Shortly after the global eyewear industry underwent a tumultuous period between 2020 and 2021 that saw sales plummet by 14%, the sector has bounced back and made a remarkable recovery. Data from Euromonitor International forecast that the global market is set to post a 5.9% CAGR from 2022 to 2027, catalysed by eyewear market innovations and evolving consumer preferences.
As advancements in materials, designs, and functionality continue to shape the landscape, consumers are increasingly embracing eyewear not just as a vision correction tool but as a fashion statement and lifestyle accessory. In this article, we’ll look at the converging factors of innovation and consumer behaviour driving unprecedented expansion opportunities for both established players and emerging brands within the UK market.
Seamless omnichannel experiences
Euromonitor’s Top 10 Global Consumer Trends for 2022 observed that older consumers have become more familiar with technology and are empowered to use services through digital channels. According to senior consultant Natasha Cazin, this inclusivity is the fruit of easy-to-use technology and seamless solutions that eyewear companies have been rolling out.
For instance, online eyewear retailers are striving to make online shopping experiences smoother by offering virtual try-on features on their websites, allowing customers to test glasses and sunglasses in real-time before purchasing.
Other forms of try-on programmes take a more blended approach, where customers can select a few pairs of glasses online that they want to try on in person. This isn’t just limited to glasses and sunglasses, either. Retailer Vision Express not only enables customers to purchase contact lenses online but also offers online bookings for free in-store contact lens trials to allow customers to try on their selection before making a final purchase decision. While Vision Express also has an extensive list of eyewear and eye care guides on its website, in-store experts are also available to discuss any questions customers may have about products.
Expanded product offerings
Eyewear companies have quickly caught on to changing consumer purchase habits treating eyewear as a fashion and lifestyle accessory, and are expanding their line of products to meet demand. Take the emerging accessible luxury eyewear brand Taylor Morris. In 2021, it debuted an optical collection geared towards consumers wanting premium frames for a fraction of the cost typically associated with designer brands. To project exclusivity, Taylor Morris partnered with high street opticians Duncan and Todd Group in Scotland, which carries other designer brands like Longchamp, Mulberry, Tom Ford, and Lindberg.
Established brands are taking a similar approach, with Oakley seeking to stand out in the market by offering custom sunglasses alongside its existing lineup of products. Through its website, customers can choose an existing model like the Holbrook and Sutro and customise the frame fit, frame colour, lens type, lens colour, add personalised etchings, and more. This customisability applies to sunglasses in the sport, lifestyle, goggles, and youth categories. Additionally, each custom order is hand-built according to specifications, adding a personal touch to the overall shopping experience.
Celebrity influence
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The impact of celebrity influence cannot be understated when it comes to fashion, and this extends to eyewear. In 2017, an Insider article highlighted how Meghan Markle drove up sales for the sunglasses firm Finlay & Co. after she was spotted wearing a designer pair at the Invictus Games in Toronto. A few years later, not much has changed, with research from Vision Express indicating that a fifth of Brits are more likely to wear glasses if their favourite celebrity did and one in five admitting that their fashion purchases are influenced by celebrities.
As a result, a quarter of Gen Z now own more than three pairs of glasses, while one in 10 own six pairs or more. The same report shows that Brits spend almost £6 billion on glasses and sunglasses a year on average, with Gen Z and millennials spending a third more than baby boomers.
With the eyewear market poised for continued growth, stakeholders across the industry are primed to capitalise on these trends. As consumers demand more personalised, technologically advanced, and aesthetically appealing eyewear options, companies need to adapt and remain innovative to meet these changing needs.
