The luxury eyewear market in India though not in its nascent stage, still has a long way to go.The eyewear market in India is fragmented between the organized and unorganized sector. As per industry estimates there could be around 20,000 opticians in India spread across rural and urban areas. However, the Urban and Tier 2 cities would have around half of it.
In addition to the above there are numerous other part-time shops selling mainly sunglasses as an over-the-counter product.There is no real estimate of the market done by a reputed agency so these are only industry estimates stating the retail value of the organized market is around 2 Billion USD. The unorganized market is assumed to be two times the organized market.
Luxury eyewear is still in the infancy stage as with any luxury product currently in context to the Indian market. There is still a lot of time for the Indian consumer to lap up luxury. Right now, it’s only the super thin top layer which is actively buying luxury. However, not all their buying happens in India. These guys travel a lot and it’s cheaper and easier to buy abroad given the fact that they get VAT refund and the mindset is to shop. Within India we already have high taxes and duties which make the product more expensive to buy.
Luxury eyewear witnessed strong growth in 2016 and registered current retail value growth of 30% with sales touching INR38.8 billion. Affluent Indian consumers from metro cities continue to perceive luxury eyewear as an important fashion accessory and show willingness to spend on these products. Store-based expansion of luxury eyewear players in the country during 2016 also helped drive growth.
The sunglasses market, growing steadily in the last five years, is further segmented by price. The mid-priced segment (Rs700 to Rs2000) accounts for almost half of the market, whereas high end and premium sunglasses account for 20% and 10% of the market. The high and premium segments are growing faster than the rate of overall market growth.
The trends in the eyewear industry keep changing depending on the fashion trends. However, Oversized, Vintage, Rounds, odd shapes, Metals, Dark Lenses are the trend for women sunglasses.For Men – the basic Aviators, wayfarers are trending.
The article has been penned down by Ronak Sheth, Founder, Opium Eyewear.