UK Optical Goods Retailing Market Report 2023

Despite the necessity of the industry towards health and wellbeing, the UK optical goods market is not immune to the ongoing cost-of-living crisis. Businesses will need to adapt in order to encourage consumers to keep spending. Mintel’s UK Optical Goods Retailing Market Report explores the current and future trends in the industry, and provides the expert analysis and recommendations needed to future-proof your business through ongoing economic difficulties. Read on to find out more.

Optical Goods Retailing Market – Current Landscape

Mintel’s market analysis found that the optical goods market recovered the loss seen in the height of the pandemic in 2021 and early 2022, with pent-up demand for eye appointments and updated prescriptions helping to fuel growth.

However, rising interest rates and a challenging economic climate present a challenge to opticians and the UK eyewear industry to maintain purchasing levels when consumers are increasingly looking to budget.

Optical Goods Market Trends

Despite the optical goods industry being widely regarded as healthcare and therefore an essential spend, consumers, younger ones in particular, will forgo purchases and appointments as their finances are put under pressure.

• Optical goods consumer behaviour: A quarter of consumers agree they have postponed eye tests as a direct result of the cost-of-living crisis.
• Optical goods retail consumer attitudes: Expertise is highly valued by optical goods consumers, with 57% saying knowledgeable staff was an important factor when choosing an optician.
• Eyewear retailing shopping habits: In 2022, early 90% of shoppers buying prescription glasses did so in-store.
• Optical goods market segmentation: Prescription glasses remain the most popular corrective eyewear, accounting for almost 65% of consumer spending on optical goods and services.

UK Optical Goods Market Opportunities

Mintel’s analysis of the UK optical goods retailing market found that the preference for in-store purchasing remains a key factor in driving growth, with consumers valuing customer service and expertise. With a strong return to the high street, opticians have the opportunity to focus on consumers’ priorities and emphasise their staff expertise in order to encourage in-store spending.

Read on to find out more about the content of our UK Optical Goods Market Report, or if you’re interesting in learning more about the UK retail sector, take a look at our extensive market research.

Quickly Understand

• Market performance and the effects of the cost of living crisis
• What optical goods are being purchased, and what channels are being used
• Channels and retailers used to purchase optical goods
• Establishing purchase and appointment drivers
• Analysing attitudes and behaviours towards glasses/lenses purchasing.

Products and Brands Covered in this Report

Products: Eye tests, prescription sunglasses, spectacle frames and lenses, contact lenses, contact lens solutions, non-prescription sunglasses.

Brands: Specsavers, Boots Opticians, Vision Express, David Clulow, Optical Express, Cubitts.

Expert Analysis from a Specialist in the Retail Sector

This report, written by Fiona McDonald, a leading analyst in the retail sector, delivers in-depth commentary and analysis to highlight current trends in the UK eyewear market and add expert context to the numbers.

Outside of the downturn caused by the pandemic, the optical goods industry has been witnessing slow yet steady growth. The cost of living crisis is setting back growth seen in 2021, however, as customers rethink new purchases and tighten budgets. The emergence of new disruptor brands is set to challenge the purchasing journey for spectacles and lenses both on and offline, as well as online services offering customers additional touchpoints for eyecare.

 

Fiona McDonald
Retail Analyst