Published by Madhu Singh on
Tue, Feb 18, 2020 @ 10:02 AM
Researching eyewear and industry trends takes time whether it's through reading articles, discussing with your peers, or going to retail stores yourself. That's why we're here to do that work and let you focus on delivering better patient care.
Today, we'll be focusing on the stats and future trends that will influence your customer's purchases. Understanding where the industry is going can help you with pricing, marketing, and sales strategies for your opticians.
Average $8,553 consumer spending per capita by 2023
Largest market: North America
~38% of market share
Fastest Growing: Asia Pacific
89.7% of sales are brick & mortar retail, the rest is online
21% of all sales will be online by 2023
Key Players: EssilorLuxottica, Johnson & Johnson, HOYA Corp, Carl Zeiss
4.69% growth rate until 2024
Corporations investing and acquiring augmented reality or other new technology
Online marketing and promotion will be the key to combatting the number one growth obstruction: accessibility to affordable products and care. Making your practice known and creating budget-friendly solutions will boost your competitive edge for the next 4 years.