Rising disposable income of consumers in India is the main driver behind the surge in demand for eyewear products. The average economic growth in India is above 6.5%, which has increased the number of households with annual disposable income of US$5,000.
In addition, Indian consumers are paying more and more attention to health and pursuit of fashion, especially in first-tier and second-tier cities, where myopia glasses and sunglasses have become popular, and there are more and more optical shops, most of which are located in large shopping malls.
Year-on-year Revenue Growth
Total Market Revenue
- Apparently, Indian eyewear revenue is growing rapidly and except for the impact of the general environment in 2020, all other years have grown.
- An increase of about $300 million per year from 2014 to 2017. But after 2021, according to forecast data, the annual growth rate will reach 500 million US dollars.
- Lens and frames and sunglasses account for about the same amount of total eyewear revenue in India. Much more than contact lens revenue.
Total Volume in India
- Contact lenses are used twice or even three times as much as myopia glasses and sunglasses.
- Judging from the comparison of the number of lenses and frames used, Indians change lenses more frequently than frames. The number of lenses used reached 60 million pairs and the number of frames was only 40 million pairs.
- Possibly as a fashion mark, Indians wear more sunglasses than myopia glasses. The consumption demand of Indians for glasses can be seen from the number of usages.
Main Sale Channels
- In India, offline sales have always accounted for the majority. Probably around 90%.
- In 2020, the proportion of online sales has increased, but the rate is not very large compared to other countries. The proportion is around 13%.
- With the continuous development of network technology, online sales in India grew steadily and slowly after 2021.
- It is uncertain whether the proportion of online sales channels will exceed offline sales in the future. According to the range of changes in the chart, offline sales still account for the majority.
Mobile or Desktop
Unlike European countries, mobile consumption accounts for a large proportion of online sales channels in India. And after 2017, due to the continuous improvement of mobile phones, the proportion of mobile consumption has been increasing.
How Much and How Often do Indian People Spend on Eyewear?
Price
- 2017 saw the largest increase in glasses prices.
- The general trend is that the price of glasses in India is constantly increasing. For example, mirror frames, compared to 25 dollars a pair in 2014, are predicted to increase by 44% in 2025.
- In addition, starting from 2018, the price gap between lens prices and frame prices began to widen. In 2018, the difference was only about 1 dollar, and in 2025, it may be a difference of 3 dollars.
Average Volume
- Compared with some countries in Europe and the United States, India's glasses consumption capacity is not very high. Even for consumable contact lenses, the average person will change a pair every 10 years.
- The big turning point happened in 2020.
Average Revenue
- India's per capita spending power is gradually increasing. This means that the Indian market can not be ignored. After all, India has a large population and therefore unlimited potential.
- As in other countries, lenses are still the most consumed part of the eyewear market.
Luxury VS Non-Luxury
- We can almost say that the Indian eyewear market is a non-luxury world. Even though the revenue of eyewear has increased in recent years, the biggest contribution lies in the increase in revenue of non-luxury eyewear.
- Consumption of non-luxury eyewear is much higher in India.
Market Outlook
India's eyewear industry started relatively late, but is growing fast. Hubert Sagnières, president of Essilor, said that India has a population of 1.3 billion, and consumers who need corrective lenses are about 550 million to 600 million. As of now, India’s contribution to Essilor’s global revenue is less than 5%. Essilor regards India as the biggest potential market for future business growth, because with the gradual change of India's economic development and consumption concept, India's demand for glasses will gradually increase.
Buyer, Sourcing specialist, Supply Chain management at medical products(masks), cosmetics, machines.
1 年Recently I browsed a post according to Techcrunch, Lenskart currently sells 30,000 pairs of glasses per day and hopes to increase its daily sales to 100,000 in about 10 years. That's amazing! ??