Glasses half full: Favorable demographics and demand for luxury brands will drive growth

The Eye Glasses and Contact Lens Stores industry has experienced growth, driven primarily by strong demand for eyewear products from the burgeoning elderly population. Nevertheless, eye glasses and contact lens stores have struggled to generate steady sales volumes, as many industry products do not require frequent customer purchases. As economic conditions continue to improve and per capita disposable income is forecast to rise, consumers will increase their expenditure on eye glasses and contact lenses, particularly high-margin, brand-name eyewear. To attract time-strapped consumers, many eye glasses and contact lens stores will increasingly invest in innovative technologies, such as lens measurement tools for stores that offer in-house optometrists and licensed opticians...read more.

Industry Statistics & Market Size
Revenue
$12bn
Annual Growth 12-17
1.5%
Forecast Growth 17-22
Profit
Employment
81,211
Businesses
15,068
What Our Customers Say

Industry Threats & Opportunities

  • The industry’s major market of senior adults will grow, driving industry demand
  • Due to high competition, stores are employing in-house optometrists to stand out
  • Growing demand for corrective eyewear from individuals who have chronic diseases will increase revenue
  • Industry Report - Industry Locations Chapter

    As is common with a retail industry, the location of establishments falls broadly in line with population trends. Revenue distribution closely follows establishment spread, as optical services are provided on a small geographical scale. Typically, areas with a larger number of residents have higher demand for optical good stores to service expanding residential areas. Industry activity is concentrated in the Southeast and Mid-Atlantic regions, which account for 23.2% and 22.8% of total establishments in the United States, respectively. Participants often locate themselves in regions where there is a high proportion of the population that is more likely to require glasses or contact lenses, such as where there is a concentration of elderly citizens.New York alone accounts for 11.0% o...purchase to read more.

    Additional Insights for the Eye Glasses & Contact Lens Stores Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Eye Glasses & Contact Lens Stores Industry are

  • Ability to control stock on hand
  • Ability to franchise operations
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income and Number of adults aged 50 and older in the Eye Glasses & Contact Lens Stores industry impact industry performance..

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    What is the Eye Glasses & Contact Lens Stores Industry?

    Establishments in this industry sell eyeglasses, contact lenses, sunglasses, safety eyewear and optical accessories. These retail stores may also provide fitting and lens processing services. The industry excludes the manufacture of lenses, online and mail-order retail of optical goods and sales at optometrists’ offices.

    Industry Products
  • Nonprescription eyewear
  • Eye examinations
  • Contact lenses
  • Prescription eyeglasses
  • Other optical goods
  • Industry Activities
  • Prescription eyeglass retailing
  • Contact lens retailing
  • Sunglass retailing
  • Optical accessories retailing
  • In-house lens processing
  • Lens grinding
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income
  • Number of adults aged 50 and older
  • Demand from optometrists
  • External competition for the Eye Glasses & Contact Lens Stores industry
  • Federal funding for Medicare and Medicaid
  • Percentage of households with at least one computer

  • Current Performance
  • Changes in purchasing behavior
  • Industry structure
  • Changing demographics
  • Chart: Revenue Growth

  • Industry Outlook
  • Changes in purchasing behavior
  • Industry structure
  • Table: Eye Glasses & Contact Lens Stores Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Eye Glasses & Contact Lens Stores Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Glasses & Contact Lens Manufacturing
  • Glasses & Contacts Wholesaling
  • Optometrists

  • Products & Services
  • Prescription eyeglasses
  • Nonprescription eyewear
  • Contact lenses
  • Other optical goods
  • Eye examinations
  • Chart: Eye Glasses & Contact Lens Stores Industry Products and Services Segmentation

  • Demand Determinants
  • Insurance benefits and disposable income
  • Product innovation

  • Major Markets
  • Direct patient payments
  • VSPs
  • Government programs
  • Private medical insurers
  • Self-directed vision plans
  • Other
  • Chart: Major Market Segmentation for the Eye Glasses & Contact Lens Stores Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Depreciation and other expenses
  • Chart: Cost Structure Benchmarking – Sector vs Eye Glasses & Contact Lens Stores

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Eye Glasses & Contact Lens Stores Industry

  • Industry Globalization
    Luxottica Group S.p.A.National Vision Inc.Highmark Inc.
  • Table: Luxottica Group S.p.A. - financial performance
  • Table: National Vision Inc. - financial performance
  • Table: Highmark Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Eye Glasses & Contact Lens Stores Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Eye Glasses & Contact Lens Stores Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of adults over 50 years old (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Astigmatism
  • An eye condition that causes a disturbance in the way that light rays are focused within the eye.
  • Autorefractor
  • A machine used in eye exams that measures how light is changed as it enters the eye.
  • Cataract Surgery
  • An eye surgery that involves removing all or part of the lens and replacing it with an intraocular lens implant.
  • Electronic Data Interchange (Edi)
  • The transmission of electronic documents between businesses from one computer system to another.
  • Optometrist
  • Individuals that earn a Doctor of Optometry degree, perform eye exams, write prescriptions and dispense eyewear.
  • Phoropter
  • An instrument containing various lenses used to measure the patient's eyeglass or contact lens prescription.
  • Point-Of-Sale (Pos)
  • A system used at checkout in retail stores using computers and cash registers to capture transaction data at the time and place of sale.
  • Slit Lamp
  • Used alongside a biomicroscope (a microscope used on the body) to magnify the eye and identify physical abnormalities.
  • Tonometer
  • Used to test for glaucoma in the eye, this instrument blows a small puff of air into the eye to test the pressure.
  • Why buy this report?

    The Eye Glasses & Contact Lens Stores Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Eye Glasses & Contact Lens Stores:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Eye Glasses & Contact Lens Stores market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Eye Glasses & Contact Lens Stores, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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