The penetration of eyewear industry brand is steadily increasing, just like the growth of any other industries, such as clothes, shoes and bags, etc. Eyewear companies are offering a wide range of collection of fashionable spectacles at lower prices. So they are attracting shoppers to buy numerous pairs of spectacles to wear as fashion accessories. As more and more consumers are considering spectacles as a fashion accessory, designs and styles of frames are increasingly highlighted by the companies through the advertisement that this is the important product attributes to have. Also, the choice of spectacle lenses brands is highly reliant on the recommendation of opticians and pricing.
Eyewear industry’s biggest segment is retained by the luxury eyewear, which comprised of eyewear frames and sunglasses. In 2018, the revenue of the luxury eyewear segment amounts to US$ 26 million (S$ 35.78 million) and the market’s annual growth is expected by -1% (CAGR 2018-2022). In near future, the eyewear market of Singapore is expected to reach US$ 400 million (S$ 551 million) in value. With the rising disposable income and brand consciousness among consumers in Singapore premiumisation is a common trend and they are choosing well-known brands. Optical stores in Singapore have been offering and increasing their range of premium branded eyewear.
Visual Deficiency and Eye Defects Boosting the Growth of the Eyewear Industry in Singapore:
Globally the demand for eyewear is rapidly increasing due to the growing visual impairment and the need for vision correction. Especially in the young generation, it is commonly found and the reason they are more inclined towards digital devices, spending most of their time on digital devices, such as mobile, laptops and video games. In Singapore, young people are facing the problem of myopia because of their long hours spent in near-work and prolonged exposure to electronic devices. Myopia is on the alarming rise in the country, resulting from less outdoor activities and excessive use of personal computers, tablets and smartphones.
Moreover, blindness is another reason for the growth of the eyewear industry; most of the people are suffering from diabetes and need to undergo regular eye checkups to avoid vision problems. Also, the increasing disposable incomes and the growing awareness among personal healthcare have fuelled the rise of the eyewear industry. The growth of the eyewear market would be influenced by the growing visual deficiencies and vision impairments, extended live expectancy and an ageing population, during the forecast period. In addition, the rapid increase has seen that senior consumers rely on prescription eyewear to treat their age-related vision problems.
Growing Fashion Trend of the Eyewear Industry in Singapore:
As with the rising growth of disposable income of Singaporean consumers, people are more encouraged to buy quality eyewear products, which is a perfect match for the consumers with the rising living standards. With the growing fashion trend, consumers are more attracted towards the trendy and designer sunglasses according to latest trends prevailing in the market. Moreover, when it comes to the selection of frames and spectacles they are also opting trendy and designer one. Youth prefer to don contact lenses which can easily be fitted with their overall appearances. Increased fashion awareness with raised living standards is contributing major growth to the eyewear industry and affecting the market positively.
A Singapore-based startup, SeeChic was founded in January 2015 is an ecommerce business selling contact lenses, sunglasses online and also assists with eye tests. They employ optometrists who give the patient visit at their home or at work and give you a test on the spot. Then they will provide a prescription to the customer, which he/she can use to buy their lenses from SeeChic’s e-store, or any other store for that matter and also delivery and returns services. The company very much inspired by the myopia-rich population and its penchant for fashion and style.
It is a Singapore-based online marketplace, founded in 2014 that facilitates the retail optical store in setting up own personalized online shop and using Visual Loft‘s online tools to run their businesses better. They strive to provide their customers with the best available selection, transparent pricing, and the best online and offline experience when buying prescriptive eyewear or sunglasses. Their top brands are Eyeglasses, Cheap Frame, Ray-Ban, Oakley, Vogue, Aviator, and Wayfarer and also provide eye check-up.
Challenges for the Eyewear Industry in Singapore:
Companies are adopting different strategies to remain competitive in the market, such as acquisition and product launch, to sustain them amidst intense market competition. Serving a fragmented customer base is the major challenge for the eyewear industry to reach sales and logistics is expensive and also demands a local scale. The online market is growing still there are several challenges for the e-retailer, such as the vast majority of prescription eyeglasses are still sold the old-fashioned way. Peoples still prefer the physical stores for picking their frames and getting an exam. Since people are very much relying on doctor’s prescription for their eyeglasses and it takes a bit longer duration for the prescription eyeglass business to transition to online than it did for many other kinds of products.
Opportunities in the Singaporean Eyewear Industry:
Expansion into emerging market areas has been the biggest driver of growth over the last five years for the eyewear industry. Eyewear companies are looking for some niche area where they can easily penetrate and expand. Singapore is one of the greatest choices for them as the tax regime and trade policy is encouraging for the businesses to enter the market efficiently. The changing trend of the customers towards eyewear is significantly a disruptive one for the tradition following eyewear companies. Eyewear market’s growth-driving factors are new markets, emerging consumer demographics and new product streams. They are demanding new look which better describes their personality and look good on their appearances.
Digitization is also playing a crucial role in the development of the eyewear industry. Eyewear stores are trying to make its global reach through their e-stores in which startups are the helping factor. Singaporean consumers are looking for the product’s small size and one-size-fits-all model for their daily basis need. The eyewear stores are giving the customisation option to their current consumers, where they are allowed to choose any combination of lens, frame style and colour. All the prominent eyewear industry is following this trend to exist in the competitive market.
For customised market research reports for any kind of startups and business in any industry, you can contact Craft Driven Market Research team here directly.Tags: Craft Driven, Eyewear Industry, market research, SeeChic, Singapore Market Research, Singaporean Eyewear Industry, startups, Visual Loft