2022 promises to be a good year for the eyewear market. After a 14 percent drop in sales in 2020 following the global pandemic, it is expected to register a significant 20 percent rise to $142 billion, according to a report by Euromonitor International.
For two years, wearing a mask was compulsory, almost everywhere in the world, outside and inside. Combining the goggles and the mask is almost impossible and very disturbing because of the fogging. This prompted some consumers to do without glasses during this period. The end of the obligation to wear a mask but also the resumption of consumer activities, that is to say, the opening of physical stores and the return of tourists, are the main factors of this increase in sales. Despite the uncertainty caused by recent geopolitical events in Europe and the increase in the cost of living, consumers will not shy away from the pleasure of starting to travel once more.
Sunglasses, the big winner of this return to activities
Within the eyewear sector, sunglasses have been the hardest hit category during the pandemic. Global sales in value fell 23 percent to $16 billion in 2020. The return of tourists is benefiting the eyewear industry, and in particular sunglasses, which have some catching up to do. Luxury sunglasses will also be among the best sellers.
Lentil sales are also on the rise
Even though they were down, sales of eyeglasses remained more important than those of contact lenses. After the outbreak of the Covid-19 pandemic in 2020, contact lenses and solutions saw a considerable drop in sales of nine percent. A fall linked to the change in the lifestyle of consumers during the health crisis: many turned to glasses during periods of confinement because they were considered more comfortable and more hygienic. However, contact lens sales have started to make a comeback in 2022 and are expected to see mid-single-digit growth as social life picks up.
However, there is no guarantee that this trend will last. Contact lenses are threatened by new ways of working: between teleworking and the office. According to Euromonitor’s ‘Covid-19 Voice of the Industry’ survey, almost 70 percent of companies surveyed globally in April 2021 said their company would expand remote working. North America and Western Europe being the regions where work from home is most expected to grow in order to prevent a return of Covid-19 or other similar risks.
Towards the digitization of the eyewear sector
In its report, Euromonitor International presents the factors that might slow down this recovery of the eyewear market and among them, there is the “paradox of socialization”. While some consumers are enthusiastically resuming an active and social life, others, on the contrary, have taken on new habits with confinement and intend to maintain them.
The eyewear industry’s response is to offer consumers multiple ways to order eyeglass frames, sunglasses and contact lenses. Historically underutilized in the eyewear industry, online sales are gaining momentum and continuing to gain share, rising from nine percent of sales in 2019 to 13 percent in 2021. Eyewear players have demonstrated of resilience, by offering digital solutions to compensate for the loss of physical visits to optical goods stores and this should continue to meet demand.
