The year 2022 promises to be a good year for the eyewear market. After a 14 percent drop in sales in 2020 as a result of the global pandemic, sales are set to rise 20 percent to $142 billion, according to a report by Euromonitor International.
For two years, wearing a mask was mandatory worldwide. The combination of glasses and mask covers almost the entire face and is very annoying because of fogging. This caused some people to give up glasses during this time. The end of the mask requirement, but also the resumption of social life, such as the opening of shops and the return of tourists, are the main factors behind the increase in sales. Despite the uncertainty caused by the recent geopolitical events in Europe and the rising cost of living, people will not want to miss the pleasure of traveling again.
Sunglasses are the big winners in this development
In the eyewear industry, sunglasses have been the category hit hardest during the pandemic. Global sales value fell 23 percent to $16 billion in 2020. The return of tourists is benefiting the eyewear industry, especially sunglasses, which has some catching up to do. According to the forecast, luxury sunglasses should be among the bestsellers.
Contact lens sales are also on the rise again
Even though sales of eyeglasses declined, they remained higher than those of contact lenses. After the outbreak of the Covid-19 pandemic in 2020, contact lenses and contact solutions saw a significant drop in sales of nine percent. A decline linked to people’s lifestyle changes during the pandemic: many turned to glasses during the period of isolation, as they were seen as more comfortable and hygienic. However, contact lens sales picked up again in 2022 and are expected to post single-digit growth thanks to the resumption of social life.
However, there is no guarantee that this trend will last. Contact lenses are threatened by new ways of working between the home office and the office. According to Euromonitor’s ‘Covid-19 Voice of the Industry’ survey, as of April 2021, nearly 70 percent of companies surveyed globally said their company will expand home office policies. North America and Western Europe are the regions where this development is most anticipated to prevent a return of Covid-19 or similar risks.
The digitization of the eyewear industry
In its report, Euromonitor International presents the factors that could slow down this recovery in the eyewear market and among them is the ‘socialization paradox’. While some consumers are enthusiastic about returning to an active and social life, others, on the contrary, have developed new habits in the lockdowns and want to maintain them.
The eyewear industry’s response is to give people multiple ways to order eyeglass frames, sunglasses, and contacts. Online sales, historically underutilized in the eyewear industry, are growing and continue to gain share, from 9% of sales in 2019 to 13% in 2021. The eyewear industry has shown resilience by offering digital solutions to make up for the loss of physical visits to optical stores. This is expected to continue as demand increases.