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Eyeglasses and Contact Lenses - US - August 2015

"Strong sales of contact lenses, driven by more widespread use of daily contacts and higher consumer spend, have boosted the eyeglasses and contact lenses market. The market will likely experience further growth due to an aging population as well as product innovations that address a wider variety of vision concerns. Meanwhile, unilateral pricing policies will impact the retail landscape, leading to further tension between independent vision retailers and online merchants."
- Margie Nanninga, Home & Personal Analyst

This report discusses the following key issues:

  • Market experiencing growth, driven by daily contacts use
  • Unilateral pricing policies impact online sales, increase friction among retailers
  • Category spend reduced by adults not seeing the eye doctor, especially among Hispanics

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Market experiencing growth, driven by daily contacts use
            • Figure 1: Total US sales and fan chart forecast of eyeglasses and contact lenses market, at current prices, 2010-20
          • Unilateral pricing policies impact online sales, increase friction among retailers
            • Figure 2: Eyewear purchase locations over past five years – Net of most recent purchase and any purchases in the past five years, April 2015
          • Category spend reduced by adults not seeing the eye doctor, especially among Hispanics
            • Figure 3: Percent of consumers visiting an eye doctor in the past 12 months and percent of consumers with vision insurance, by race/Hispanic origin, November 2013-December 2014
          • The opportunities
            • Reach older adults who are more likely to be eyewear consumers
              • Figure 4: Percentage of consumers using vision correction, by 18-24 and 65+ age groups, April 2015
            • Increase spend among younger consumers through eyewear innovations, daily contacts
              • Figure 5: Percentage of eyewear consumers who report any interest in eyewear innovations*, April 2015
            • Retailers emphasize strengths to attract consumers
              • Figure 6: Influencers for most recent eyewear purchase location, April 2015
            • What it means
            • The Market – What You Need to Know

              • Strong market sales lead by growth in contacts segment
                • Market boosted by digital eye strain, UPP may change online sales
                  • Gains driven by aging population, tempered by growth of Hispanic population
                  • Market Size and Forecast

                    • Historic and projected sales performance
                      • Figure 7: Total US sales and fan chart forecast of eyeglasses and contact lenses market, at current prices, 2010-20
                      • Figure 8: Total US sales and forecast of eyeglasses and contact lenses market, at current prices, 2010-20
                  • Market Breakdown

                    • Prescription eyeglasses largest segment, growth in contact lenses
                      • Figure 9: Sales growth trends of eyeglasses and contact lenses market segments, percent change, 2011-15 (est)
                    • Most purchases occur at private eye doctors, department stores struggle
                      • Figure 10: Total US retail sales of corrective eyewear, by channel, at current prices in $millions, 2013 and 2015
                  • Market Perspective

                    • Online competes with brick and mortar sales, UPP to impact market
                      • Figure 11: Sales of select online vision correction retailers, 2013 and 2014
                    • Laser eye surgery slows down growth in eyewear
                      • Figure 12: Percentage of consumers who have had LASIK surgery in the past, November 2009-December 2014
                    • Usage of screens may boost eye exams
                      • Figure 13: Use of the internet at home or work, November 2013-December 2014
                    • Usage of daily contacts increases, positioning market for a boost
                      • Few key players including Luxottica Group, Novartis dominate market
                      • Market Factors

                        • Market growth driven by aging population
                          • Figure 14: US population by age, 2010-20
                        • Growth in Hispanic population may slow market
                          • Figure 15: US population by race and Hispanic origin, 2010-20
                        • Stabilized income may encourage increased spend
                          • Figure 16: Median household income, 2003-13
                        • Lack of eye exams, vision insurance may slow growth
                            • Figure 17: Percent of consumers visiting an eye doctor in the past 12 months and percent of consumers with vision insurance, by race/Hispanic origin, November 2013-December 2014
                          • Widespread incidence of allergies may benefit eye/lens care segment
                          • Key Initiatives – What You Need to Know

                            • Daily contacts, easy-to-use eye/lens care products experience success
                              • Complex cleaning routines, OTC reading glasses struggle
                                • Future growth from changes to online shopping, improved contacts
                                • What’s Working?

                                  • Contacts segment boosts market, driven by increase in daily contacts
                                    • Figure 18: 1-Day Acuvue define brand contact lenses commercial, 2015
                                  • Easy-to-use products spur growth in eye/lens care
                                    • Figure 19: MULO sales of select eye/lens care products, 52-weeks ending May 17, 2015
                                    • Figure 20: Biotrue print ad, 2015
                                  • Independent vision care retailers, drug stores experience growth in sales
                                    • Figure 21: Total US retail sales of eye/lens care products, by channel, at current prices in $millions, 2013 and 2015
                                • What’s Struggling?

                                  • Complex contact lens cleaning routines
                                    • Figure 22: MULO sales of select eye/lens care products, 2012-2014
                                  • OTC reading glasses, eye/lens care products experience slower growth
                                  • What’s Next?

