic recovery has been robust, particularly in the prescription eyewear segment, as consumers show an increasing preference for quality and premium products to meet their well-being needs. As for the number of enterprises active in the industry, there has been a noticeable decrease over the past five years, amounting to about 800 enterprises by 2021. The industry maintains its stronghold in northern Italy, notably the Belluno and Treviso region, which is responsible for 80% of national production and holds a prestigious position in the global mid- to high-end eyewear market. Distribution channels for sunglasses have evolved, with a diversification to include e-commerce and fashion retailers, complementing traditional optical stores and chains. Some of the predominant optical store chains in the Italian scene, such as GrandVision, Salmoiraghi & Viganò, and Vision Ottica, offer a wide range of eyeglasses and sunglasses catering to various price points. Overall, the Italian sunglasses market demonstrates its resilience and adaptability, maintaining growth potential amidst changing consumer behaviors, and navigating through economic disruptions brought about by the Covid-19 pandemic. With an ever-present focus on brand prestige and quality, Italy continues to uphold its status as a significant contributor to the global sunglasses industry..**Titans of Italian Eyewear: A Glimpse into the Powerhouses Shaping Vision and Style** **Luxottica Group** Luxottica is the emblematic giant in the world of eyewear, epitomizing how a local venture can evolve into a global force. The brainchild of Leonardo del Vecchio, who founded it in 1961, the company began as a modest outfit producing various optical components. Over the subsequent decades, Luxottica transformed into an eyewear empire, setting trends and elevating standards within the industry. Its merger with Essilor in 2018 was a landmark move, giving rise to EssilorLuxottica and further solidifying its status as an industry behemoth. This conglomerate's might lies not just in its widespread distribution across more than 150 countries and impressive physical presence with approximately 9,000 stores, but also in its potent brand portfolio. From the iconic Ray-Ban and Oakley to fashion-forward labels like Vogue Eyewear and Persol, Luxottica's influence on people's vision and fashion statements is undeniable. Additionally, the company takes pride in its licensing prowess, boasting collaborations with luxury fashion titans like Giorgio Armani, Burberry, Dolce & Gabbana, Prada, Valentino, and Versace. True to its innovative spirit, it introduced a digital system allowing customers to virtually try on eyewear, thus merging traditional optical expertise with cutting-edge technology. **Safilo Group** Safilo is an integral thread in the tapestry of Italy's eyewear industry. Established in 1934, this historic company has been at the forefront of designing, producing, and distributing high-quality eyewear. While it may not possess the sheer size of Luxottica, it commands respect within the sector for its dedication to craftsmanship and design. Safilo's catalog is rich and varied, catering to a wide audience through its house brands and a strong portfolio of licensed brands, signifying its versatility and adaptability in the ever-evolving world of optics and aesthetics. **Marcolin Group** Marcolin stands proudly among Italy's eyewear vanguards. Since 1961, the same year Luxottica was founded, Marcolin has carved out a significant place for itself within the eyewear market. Known for its commitment to style and quality, Marcolin has cultivated strong relationships with fashion powerhouses, merging the world of haute couture with the precision of opticianry. Its dedication to finely crafted eyewear has seen

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• Number of pages : 30 pages
• Format : Digital and PDF versions
• Last update : 27/11/2021

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