Everywhere you look there seems to be bad economic news. Inflation is out of control, gas prices remain high, and it's even more expensive to put food on the table. Well, don't believe the doom and gloom – at least where sunglasses are concerned. Sunglasses are one product that remains hot despite less-than-desirable economic conditions.
The U.S. sunglasses market was worth an estimated $3.5 billion in 2020. Globally, it was worth nearly $13 billion. That's not bad, especially given all the COVID lockdowns and restrictions during that year. But with COVID now behind us, tremendous growth is expected.
Growth Has Been Revised Upward
Things are looking so good for our industry that previous growth estimates have been revised upward. Now, the global market is expected to eclipse $18 billion by 2027. That represents an estimated CAGR of about 5%. Here in the U.S., the market is expected to exceed $4.8 billion within the next five years, also representing a CAGR of about 5%.
Maybe the raw numbers don't interest you. That's fine. The important thing to know is that industry experts expect your customers to want more designer sunglasses over the next five years. They expect your customers to buy, buy, and buy some more. Your task is to make sure they are buying from you.
You've Got What They Want
Since you purchase wholesale sunglasses from us at reduced prices, you have what your customers want. And what they want is access to affordable designer sunglasses that don't cost an arm and a leg. It's a retail marriage made in heaven. You have the goods; your customers want the goods. It is as simple as that.
As we approach the start of the new year, we encourage you to begin looking at 2023 as an opportunity to grow and expand. View the coming year as a clean slate on which you can write your company's future. Make 2023 the year that your brand becomes the designer sunglasses brand everyone is talking about.
How do you do that? By focusing on three key things:
1. Quality Products
Retail success isn't rocket science. It all starts with quality products customers are willing to buy. Give them the quality they want, and they will come knocking down your door. Just remember that when you purchase your wholesale sunglasses from Olympic Eyewear, quality is never a question.
2. Affordable Prices
Now, more than ever, consumers want prices they can afford. Designer sunglasses might still be hot, but we cannot deny that the economy isn't as strong as we'd like it to be. Consumers are looking to save money any way they can. Keep your prices affordable and you'll earn your customers' loyalty.
3. Exceptional Customer Service
No doubt that you face a lot of competition in the designer eyewear space. As in all things retail, customer service in our industry seems to be lacking these days. This represents an opportunity for you to distinguish your brand from the competition by offering rockstar customer service. Treat your customers like royalty. Treat them like they are the only ones that matter.
Get Your Piece of the Pie
If the estimates of predicted growth prove true over the next five years, the sunglasses market will be worth nearly 25% more than its current value. This means there is plenty of room for your brand to grow. Don't lose sight of that in the coming months.
It's easy to focus on the doom and gloom. Anyone can do it. But our industry is poised for significant growth. So adopt a positive mindset and go get your piece of the pie. It's waiting for you.