Asia Pacific is witnessing the highest growth for spectacles globally with the region anticipated to overtake North America and become the second biggest market over the forecast period. Favourable demographics, rising aspiration levels among consumers and low penetration of spectacles are some of the key factors driving growth in this region.
Asia Pacific is the fastest growing region globally in 2018, driven by favourable demographics and a high percentage of the population with myopia in comparison to other regions. The low per capita expenditure on spectacles in Asia Pacific will improve with rising disposable income in the region. China is the biggest market for spectacles in the region, driven by a large consumer base and the early onset of myopia among the youth.
Despite being competitively priced, the per capita expenditure on readymade reading glasses is much lower in comparison to spectacle frames and lenses. The demand for these glasses is primarily among the elderly population (above 65 years), accounting for only 10% of the total population in Asia Pacific by 2023. There are more challenges ahead for readymade reading glass manufacturers as retailers offer lucrative packages for spectacle lens and frames.
Optical shops will continue to remain the dominant channel for spectacles sales over the forecast period. Consumers prefer to purchase spectacles from optical shops as the majority of them are equipped to provide professional services by eye specialists such as optometrists and opticians. However, the channel is facing increasing competition from internet retailing with companies offering convenience and deep discounts to lure more consumers to shop online.
The increasing penetration of spectacles in developing economies will drive the growth of the category in the future. Spectacle manufacturers will step up efforts to tackle the issue of poor vision by providing more affordable vision care and increase consumer awareness initiatives, especially across rural areas.
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