In 2020, sales of spectacles decreased as a result of heightened price sensitivity during the COVID-19 pandemic. Consumers saw their spending power decline in 2020, which meant that many avoided non-essential expenses and delayed visits to optical stores.
Spectacle lenses is expected to demonstrate the strongest retail current value growth in 2021 due to the dynamic growth of progressive lenses which add value through higher unit prices. These are multifocal lenses which correct the wearer’s vision at different distances, allowing them to read or see distances perfectly with one pair of spectacles.
Since the outbreak of COVID-19, leading brands in spectacle lenses have continued to invest in new product development and innovation, offering a wider range of high performance, premium lenses, targeting consumers with myopia and using digital devices in their new product development. In 2020, for instance, Hoya Lens Italia SpA launched its MiyoSmart lens containing Defocus Incorporated Multiple Segments technology to help control the progression of myopia in children and adolescents.
Spectacles can expect to see a return to pre-COVID-19 retail current value sales by 2023 in Italy, with the aging population of Italy favouring an increase in demand for spectacles. The aging Italian population will ensure continued demand for ophthalmic solutions, with a particular focus on spectacles that correct presbyopia which affects 28 million people in the country.
Over the forecast period, spectacles can expect to benefit from the introduction of the Sight Bonus scheme which was launched at the end of 2020. This scheme, developed by the Italian government, offers a bonus to new eyewear users in Italy which can be applied to the purchase of spectacles and contact lenses for those in lower income brackets.
Over the forecast period optical stores players are expected to offer new services to stimulate higher footfall in their retail outlets. From 2021, for instance, the leading chain Salmoiraghi & Viganò will offer a plan that allows consumers three prescription spectacles or sunglasses over three years, providing insurance to account for unforeseen events such as theft, damage and loss.
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Understand the latest market trends and future growth opportunities for the Spectacles industry in Italy 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.
If you're in the Spectacles industry in Italy, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Spectacles research and analysis database.
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