The Impact of Coronavirus on Eyewear

Key Findings

COVID-19 impacts both supply and demand in different waves

The effect of COVID-19 has been felt across the whole value chain. Factories in Asia Pacific were first to feel the impact, ceasing operations in early 2020. Retailers followed suit, unable to shift demand to digital channels during March and April. Even global eyewear trade shows such as Mido or Vision Expo have been cancelled or postponed.

Corrective eyewear navigates COVID-19 in a stronger position

Corrective eyewear references such as contact lenses and spectacle lenses have suffered to a lesser extent from the impact of the pandemic. Their essential nature and ease of replenishment through the e-commerce channel have played on their favour.

Discretionary eyewear to suffer the most

On the other hand, discretionary references such as sunglasses are expected to suffer the most during the pandemic. Their non-essential nature, higher than average unit price and seasonality have further diminished consumer demand.

Retail closures fire up e-commerce

COVID-19 has rapidly accelerated e-commerce adoption across all eyewear categories. The channel is set to record an increase in 2020 equivalent to that recorded between 2014 and 2019. E-commerce has become the only available path for consumers to acquire eyewear products while under lockdown.

Consumer journey becomes more digital

Beyond digital commerce, COVID-10 is accelerating much-needed digitalisation throughout the customer journey. Virtual try-ons or tele-optometry services are gaining ground among brands and retailers increasingly aware of the digital-first mindset likely to follow the pandemic.

V-shaped recovery expected globally

Despite the sudden decline, the eyewear industry is expected to recover quickly (second waves and ensuing further retail limitations permitting). By the end of 2022, much of the revenue lost in 2020 will be recovered.