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Eye Glasses & Contact Lens Stores in the US Industry Market Research Report from IBISWorld Has Been Updated
Date:1/12/2014

New York, NY (PRWEB) January 12, 2014

Despite the recession, the Eye Glasses and Contact Lens Stores industry experienced slight growth during the past five years due to strong demand for eyewear products from the aging population. In 2009, eyewear sales were slightly propped up by stable need-based demand; however, revenue still declined as many consumers lowered their demand for brand-name eyewear and put off nonmedical eyewear purchases. Additionally, many consumers curbed their demand for fashionable eyewear and colored contact lenses, which limited industry revenue growth. Nevertheless, growth in disposable income, coupled with the aging population demanding more industry products, supported revenue growth over the period. For example, 60.0% of industry revenue stems from sales of prescription glasses and frames, which older individuals are more likely to use, compared with younger consumers. Over the five years to 2013, industry revenue is anticipated to grow at an annualized rate of 0.4% to $9.5 billion, including revenue growth of 1.1% in 2013.

According to IBISWorld Industry Analyst Sarah Turk “While cost-cutting strategies such as consolidation boosted industry profitability, this trend was offset by optical retailers incurring high raw material prices such as petroleum, which is an input in plastic lenses and frames.” Many operators are not vertically integrated and thus do not include manufacturing in operations, which caused operators to contend with volatility in eyeglass and frame prices. Industry operators also struggle to generate sales in a mature market. Due to most potential customers already owning corrective lenses, new sales generally depend on prescription and technological changes. Furthermore, many individuals are r
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