Despite economic pressures, eyewear players continue show resilience in 2024. Strategies include integration of technology, investment in educational content and portfolio adjustments to include low-cost brands that speak consumers on a budget. In luxury, an exploration of high-end brands with meaningful stories to address longevity and sustainable claims is key. Myopia control is grabbing attention and businesses should offer a holistic approach by considering the full experience of the child.
This report comes in PPT.
Economic pressures have resulted in raised costs of living and depressed purchasing power, with consumers opting for low-cost eyewear goods over premium and luxury items. Nevertheless, eyewear companies continued to gradually recover from the pandemic, with all of the top 10 players witnessing solid growth since 2020. In the near term, signs of progress are evident.
Premiumisation moves by eyewear businesses require a stronger pitch to resonate with end-consumers’ long-term purchasing patterns moving towards quality and product mileage. In order to stay ahead of the curve, optical retailers in the luxury end will need to reinforce their clinical and sustainable credentials and strengthen communication on product materials and features that are beneficial to the customer.
The development of the control of myopia is evolving at an incredibly fast rate, driven by the escalating prevalence of myopia worldwide, the growing awareness among parents and health professionals and the mounting clinical studies supporting its efficacy, with Johnson & Johnson, CooperVision, EssilorLuxotticaand Hoya all supporting the drive.
Online initiatives concentrate on offering a wider selection, including social content, to boost brand visibility and direct traffic to physical stores. Meanwhile, in physical stores, the focus lies in leveraging digital technologies such as scanning and 3D printing to deliver more professional and personalised services.
Finally, with climate change coming to the fore for a growing number of consumers, businesses are now prioritising sustainability, not only as part of their core product offering, but also in terms of production processes, as they take greater responsibility about the future impact their business has on the environment.
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.
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