Brands such as Chopard and Police have experienced a rise in their sales, therefore reflecting growth of the eyewear industry. September, 2013: A report by Bain & Company on the worldwide luxury market shows Middle East is growing at a steady pace. The UAE has emerged as the acknowledged shopping and luxury retail hub. The region attracts regional and international labels as well as massive numbers of visitors flying in to take advantage of the enormous variety of offerings in and around the region. Dubai being the heart of the region commands 30% of the luxury market and around 60% of UAE.* Dubai comprises of a huge chunk of the market and is one of the few cities in the region to be attracting foreign luxury consumers. Luxury is of utmost importance to these markets. It is not just an indulgence but a lifestyle for most of them. This attitude has been the key driver to high-end fashion brands being represented in the UAE. The eyewear industry comprises of an essential component of the luxury market. It has grown significantly as a standalone industry over the last few years. Fashion conscious consumers follow the latest trends and purchase products from leading international eyewear manufacturers. Brands such as Chopard and Police have experienced a rise in their sales, therefore reflecting growth of the eyewear industry. The key factors driving the growth of the market are improving incomes and the increasing fashion consciousness in the population. Optical frames have translated more and more from a medical necessity into a fashion accessory; resulting in consumers spending significant amounts on the purchase of optical frames, sunglasses and associated eye care products. Both, the extreme climatic conditions along with the consumer's relatively high purchasing power help bolster luxury eyewear revenue in the region. Tourism is also a key factor influencing the growth; as UAE is an emerging centre for shopping, leisure and family entertainment globally. It has always been considered a fun and exciting destination. Luxury accessories, including designer sunglasses have maintained a strong presence in the region.
When asked about the projected growth of the eyewear industry in the UAE, an industry expert Mr. M.S. Reddy commented saying, “Eyewear sales in United Arab Emirates are on the rise. The strong growth in luxury sunglasses was the most notable development of 2013. The industry grew by 10%, consumers of the HENRY ‘High Earner, Not Rich Yet' income bracket contributed to a large percentage of eyewear sales in the market. The consumers in the UAE and GCC countries are brand conscious who like flaunting their belongings. Hence, it's important for the brand to speak for itself. Luxury eyewear brands will continue to capture significant value share in the coming few years”.
It is expected that the eyewear market will benefit not only from increased awareness of the dangers of UV exposure but also from frames and sunglasses being increasingly perceived as fashion products. The global market for optics and sunglasses will also see a rise and is expected to expand at the rate of 6% in the coming five years ahead and will go on to account for a total of $20 billion in revenues. Luxury brands will continue to dominate in terms of value as niche super premium eyewear brands.
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