Spectacles saw poor results in 2020 and will make only a slight recovery in 2021 as COVID-19 continues to affect the category. The previous year’s results were largely due to stores located in the main shopping malls remaining closed for many months and the strained economic situation, leading consumers to cut their spending on non-essentials, such as spectacles.
Functional spectacles, such as sand-resistant models which were once considered unpopular, are seeing better performance in 2021. This trend is partly boosted by COVID-19, as people are aware of the fact the eyes can be an entry point for the virus, thus spectacles can act as an eye shield as well as offering other functions.
Carl Zeiss continued to lead spectacles in company terms in 2020, but only by a small lead in a fragmented environment. In brand terms, Seiko (from Seiko Optical Products Co) and Dr Swan (from Golden Well Optical Int Co) are ahead of the Carl Zeiss Single Vision brand, with marginal changes from the previous year.
Recovery of the category is going to be complicated due to consumers increasingly opting to use contact lenses at least some of the time, rather than solely spectacles. This is especially true among the young generation, as contact lenses are less obtrusive and better compliment the busy, active lifestyles these consumers pursue.
As the economic impact of COVID-19 is expected to linger, some of the same purchase drivers will remain. Affluent consumers tend to be less negatively affected by economic turbulence and will continue to spend money indulging themselves with luxury purchases.
Over the forecast period, it is expected that the development of the online channel will continue, especially whilst consumers are concerned about visiting in-store retailing channels due to COVID-19. Spectacles brands have already been noted to embrace e-commerce in Taiwan, with traditional optical stores such as Formosa Optical and Kobayashi Optical both introducing independent website channels paired with their own membership programmes, which offer discounted prices when ordering online.
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Understand the latest market trends and future growth opportunities for the Spectacles industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Spectacles research and analysis database.
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