Consumer demand for at-home shopping will drive up demand for online eyewear and contact lenses, according to a report from IBISWorld. Revenue reportedly will increase at an average annual rate of 8.1% to $7.8 billion in the five years to 2013, with a 9.4% jump in 2013. During the recession, consumers out off discretionary eyewear purchases, opting instead for lower priced necessities. Since then, consumer discretionary spending has picked up, supporting revenue growth.
Over the five years to 2018, the industry will continue to grow. The economic recovery will drive industry demand. Expenditure on high-end luxury eyewear is also expected to resume as consumers regain confidence. “However, the industry will continue to face challenges from internal and external competition, and a move to collect sales tax for online retailers will threaten growth”, says an IBISWorld spokesperson. Read more.