Eyewear in the Philippines

Stable eyewear growth driven by increasing image consciousness

Increasing health initiatives and image consciousness of consumers have brought stability to the eyewear market in the Philippines, thanks to the increasing knowledge of such issues among local consumers, not least due to the various social media platforms. Demand for eyewear is also growing as incomes are rising, with middle-income consumers trading up to higher-quality brands and higher-income groups looking for more exclusive items in the marketplace.

Consumers are attracted to new business models or brands with different stories

In recent years, eyewear consumers have been used to purchasing eyewear in similar-looking stores with similar processes. The traditional chained eyewear retailers would usually have a set of brands that they are in partnership with and some set of private label lines to boost growth of sales to mass consumers.

Fragmented competitive environment enables consumers to enjoy a surplus of brands

Although brands are challenged by the presence of competing players, consumers enjoy the availability of a wide range of options as repeat purchases of eyewear are highly possible. Consumers seek to look and feel good with different eyewear pieces and resort to not just having one brand but multiple ones for different occasions.

Department stores, eyewear retailers and online channels excite consumers from different demographics

The presence of eyewear in several distribution channels makes it easier to access and tap into target consumers. Department stores remain very attractive to mass consumers, especially as they offer regular discount promotions coupled with membership deals.

Improvement in business models could result in faster growth over the forecast period

Eyewear is still strongly driven by the more traditional practices and technological devices that are hampering growth for the industry. One or two brands trying to innovate might result in slightly more growth, but since a vast number of chained and independent small retailers are present in the industry, it would be difficult to push more growth with so little innovation.

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