Eye well being and imaginative and prescient correction are extremely necessary in right this moment’s fast-paced, digitized world. Individuals 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, also called short-sightedness.
Massive demographic shifts are occurring too. Populations around the globe are ageing at such a fee that the variety of over 60-year-olds in 2050 shall be double the quantity in 20151. As folks grow old, they’re extra prone to want studying glasses or specialty contact lenses for presbyopia, generally often known as age-related long-sightedness.
Each of those shifts in way of life and demographics are megatrends which might be fueling demand right this moment, and can proceed to form the long run marketplace for corrective eyewear, glasses and call lenses. These merchandise should not solely present imaginative and prescient correction, however fulfill shopper demand for flexibility, consolation and style.
Drawing on GfK’s Optics point-of-sale panel knowledge from markets around the globe, we are able to see the affect these eyewear developments 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 customers, manufacturers and retailers within the Optics sector.
Contact lens developments 2023
The worldwide contact lens market grew by 6% within the first half of 2023 vs H1 2022, in USD mounted forex worth phrases, with all areas contributing to worth development.
World gross sales quantity, nevertheless, is barely barely optimistic, being held afloat by sturdy gross sales efficiency in Asian markets. Magnificence lenses are particularly widespread 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 12 months. 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 net marketplace for contact lenses.
“A significant attribute of social commerce is the competitiveness of native manufacturers towards multinational manufacturers, as a result 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 result of value rises throughout main branded contact lenses out there.
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 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 in touch lens carrying habits. In response to GfK’s 2023 Shopper Life research, virtually 50% of staff worldwide report working both solely or partly from dwelling. Staying dwelling behind closed doorways could make carrying glasses a cheap choice, whereas a hybrid work way of life makes each day contact lenses enticing. Every day contact lenses provide the comfort and adaptability 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 resolution, decreasing the chance of contamination. Main merchandise available on the market additionally promote the newest 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 frequent 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, in accordance with U.S. analysis2, and with ageing populations, the worldwide demand for multifocal lenses is certain to extend. Together with ageing, 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 signifies 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 subtle/superior applied sciences. Contact lenses that decelerate the development of myopia in youngsters are already available on the market. The longer term might deliver sensible contact lenses, which might monitor blood glucose ranges4, permitting contact lenses to hitch the ranks with different wearable units measuring well being elements in actual time.
Glasses and sun shades developments 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 customers have now made their purchases following the lifting of pandemic lockdowns.
Lenses: Quantity of lens gross sales is pushed by value development, partially because of the uncooked materials value will increase, however largely because of the rising demand of costlier 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 related charges are proximity lenses, also called “indoor lenses”, which provide benefits to folks with long-sightedness who additionally spend many hours in entrance of a display. These development segments provide premium performance and are being fueled once more by the underlying developments of an ageing 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 style 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 value section in development.
Sun shades: Each a style 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 continued 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 a must have merchandise within the automobile or purse, the query is whether or not customers 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 value 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 value hundreds of euros, however the identical model’s sun shades value round €200. Regardless of financial headwinds, the posh market is prospering 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 rebranding and revamping established luxurious names, making these manufacturers more and more widespread with youthful generations. Savvy use of influencers and social media advertising and marketing 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 developments, and aesthetics. Advances in expertise will meet healthcare to create benefits we are able to right this moment solely dream of. Shopper wants and preferences sooner or later must be coupled with imaginative and prescient correction, bringing to life merchandise which might be built-in right into a shopper’s way of life. For manufacturers and retailers, which means 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
————————————————–
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 Youngsters. Entrance Public Well being. 2020;8: 560378.
Landreneau JR, Hesemann NP, Cardonell MA. Overview on the myopia pandemic: epidemiology, danger 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 major 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
