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Luxury Eyewear: A fashion trend becoming a necessity of life

The Luxury Eyewear market has seen some significant growth in past few years. Sunglasses has become necessary have fashion accessory and this has resulted in an exponential growth of the luxury eye-wear, and especially the luxury sunglasses market in Sweden. Most of the consumers have become more design and brand oriented and therefore, they are ready to spend more amount of money for better quality sunglasses from an established brand.

Luxury sunglasses saw a robust growth of 6% in 2016. This growth is because of two major reasons. One is, previously there used to be only seasonal demand for sunglasses. But now, Swedish customers buy sunglasses throughout the year. Second, in Swedish market, daily disposable lenses are one of the primary volume and value growth drivers of Swedish Luxury Eyewear market. The development to efficient and cost effective daily disposable lenses is driving the growth further. The Swedish eyewear market is pretty mature. The players are segmented by the product category. In contact lenses, there are only few multinational players and competition is very less. In spectacles, market is heavily segmented and there is a lot of competition. The domestic players mostly dominate the spectacles market. Scandinavian Eyewear AB is the largest domestic eyewear manufacturer and is the market leader in Swedish luxury eyewear market.

Specialist stores and other optical stores lead the distribution channel for Swedish luxury eyewear market. For contact lenses, internet is seeing some growth and many customers order contact lenses from internet because of quick and reliable delivery. But when it comes to spectacles and sunglasses, Swedish people prefer walking into a physical store to buy the product.

Although the Swedish economy is expected to grow and income levels are expected to rise, still the luxury eyewear of Sweden is not expected to grow, in terms of revenue, significantly because of intense price war amongst market players. But in terms of volume, the retail stores are expected to see some robust growth as a new Swedish legislation is expected to pass which will make an eye test mandatory for anyone who is of age 45 years and above and wants to get his/her driving licence renewed.

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