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Eyeglasses and Contact Lenses - US - August 2015

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


OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
The issues
Figure 1: Total US sales and fan chart forecast of eyeglasses and contact lenses market, at current prices, 2010-20
Figure 2: Eyewear purchase locations over past five years – Net of most recent purchase and any purchases in the past five years,
April 2015
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
Figure 4: Percentage of consumers using vision correction, by 18-24 and 65+ age groups, April 2015
Figure 5: Percentage of eyewear consumers who report any interest in eyewear innovations*, April 2015
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
Fan chart forecast
Abbreviations and terms
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
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
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
Figure 46: Key drivers of interest in wearing contact lenses – Key driver output, April 2015
Correspondence analysis methodology
Figure 47: Most recent eyewear purchase location and influencers, April 2015
US Research Methodology
Consumer research
Social Media Research
Trade research
Statistical Forecasting

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