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Prospect of the Spectacles Industry in China

Date:20-11-2013

In the last two decades the eyewear industry in China has flourished. It is estimated that around 400 million people in China are in need of corrective lenses. In fact, the demand for spectacles on an average has increased to 100 million pieces per year. This makes China the largest market for spectacles in the world. According to reports by Euromomitor International, China’s spectacles market was valued at around 5.08 billion USD in 2012. This represented an annual growth rate of 15% with a sale of more than 546 million pair of glasses in 2012. The growth in the market for spectacles in China are fueled by growth in population, increase in aging population and increasing number of people suffering from refractive errors.

Trends in China’s Spectacles Industry
The global market for spectacles is expected to reach a value of 24 billion USD by 2016. China constitutes as one of the major markets in the global spectacles industry. As the Chinese population grows upwardly mobile and there is improvement in the living standard, there is immense potential for growth in the Chinese market.

One of the emerging trends in the Chinese spectacles industry is the preference of consumers for high quality spectacles. Consumers do not shy away from purchasing high quality spectacles that are expensive as it is seen as an investment on health. While choosing spectacles, consumers are paying greater attention to the safety and health of their eyes. Consumers have greater understanding about the importance of glasses in eye care and as such the demand for high quality glasses have gone up. The number of high-end and premium spectacles shop have increased in recent years

Consumers are now looking for spectacles that are not only functional but are also stylish and fashionable. Consumers have become fashion conscious and prefer spectacles that are one of a kind and ornamental. This has led to an increase in demand for luxury spectacles brands in China. To meet the growing demands, retailers need to focus on brand building and improve their stock supply. In China, incidences of myopia are very high among young adults and children. As the number of people suffering from myopia is increasing in China, the demand for glasses is expected to increase.

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