The Global Sunglasses market is expected to grow at a CAGR of 5.74 percent by revenue and 5.57 percent by volume during the period 2015-2019.
One of the major drivers in the Global Sunglasses market is a rise in awareness among consumers about the regular use of sunglasses to protect the eyes. This has led to an increase in spending among consumers who used to consider them as a non-necessity item. A rise in consumers’ disposable incomes worldwide is also contributing to the overall growth of this market.
Here is an infographic showcasing the breakdown of consumer spending on sunglasses:
Sunglasses Spending: Men vs. Women
The Men segment dominated the sales of sunglasses of the Global Sunglasses market in 2014. There are various styles and brands catering to this segment, and these are promoted and positioned on various male characteristics such as sporty, adventurous, retro, vintage, and bikers.
However, women tend to spend more on sunglasses as they regard them as a luxury and as a fashion statement. Women also tend to purchase more sunglasses, preferring variety. With an increase in the working women population, the share of this segment is expected to increase during the forecast period.
Spending Habits by Age
Consumers (both men and women) between 18-34 years of age are the largest consumers of sunglasses worldwide. Consumers in this age group readily spend their discretionary income on lifestyle products such as sunglasses.
They are also more open to trying new varieties and styles compared to other groups. However, brand loyalty among these consumers is lower than other age groups. On the whole, the segment will continue dominating the Global Sunglasses market during the forecast period.
Consumers between 35-54 years of age are the second biggest purchasers of sunglasses. The consumers falling under this category are not very price-sensitive and readily spend on premium sunglasses compared to the other groups. They are also more brand loyal compared to the young. Both the women and men in this age group have more discretionary income to spend on lifestyle goods, thereby driving the sales of sunglasses.
Consumers falling within the 55 and above age group accounted for the smallest share of the market in 2014. People in this age group tend to suffer from vision-related problems such as low eyesight, muscular degeneration, and cataracts, as a result of aging, which is a barrier to the growth in the market.
Cover photo by Emma Royle via Flickr (CC)
