Competition in U.S. Eyewear Market Will Intensify

The market for eyewear is mature. Therefore, new sales largely depend on prescription changes and technological innovation, predicts the report Eye Glasses and Contact Lens Stores Industry. But because neither of these strategies yields significant growth, competition will intensify, predicts the report from IBIS World, The Eye Glasses and Contact Lens Stores industry. 

During the past five years, the retail market--in terms of operators--has shrunk from 7,986 firms in 2008 to 7,422 in 2013 and will shrink even further by 2018, thereby increasing the concentration of retail sales. The report attributes this concentration to increased acquisitions, a symptom of a "mature" industry. In other words, the only way a company can grow effectively is by acquiring another company, especially for the major players such as Luxottica, National Vision, and Highmark.

Until 2018, industry growth will follow the economy's growth. There could be a bump. Patients have put off getting new prescriptions. With the economy coming back, they should be returning to outlets for new eyewear and prescriptions. Favorable demographic changes will also likely drive industry growth over the next five years. The number of senior adults aged 50 and older is forecast to grow through 2018. Because this group makes up the industry's largest market segment, its growth will increase demand. Elements of the newly enacted healthcare reform bill will also expand access to vision care, giving industry demand an additional boost. For more information, visit IBISWorld’s Eye Glasses and Contact Lens Stores in the US industry report page. Read more.

Okia Captures Three Awards for Its Designs

"A new sensational world-wide recognition has been achieved by Oki: three of its products have been awarded at the 14th Hong Kong Eyewear Design Competition, organized by the Hong Kong Travel Development Council (HKTDC) and the Hong Kong Optical Manufacturers Association. A really extraordinary goal, as for the first time Okia has won all prizes in the Professional Group section: champion, first runner-up and second runner-up," notes a post on Mido News 365. "The Champion piece, 'Mag Type,' is inspired by the appearance of a vintage typewriter and its distinctive sound. Infusing modern elements into the classic typewriter concept, this revolutionary frame uses no screws, is interchangeable and features a spring-hinge function." Read more.