Eyewear Industry Statistics & Facts From 8 Reliable Sources
Although there’s a trend in the eyewear industry of selling products online, the majority of sales for active companies still require the old-fashioned process.
Buyers should visit their optometrist, receive a prescription, and then start their purchasing process. Despite the presence of eyeglass frames sold directly by their health care provider, it’s taking considerably longer for this industry to move online than the majority of other sorts of products.
Prescription is a significant hurdle for this industry. Even though information regarding visual acuity can be acquired through various other means, a particular measurement known as the “pupillary distance” is important for the accurate grinding of lenses. Without these details, it could be nearly impossible to create a useful pair of eyeglasses.
Despite these concerns, the eyewear industry is still growing in various segments according to the following eight reliable sources.
The eye care industry in the USA is currently worth $34.50 billion. The particular worth of the global industry for eyeglasses in 2018 was almost $116 billion. 6.8 million products of Plano glasses were sold on the internet in the USA, making more than $220 million sales for the year.
The retail product sales marketplace for lenses within the eyewear market totals $10.5 billion every year, while contacts generated $4.10 billion sales for the industry.
Buyers will invest around $125 for their frames if they’re buying in the USA for their eyeglasses.
Around 17% of the contacts that are sold every year come from a web-based purchase. The retail product sales of eyeglasses in the USA totaled $9.8 billion in 2017, as well as the $10 billion generated by the lenses that are placed into those frames.
A competent online optical company Firmoo is establishing a fresh new way of purchasing eyeglasses which is consistent with the times – one that fuses the benefits of online business with a range of products and guidance from high-street opticians. They offer greater choice and transparent, better prices in an intuitive, easy process. To put it differently, with all the eyewear products the customers need. This company is actually the modern way to buy eyewear today.
2. Mordor Intelligence
Around 218 million people have an eyesight problem that forced them to get a corrective lens of moderate to serious correction around the globe. Probably the most significant reason for the increase in eyesight issues is due to computer vision affliction, which damages the focal point of any person’s eyes.
The typical cost of eyeglass frames which are made by Luxottica is $25 from the latest manufacturing standpoint, but top manufacturers may charge around $400 at the particular retail point for the final product. There were 7 million pairs of prescription glasses sold on the internet in 2018, which represents approximately 5% of the total marketplace for this particular segment.
Nearly 50% of the online eyewear market is ruled by a little-known company known as Zenni Optical, making $176 million revenues as a privately-held organization which has never increased any outside funds to aid their business operations. They have sold more than 30 million pairs of glasses since their inception.
Around 10% of the prescription eyeglasses work carried out by the industry includes a big change to an adjustment to the eyeglass frames right after the buyer has already used the product for a while.
4. San Francisco Chronicle
Eyewear constitutes about 10% of the gross income that eye care retailers generate every year. An average joe spends less than $25 on a pair of eyeglasses, more than $120 less than they buy a pair of prescription eyeglasses.
5. Wall Street Journal
Luxottica earns 65 cents of gross income for each dollar that it invests in the production of its eyeglass frames, with a post-tax profit of 53 cents for each dollar.
6. Cornell University
There are actually wholesale distribution possibilities from Luxottica for eyeglasses in over 175 different countries, calculating just 1 subsidiary or distributor per country for its system.
Luxottica presently operates seven hundred franchise companies that aren’t mentioned in their retail location directory; however, do have their sales revenue stats adding to their announced financial records.
7. Business of Fashion
Fashion brands signify 35% of the retail revenue generated by the eyeglasses market every year. That sets the high-quality fashion sector of this market at a worth which falls under $14 billion every year.
8. The Vision Council
62% of men and 68% of women in America are currently using glasses of some sort. Household people with an HHI $60 are 3 % points more prone to wear them than those people living in more poor households.
48% of the United States adult population obtained an eye examination in the past 12 months, which represents almost 115 million visits that made about $7 billion gross income.