Singapore eyewear market looking at U$400m, says report
The Singapore eyewear market is expected to reach US$400 million in value in the near future, says a new study.
The Ken Research report notes amplified demand for premium eyewear brands as consumer awareness grows, with an emphasis on individualisation.
“The market is transitioning toward a large number of diverse products and short product cycle,” says Singapore Eyewear Market by Type (Spectacles & Contact Lenses), by Sunglasses and Eyeglasses and by Sales Channel – Outlook to 2021.
Also, the market is set to benefit from a $49 billion merger announced by spectacles maker Luxottica and lens manufacturer Essilor, especially with an expected strong demand for prescription spectacles and sunglasses because of an aging population and increasing awareness about eyecare.
The research also notes a 1.3 per cent increase in people with myopia. The aging population has also strengthened demand for spectacles to correct presbyopia and for ready-made reading glasses. Presbyopia has increased by 3.3 per cent.
Despite continuous growth over the past five years, e-commerce has only a meagre share of the Singapore eyewear market, says the study.
While more than 75 per cent of customers prefer to buy eyewear products at optical shops, higher use of mobile devices and the internet have encouraged major companies to start offering their products online, the latest being Owndays and Zoff.
The report also provides information on frames, glass, contact lenses and distribution channels as well as major industry players.