Eye well being and imaginative and prescient correction are extremely essential in right this moment’s fast-paced, digitized world. Folks internationally spend extra time in entrance of screens than ever earlier than, and the result’s an elevated incidence of the refractive situation myopia, also referred to as short-sightedness.
Massive demographic shifts are occurring too. Populations around the globe are getting older at such a price that the variety of over 60-year-olds in 2050 might be double the quantity in 20151. As individuals become old, they’re extra more likely to want studying glasses or specialty contact lenses for presbyopia, generally generally known as age-related long-sightedness.
Each of those shifts in way of life and demographics are megatrends which can be fueling demand right this moment, and can proceed to form the long run marketplace for corrective eyewear, glasses and get in touch with lenses. These merchandise should not solely present imaginative and prescient correction, however fulfill shopper demand for flexibility, consolation and trend.
Drawing on GfK’s Optics point-of-sale panel knowledge from markets around the globe, we will see the affect these eyewear tendencies are having on gross sales proper now. However combining retail gross sales knowledge with shopper info and market experience permits us to get a clearer imaginative and prescient of what lies forward for shoppers, manufacturers and retailers within the Optics sector.
Contact lens tendencies 2023
The worldwide contact lens market grew by 6% within the first half of 2023 vs H1 2022, in USD fastened foreign money worth phrases, with all areas contributing to worth development.
International gross sales quantity, nevertheless, is barely barely constructive, being held afloat by robust gross sales efficiency in Asian markets. Magnificence lenses are particularly well-liked in Asian markets, with coloured lenses making a comeback from their pandemic-driven downturn. The China market is recovering from a double-digit decline in gross sales quantity in 2022, pushed by strict anti-COVID-19 measures, the market now rising 1% in quantity in H1 2023 vs the prior yr. Social media platforms are a vastly profitable path to market in China, giving merchandise the limelight subsequent to influencers and celebrities. Social commerce now takes nearly a 30% share of the web marketplace for contact lenses.
“A serious attribute of social commerce is the competitiveness of native manufacturers in opposition to multinational manufacturers, as a consequence of their extra reasonably priced costs, and their product promotions are extra localized too.” – Joel Zhong, Account Supervisor – Optics, China.
In distinction, the US market is down 1% in quantity however rising 6% in worth, pushed partially by combine results – resembling buying and selling up in materials and to each day contact lenses, however predominantly as a consequence of worth rises throughout main branded contact lenses available in the market.
Regardless of being greater than double the worth of reusable contact lenses (on a like-for-like each day use foundation), delicate each day contact lenses have grown in recognition worldwide and now have nearly 60% worth share of all substitute modalities, vs simply over half the market in 2019.
The pandemic marked a everlasting shift in touch lens carrying habits. In keeping with GfK’s 2023 Client Life examine, nearly 50% of staff worldwide report working both solely or partly from house. Staying house behind closed doorways could make carrying glasses an economical possibility, whereas a hybrid work way of life makes each day contact lenses enticing. Each day contact lenses supply the comfort and suppleness of carrying them on an as-needs foundation, from workplace days and journey to social occasions. In contrast to reusable lenses, there’s no want for storage or answer, decreasing the danger of contamination. Main merchandise available on the market additionally promote the most recent in lens expertise for consolation, involving maintaining the eyes moist all through the day.
Together with each day lens development, the opposite main development segments are toric and multifocal. Toric lenses are prescribed predominantly for the widespread refractive situation astigmatism, whereas multifocal lenses are prescribed for age-related long-sightedness. Greater than eight out of 10 individuals aged 45 or older are long-sighted, based on U.S. analysis2, and with getting older populations, the worldwide demand for multifocal lenses is bound to extend. Together with getting older, prevention and therapy of short-sightedness from a younger age is now a spotlight space, with the typical time spent in entrance of digital units longer than it was previous to the pandemic. The destructive impact of display time on eyesight has been confirmed in lots of international locations’ research3. It additionally implies that offering residents of all ages entry to high quality and reasonably priced eye care is important for developed and rising international locations alike.
