UAE’s Eyewear Industry Deems a Brighter Future

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A promising potential is now in sight for United Arab Emirates luxury eyewear business.UAE’s Eyewear Industry Deems a Brighter Future
On a report made by an American global management consulting firm Bain & company, the eyewear industry involves vital factors in the luxury market and over the past few years, it has developed notably as independent sector.
The global markets for optics and sunglasses have seen a significant increase and will continue to expand at the rate of six per cent in the coming five years and is expected to go on to account for a total of US$20 billion.
“Eyewear sales in the UAE are on the rise,” says an eyewear industry expert. “The strong growth in luxury sunglasses was the most notable development of 2013. The industry grew by 10 per cent and consumers of the HENRY (high earner, not rich yet) income bracket contributed to a large percentage of eyewear sales.
“Consumers in the UAE and GCC countries are brand conscious, and like to flaunt their belongings. Hence, it’s important for a brand to speak for itself. Luxury eyewear brands will continue to capture significant value share in the coming years,” the expert added.
As UAE perceives an emerging hub for shopping, leisure and family entertainment worldwide, tourism is also a major factor that influences the industry’s growth in the region. Remarkably, luxury accessories, including designer sunglasses, have maintained a strong presence in the region.
Improving incomes and increasing fashion consciousness are one of the key factors that also drive this growth.
Dubai commands 60 per cent luxury market share within the UAE and 30 per cent the whole of Mena region. The extreme climatic conditions and consumers’ relatively high purchasing power will help bolster the luxury eyewear industry’s revenue in the region.