The Philippines' eyewear industry is seeing significant growth in 2023 - a direct result of increased travel and tourism rates. This uptick in tourism was catalysed by an amalgamation of aggressive promotional campaigns led by major airlines and additional initiatives launched by the national government to stimulate domestic and international tourism.
Key players in the eyewear industry in the Philippines are demonstrating a progressive strategy of diversifying their product offerings beyond the traditional base items. Sunnies, for instance, has significantly broadened its product portfolio by incorporating contact lenses into its eyewear range.
The eyewear market in the Philippines is characterised by the enduring strength of a few market leaders, including EO Executive Optical, Essilor International, Owndays, Novartis, and Sunnies by Charlie. These established players maintain a significant portion of the market share for overall eyewear, largely attributable to their widespread availability across the country, combined with an entrenched customer preference to test and trial eyewear products in physical stores.
The advent of aggressive e-commerce promotions, encapsulating bundling discounts, cashbacks, 'pay later' schemes, and free shipping, has substantially contributed to the growth of the e-commerce distribution channel in overall eyewear in the Philippines. total eyewear industry.
As the Philippines continues to experience population growth, an increasing consumer purchase index, and sustained urbanisation, eyewear retailers are anticipated to strategically respond to these trends by expanding their product availability. This will likely involve a continuous growth in their physical store network, especially in emerging urban areas, to capitalise on the burgeoning demand.
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Understand the latest market trends and future growth opportunities for the Eyewear industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories:
If you're in the Eyewear industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.See All of Our Definitions
This report originates from Passport, our Eyewear research and analysis database.
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