Eyewear in the Philippines continued to be dominated by spectacles in 2019, or more specifically spectacle frames. Contact lenses and solutions continued to be challenged by stronger demand and growth for spectacles as image-conscious Filipinos displayed an ongoing appreciation for the sophistication that fashionable eyewear can offer them.
Social media is playing a stronger role in promoting the benefits of taking care of one’s eyes, not only through advertising various products but also as a valuable tool to reach consumers. Company websites, such as the one from leading eyewear player Essilor, not only display eyewear ranges, but also offer advice on various ways that consumers can protect their eyes through links to written articles or small embedded video clips such as “How to achieve better eye health” or Is UV light dangerous for your eyes?” Essilor’s Facebook page allows greater interaction with consumers with videos on how to “Pledge to exercise your eyes regularly”, while appealing to younger consumers with posters of millennials wearing fashionable spectacles with inspirational wording such as “live free, move free”.
Essilor International SA continued to strengthen its overall leadership of a highly fragmented competitive landscape within eyewear in 2018, with brands Varilux and Crizal leading the largest category of spectacles. Due to the fragmented nature of the market, consumers are able to enjoy the availability of a wide range of options as repeat purchases of eyewear are highly possible.
Optical shops continued to dominate distribution of eyewear in 2019 in the Philippines, especially within contact lenses, which tend to be frequented more by middle-aged and older consumers who are comfortable with the traditional way of purchasing eyewear. However, the channel’s value share continued to be slowly eroded with the increasing number of distribution channels offering spectacles and sunglasses such as department stores and bags and luggage specialist retailers.
Eyewear is predicted to continue to record stable demand over the forecast period, supported by the ongoing trend for fashionable spectacles, but driven by the stronger performance of sunglasses as an essential accessory. However, greater innovation from players is required for the overall market to record stronger sales, as more traditional practices and technological devices are hampering growth for the industry, especially in such a fragmented competitive landscape.
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This Euromonitor market report provides market trend and market growth analysis of the Eyewear industry in Philippines. With this market report, you’ll be able to explore in detail the changing shape and potential of the industry. You will now be able to plan and build strategy on real industry data and projections.
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