2021 showed signs of recovery, after a steep decline in 2020 due to the global pandemic. In the post-COVID-19 era, embracing digitalisation has been crucial for all categories. With eyewear still reliant on store-based channels for their in-store expert service, industry players will increasingly invest in omnichannel strategies to future-proof their revenue streams. Digital eye players also recognise the benefits of opening a physical space and are crossing over into physical stores.
Globally, retail sales of eyewear products rose by 5% in 2021, after a steep decline in 2020 due to the global pandemic wiping off USD20.6 billion in global sales. Spectacle frames and sunglasses both rebounded in 2021, but it was contact lenses that proved to be the most resilient thanks to wider distribution via e-commerce.
COVID-19 has accelerated the transition of eyewear to e-commerce, the share of which rose from 9% of global sales in 2019 to 13% in both 2020 and 2021. In the post-COVID-19 era, embracing digitalisation will be crucial for all eyewear categories, as market players need to maintain consumer engagement, despite increased time at home. To support e-commerce expansion, more digital tools to mimic the in-store experience and expert service, such as virtual try-ons and online consultations, will be adopted.
Eyewear is still reliant on store-based retailing, with store-based retail accounting for 87% of eyewear sales globally in 2021. Within store-based retail, optical shops is by far the leading channel for eyewear. Even during distancing protocols, many consumers still prefer to try on spectacles and sunglasses, as well as solicit the opinion of knowledgeable sales staff.
Over the forecast period, industry players will increasingly invest in omnichannel strategies and e-commerce infrastructure to future-proof their revenue streams to respond to consumers’ changing habits, including shopping for convenience, and spending more time at home, due to the increased prevalence of hybrid working, especially in Europe and America.
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