28 August 2024
The global eyewear market has seen signs of progress amidst a forecast of turbulence and tension, according to analysts at Euromonitor International.
The data analysis company has released its Competitor Strategies in Eyewear report, exploring the strategies of players across the eyewear market.
OT asked Natasha Cazin, senior research consultant at Euromonitor International, about the top themes identified in the report.
1 Eyewear market shows resilience
The report suggested that eyewear companies have shown continued resilience this year.
Asked about the eyewear market in the UK, Cazin told OT: “The UK eyewear market is expected to continue to see single-digit retail current value growth in 2024 at 4%, in local currency, albeit at marginally slower rates than the previous year.”
Cazin explained that eyewear in the UK witnessed a “relatively quick recovery” after declines in 2020 related to the COVID-19 pandemic.
She added: “Value sales returned to pre-pandemic levels by 2022, as consumers went back to familiar routines.”
2 Cost of living crisis continues to bite
Despite the resilience of the market, companies have had to face economic pressures, such as the cost-of-living crisis, and geopolitical tensions.
Cazin shared that 2024 is expected to be “another challenging year for the UK eyewear industry, due to continued financial hardships witnessed by consumers that have arisen from the cost-of-living crisis.”
Speaking to OT at 100% Optical 2024 about key consumer behaviours shaping the industry, Cazin described the impact of continued concerns about the rising cost of living. Hear more from Cazin on a consumer trend towards optimising budgets here.
3 Myopia management grows in the market
Myopia management was described in the report as “gaining ground,” as the portfolio of options continues to grow at pace.
Cazin said: “One notable trend in 2024 was the increasing presence of myopia control products, with MiSight contact lenses by CooperVision, and spectacle lenses by EssilorLuxottica’s Stellest and Hoya’s Miyosmart, to name just a few.”
“I expect the demand for myopia control to continue over the next five years. However, there is a reported lack of education for parents and practitioners, which will need to be addressed for myopia control to become mainstream,” she added.
4 Gen Z will be a key audience for luxury
By 2030, Gen Z (those born between approximately 1997 and 2012) will make up 1.8 billion people.
The Euromonitor Voice of the Consumer: Lifestyles survey in 2024 indicated almost one quarter of Gen Z respondents seek well-known brands for fashion and accessories, with the analysts suggesting this generation will be the largest target segment for luxury brands.
Gen Z, along with Gen Alpha (those born between approximately 2013 and 2025), will present a “key opportunity” for High Street practices and retailers, Cazin suggested, sharing: “Businesses can respond easily by using Tik Tok and Instagram accounts to promote their products to these younger generations.”
5 Online presence is a must
The report explores the ways businesses are utilising omnichannel strategies to address demand for online and on-site services.
Cazin explained that as consumers become more budget-driven, they are increasingly opting for competitive prices found online.
“For example, more than 20% of sunglasses products are sold through retail e-commerce in the UK,” she said.
“Consequently, retailers are now in the position where having no online presence is not an option,” Cazin told OT. She continued: “For the second half of 2024, I would recommend that retailers who do not currently have a presence online look to turn this around by the Christmas period.”
This does not need to be complex, she noted, suggesting that social media platforms can provide a way to promote the business online.
“Even if the consumers don’t buy online, it brings brand awareness to a brand-new audience,” Cazin said.
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