                                    • Improved online experience in light of UPP
                                      • Eyewear addressing a wider variety of vision issues and concerns
                                        • Contact solution with lubricating benefits, addressing other concerns
                                        • The Consumer – What You Need to Know

                                          • Eyewear use higher among older adults, daily contacts gain popularity
                                            • Purchases made at doctor’s office, driven by convenience and price
                                              • Opportunities for more frequent eyewear replacement
                                                • Consumers interested in eyewear that improves user experience
                                                • Product Usage

                                                  • Use of vision correction remains stable, daily contacts become more popular
                                                    • Figure 23: Percentage of consumers using vision correction, April 2015
                                                    • Figure 24: Percentage of consumers using vision correction, by Hispanic origin and household income, April 2015
                                                  • Purchases of eyewear in the past 12 months
                                                    • Figure 25: Percentage of consumers who use eyewear and percentage of consumers who replaced eyewear in the past 12 months, November 2013-December 2014
                                                  • Usage of eye drops and eye wash
                                                    • Figure 26: Percent of consumers using eye wash and/or eye drops, by age, November 2013-December 2014
                                                • Purchase Locations and Influencers

                                                  • Consumers purchase at private eye doctor’s office, online making an impact
                                                    • Figure 27: Eyewear purchase locations over past five years – Net of most recent purchase and any purchases in the past five years, April 2015
                                                  • Consumers driven by convenience, price
                                                    • Figure 28: Influencers for most recent eyewear purchase, April 2015
                                                  • A variety of factors influence choice of purchase location
                                                    • Figure 29: Correspondence Analysis – Most recent eyewear purchase location and influencers, April 2015
                                                • Barriers to Usage and Replacement

                                                  • Nervousness biggest reason for not wearing contacts
                                                    • Figure 30: Reasons for not wearing contact lenses, by 18-24 and 65+ age groups, April 2015
                                                  • Price, annual exams barriers to eyewear replacement
                                                    • Figure 31: Reasons for not replacing eyewear. April 2015
                                                • Increasing Use of Contacts

                                                  • Opportunities to convert those who don’t use contact lenses into users
                                                    • Figure 32: Percent of eyeglasses consumers interested in wearing contact lenses, by age, April 2015
                                                    • Figure 33: Reasons for not wearing contact lenses, by interest in wearing contact lenses, April 2015
                                                • Product Innovations

                                                  • Consumers interested in functional eyewear innovations
                                                    • Figure 34: Percentage of eyewear consumers who report any interest in eyewear innovations, April 2015
                                                  • Product innovations may increase use of contact lenses
                                                    • Figure 35: Interest in eyewear innovations – Key drivers, April 2015
                                                • Appendix – Data Sources and Abbreviations

                                                  • Data sources
                                                    • Sales data
                                                      • Fan chart forecast
                                                        • Consumer survey data
                                                          • Abbreviations and terms
                                                            • Abbreviations
                                                              • Terms
                                                              • Appendix – Market

                                                                  • Figure 36: Total US sales and forecast of eyeglasses and contact lenses market, at inflation-adjusted prices, 2010-20
                                                                  • Figure 37: Segment sales of eyeglasses and contact lenses market, by share, 2015
                                                                  • Figure 38: Total US retail sales and forecast of eyeglasses and contact lenses, by segment, at current prices, 2010-20
                                                              • Appendix – Key Initiatives

                                                                • Manufacturer sales of eye/lens care products
                                                                  • Figure 39: MULO sales of eye/lens care products, by leading companies and brands, rolling 52 weeks 2014 and 2015
                                                              • Appendix – Consumer

                                                                  • Figure 40: Consumers with insurance, by type, November 2013-December 2014
                                                                  • Figure 41: Percentage of consumers visiting an eye doctor in the past 12 months and percentage of consumers with vision insurance, by age and race/Hispanic origin, November 2013-December 2014
                                                                  • Figure 42: Consumers with vision insurance, October 2009-December 2014
                                                                  • Figure 43: Percentage of teens using vision correction and percentage of teens who have purchased eyewear in the past year, November 2013-December 2014
                                                                  • Figure 44: Use of eye wash/eye drop brands, October 2009-December 2014
                                                                  • Figure 45: Use of contact lenses and contact solution, October 2009-December 2014
                                                                • Key driver analysis
                                                                  • Interpretation of results
                                                                      • Figure 46: Key drivers of interest in wearing contact lenses – Key driver output, April 2015
                                                                    • Methodology
                                                                      • Correspondence analysis methodology
                                                                        • Figure 47: Most recent eyewear purchase location and influencers, April 2015

                                                                    Companies Covered

                                                                    • Walmart Stores (USA)

                                                                    Eyeglasses and Contact Lenses - US - August 2015

                                                                    £3,277.28 (Excl.Tax)