Global Luxury Eyewear Market (2018–2028)
The global luxury market is expected to be worth $369 billion in 2024, a 4% increase from 2023’s $354.8 billion. At $115.9 billion, luxury fashion sales alone are expected to make up 31.4% of the market share. But what about eyewear? Here’s a look at the global luxury eyewear market’s sales in recent years and a forecast of its performance.
Global luxury eyewear market sales: 2018–2024
Data from a recent study of the global luxury eyewear market shows that sales from this sector are set to total $21.7 billion in 2024. This represents a 2.4% annual increase and makes up 5.9% of the total luxury sales. In other words, out of every $100 consumers are expected to spend on luxury goods in 2024, almost $6 will be on eyewear.
Of the five subcategories in the luxury market, eyewear is expected to generate the least amount of sales, after fashion ($115.9 billion), leather goods ($79.4 billion), watches and jewelry ($77.3 billion), and cosmetics and fragrances ($74.7 billion).
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In 2018, the global luxury eyewear market’s revenues registered at $19 billion. This rose by 3.1% the following year, to $19.6 billion. But sales fell as the COVID-19 pandemic hit. In 2020, total revenues plunged to $15.6 billion, a tumble of 20.1% from the previous year.
The sector recovered the following year, as sales rose by 12.5%, to $17.6 billion. By 2022, annual revenues were close to returning to pre-pandemic levels, registering $18.9 billion, a 7.5% increase. The market rose another 12.3% in 2023, to $21.2 billion. This was also the first time revenues from the global luxury eyewear market exceeded $20 billion.
From 2018 to 2024, annual luxury eyewear sales worldwide grew by $2.8 billion, from $19 billion to $21.7 billion. This marks an average annual growth rate of 3% and an overall increase of 14.6%.
Global luxury eyewear market sales: 2025–2028 forecast
Industry analysts predict that the luxury eyewear market will continue to grow for at least four more years, but at much slower rates. Total sales are expected to rise by less than 2% each year from 2025 to 2028. By 2028, revenues are forecast to reach $23.3 billion.