Lockdown in the second quarter of 2020 in Mexico resulted in strong declines for spectacles as consumers, concerned about coming into contact with the virus, remained at home as much as possible, while financial concerns reduced demand as they focused on essential goods and services. In addition, the limited service of optical shops during the lockdown meant that many consumers who might have been considering an eye examination postponed their visit, and simply relied upon the spectacles that they already owned in the hope that these would suffice until lockdown measures were eased.
Readymade reading glasses recorded a slightly less severe decline in demand during the COVID-19 pandemic in 2020. Some consumers may have taken to reading more during the long periods of home seclusion as a remedy for boredom, while increased screen usage whilst working and studying from home may well have resulted in an increase in cases of myopia.
During the COVID-19 pandemic, players responded by creating greater awareness online, warning consumers about their eye health and the fact that they were more likely to be spending greater amounts of time in front of digital screens, either whilst working from home, or younger generations turning to gaming to alleviate boredom. Companies therefore used this period to market spectacle lenses which offered blue light protective coatings.
Spectacle lenses and frames are set to return to solid growth in demand in 2022 and throughout the forecast period as the national GDP begins to stabilise and consumer confidence returns. The reopening and normalisation of business practices of retailers such as optical shops will also encourage more Mexicans to book eye tests, many of which were postponed during the COVID-19 pandemic, and subsequently purchase new spectacle lenses and frames.
Despite the steady increase in demand for spectacles over the forecast period, actual retail volume sales will not exceed pre-pandemic levels until 2024. Many consumers will remain price sensitive for some time, given the impact of the COVID-19 pandemic and the measures taken by the Mexican government to reduce the spread of the virus.
The longer-term performance of spectacles is likely to be supported by an ageing population in Mexico, with demographic shifts influencing demand, considering the likelihood of sight-related problems increasing with age. This trend is driving the presbyopia population and the fact that older generations are more likely to opt for the comfort and ease of spectacles rather than choosing contact lenses.
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Understand the latest market trends and future growth opportunities for the Spectacles industry in Mexico 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.
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This report originates from Passport, our Spectacles research and analysis database.
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