BUSINESS: Research + Stats Global Eyewear Market Is Expected to Reach $56 Billion in 2033 By Staff Wednesday, March 29, 2023 1:16 PM The desire for luxury eyewear is growing according to the latest report from Fact.MR which shows that the demand for luxury eyewear is expected to grow by 3.4 percent CAGR (compound annual growth rate) between 2023 and 2033. Experts believe the rise is due to an increase in disposable income and fashion awareness among consumers. Paired with an increase in e-commerce sales and alliances between industry partners, experts predict the industry will continue to surge, reaching $56 billion in 2033. Eyewear manufacturers are continuing to refocus their efforts on direct marketing to consumers through various channels. In addition, there is increased demand for luxury eyewear due to an ageing population who are increasingly requiring glasses for vision correction. Longer life expectancy and shifting fashion trends are also contributing to the increase in eyewear sales. Consumers are no longer wearing glasses out of necessity but are looking to add them as fashion accessories. Industry insiders are concerned about the effects of counterfeit products, which may hinder the growth in the luxury eyewear market. The quality and accuracy of current counterfeit products are making it harder to tell the difference between authentic and fake luxury goods. Established luxury brands are also working with suppliers and distributors to provide a wider range of products at different price points to increase their market penetration. For example, in 2019, Safilo Group purchased a 70 percent stake in Blenders Eyewear LLC. With Blenders, the company was able to support and accelerate its focus on e-commerce and omnichannel retailing.