Eye well being and imaginative and prescient correction are extremely necessary in at this time’s fast-paced, digitized world. Folks the world over spend extra time in entrance of screens than ever earlier than, and the result’s an elevated incidence of the refractive situation myopia, often known as short-sightedness.
Massive demographic shifts are taking place too. Populations around the globe are getting old at such a charge that the variety of over 60-year-olds in 2050 will probably be double the quantity in 20151. As folks become old, they’re extra prone to want studying glasses or specialty contact lenses for presbyopia, generally often called age-related long-sightedness.
Each of those shifts in life-style and demographics are megatrends which might be fueling demand at this time, and can proceed to form the longer term marketplace for corrective eyewear, glasses and make contact 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 information from markets around the globe, we are able to see the influence these eyewear tendencies are having on gross sales proper now. However combining retail gross sales information with shopper data 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 simply 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 massively profitable path to market in China, giving merchandise the limelight subsequent to influencers and celebrities. Social commerce now takes virtually a 30% share of the web marketplace for contact lenses.
“A significant attribute of social commerce is the competitiveness of native manufacturers towards 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 – reminiscent of 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 out there.
Regardless of being greater than double the value of reusable contact lenses (on a like-for-like each day use foundation), gentle each day contact lenses have grown in reputation worldwide and now have virtually 60% worth share of all alternative modalities, vs simply over half the market in 2019.
The pandemic marked a everlasting shift involved lens sporting habits. In response to GfK’s 2023 Shopper Life research, virtually 50% of workers worldwide report working both solely or partly from dwelling. Staying dwelling behind closed doorways could make sporting glasses an economical possibility, whereas a hybrid work life-style makes each day contact lenses enticing. Each day contact lenses supply the comfort and suppleness of sporting them on an as-needs foundation, from workplace days and journey to social occasions. Not like reusable lenses, there’s no want for storage or answer, decreasing the chance of contamination. Main merchandise available on the market additionally promote the most recent in lens know-how for consolation, involving protecting 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 folks aged 45 or older are long-sighted, based on U.S. analysis2, and with getting old populations, the worldwide demand for multifocal lenses is certain to extend. Together with getting old, prevention and remedy 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 damaging impact of display time on eyesight has been confirmed in lots of nations’ 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 nations 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 longer term might carry sensible contact lenses, which might monitor blood glucose ranges4, permitting contact lenses to affix the ranks with different wearable units measuring well being points 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 as a result of uncooked materials worth will increase, however principally as a result of rising demand of dearer lens varieties. Progressive lenses, these designed to supply 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, often known as “indoor lenses”, which provide benefits to folks 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 old 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 non-obligatory imaginative and prescient correction, sun shades are linked to aesthetics and life-style. Boosted by the continued restoration of tourism, the worldwide sun shades conventional retail market grew by 2% in each worth and quantity in H1 2023. Nevertheless, 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 pattern, with essentially the most premium >€250 worth band rising 19% in worth. Sun shades are additionally a class the place luxurious manufacturers can turn out to be accessible – a luxurious model’s purse might price 1000’s of euros, however the identical model’s sun shades price 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 the usage of bio-acetate to fully 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 turn out to be extra, as eco-awareness grows in addition to accessible luxurious.
“Wanting forward, luxurious sunglass manufacturers are anticipated to continue to grow their attraction. Many manufacturers have seen appreciable success by way of 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 and marketing has additionally contributed to this demand.” – Davide Defabiani, Senior Guide – Market Insights, Italy.
Conclusion
The marketplace for eyewear is evolving – fueled by well being and wellbeing, demographic shifts, life-style tendencies, and aesthetics. Advances in know-how will meet healthcare to create benefits we are able to at this time solely dream of. Shopper wants and preferences sooner or later have to be coupled with imaginative and prescient correction, bringing to life merchandise which might be built-in right into a shopper’s life-style. For manufacturers and retailers, which means gross sales and shopper information are required greater than ever earlier than.
Carry your market into focus with information 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 out of doors time with charges of Myopia in Spanish Kids. Entrance Public Well being. 2020;8: 560378.
Landreneau JR, Hesemann NP, Cardonell MA. Evaluation on the myopia pandemic: epidemiology, threat elements, and prevention. Mo Med. 2021;118(2):156–63.
Hu J, Ding ZY, Han D, et al. Evaluation of influencing elements of myopia amongst main and center college 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