Contact lens wearers are demanding not solely consolation and comfort but additionally extra refined/superior applied sciences. Contact lenses that decelerate the development of myopia in youngsters are already available on the market. The long run might deliver sensible contact lenses, which might monitor blood glucose ranges4, permitting contact lenses to affix the ranks with different wearable units measuring well being features in actual time.
Glasses and sun shades tendencies 2023
GfK’s panels for spectacle frames and lenses present that gross sales are nonetheless in restoration from the pandemic downturn, as the worldwide disaster disrupted regular buy cycles. Most shoppers have now made their purchases following the lifting of pandemic lockdowns.
Lenses: Quantity of lens gross sales is pushed by worth development, partially because of the uncooked materials worth will increase, however largely because of the rising demand of costlier lens varieties. Progressive lenses, these designed to offer clear imaginative and prescient at a number of distances with a gradual change of energy throughout the lens floor, are rising 5% in quantity and worth. Rising at comparable charges are proximity lenses, also referred to as “indoor lenses”, which supply benefits to individuals with long-sightedness who additionally spend many hours in entrance of a display. These development segments supply premium performance and are being fueled once more by the underlying tendencies of an getting older inhabitants and one which can be working longer and spending extra time in entrance of digital units.
Frames: Quantity declined 2% in H12023 vs H12022, however worth grew 1%, pushed by premiumization as iconic and trend eyewear manufacturers as soon as once more take middle stage. In Europe, frames priced from €150 are driving development, with 4 of the highest 5 manufacturers on this worth section in development.
Sun shades: Each a trend merchandise and providing UV safety in addition to optionally available imaginative and prescient correction, sun shades are linked to aesthetics and way of life. Boosted by the continuing restoration of tourism, the worldwide sun shades conventional retail market grew by 2% in each worth and quantity in H1 2023. Nonetheless, quantity and worth gross sales haven’t recovered to pre-pandemic ranges. As sun shades are essential merchandise within the automobile or purse, the query is whether or not shoppers must personal a number of pairs like they may have prior to now. As a substitute, premiumization is the important thing development, with probably the most premium >€250 worth band rising 19% in worth. Sun shades are additionally a class the place luxurious manufacturers can grow to be accessible – a luxurious model’s purse might value hundreds of euros, however the identical model’s sun shades value round €200. Regardless of financial headwinds, the posh market is flourishing because the ultra-rich proceed to spend. Certainly, the highest 2% of spenders in 2022 accounted for 40% of gross sales, in contrast with 35% in 20095.
The highlight can be on sustainable frames, from using bio-acetate to utterly recycled plastic frames, with most main manufacturers carving out devoted sections of their web sites for eco-friendly glasses. As with sun shades, much less will grow to be extra, as eco-awareness grows in addition to accessible luxurious.
“Trying forward, luxurious sunglass manufacturers are anticipated to continue to grow their attraction. Many manufacturers have seen appreciable success via rebranding and revamping established luxurious names, making these manufacturers more and more well-liked with youthful generations. Savvy use of influencers and social media advertising has additionally contributed to this demand.” – Davide Defabiani, Senior Advisor – Market Insights, Italy.
Conclusion
The marketplace for eyewear is evolving – fueled by well being and wellbeing, demographic shifts, way of life tendencies, and aesthetics. Advances in expertise will meet healthcare to create benefits we will right this moment solely dream of. Client wants and preferences sooner or later have to be coupled with imaginative and prescient correction, bringing to life merchandise which can be built-in right into a shopper’s way of life. For manufacturers and retailers, because of this gross sales and shopper knowledge are required greater than ever earlier than.
Carry your market into focus with knowledge and insights from the GfK Optics Panel
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3 Ivarez-Peregrina C, Sánchez-Tena M, Martinez-Perez C, et al. The connection between display and outside time with charges of Myopia in Spanish Youngsters. Entrance Public Well being. 2020;8: 560378.
Landreneau JR, Hesemann NP, Cardonell MA. Evaluation on the myopia pandemic: epidemiology, threat components, and prevention. Mo Med. 2021;118(2):156–63.
Hu J, Ding ZY, Han D, et al. Evaluation of influencing components of myopia amongst main and center faculty college students in Suzhou. China J Pre Med. 2021;33(03):241–5.
4 https://www.science.org/doi/10.1126/sciadv.aap9841
5 Bain & Firm, 2022
