Table of Contents
Overview
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- What you need to know
- Products covered in this report
Executive Summary
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- The market
- Market forecast to grow 15% by 2022
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- Figure 1: Consumer spending on optical goods and services, 2012-22
- Spectacles continue to capture most spending
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- Figure 2: Estimated consumer spending on optical goods and services, by category, 2017
- Prices remain low as a result of intense pricing competition
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- Figure 3: Annual percentage change in consumer prices, January 2017-December 2017
- An aging population continues to benefit the market
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- Figure 4: Trends in the age structure of the UK population, 2016-26
- Companies and brands
- Specsavers and Vision Express increasing market share
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- Figure 5: Estimated share of the UK optical goods and services market, 2017
- Specsavers also stands in brand research
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- Figure 6: Attitudes towards and usage of selected brands, January 2018
- The consumer
- Almost three quarters wear prescription eyewear
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- Figure 7: Eyewear and hearing aid wearers, November 2017
- Younger consumers most likely to buy contacts
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- Figure 8: Eyewear and hearing aid purchasing in the last 12 months, November 2017
- Frequency of purchase
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- Figure 9: Frequency of prescription eyewear purchasing, November 2017
- One in six prescription eyewear buyers now shop online
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- Figure 10: Willingness to purchase prescription eyewear online, November 2017
- Specsavers captures highest volume of consumers
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- Figure 11: Retailers used to purchase prescription eyewear in the last 12 months, by what they bought, November 2017
- Key driver analysis highlights the importance of expertise
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- Figure 12: Key drivers of overall satisfaction with prescription eyewear retailers, November 2017
- Online perceived as more difficult when buying prescription eyewear
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- Figure 13: Attitudes towards buying prescription eyewear, November 2017
- What we think
Issues and Insights
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- Are the leading players relying on promotions?
- The facts
- The implications
- How is the online optical goods market developing?
- The facts
- The implications
- Can the independents regain share through experience?
- The facts
- The implications
The Market – What You Need to Know
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- Consumer spending on optical goods rises 2.2%
- Growth in the market driven by rising contact usage
- Pressure on consumer incomes in the UK
- Aging population continues to benefit the sector
- Holiday market slowdown could impact sales of sunglasses
Market Size and Forecast
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- Optical goods market growth slows in 2017
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- Figure 14: Consumer spending on optical goods and services, 2012-22
- Figure 15: Consumer spending on optical goods and services, 2012-22
- Consumer spending on sunglasses up 2.7%
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- Figure 16: Consumer spending on fashion sunglasses, 2012-22
- Figure 17: Consumer spending on fashion sunglasses, 2012-22
- Forecast methodology
Market Segmentation
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- Contact lenses increase share of the market
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- Figure 18: Estimated consumer spending on optical goods and services, by category, 2017
- Figure 19: Breakdown of estimated consumer spending on optical goods and services, by category, 2012-17
Market Drivers
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- Consumer incomes under pressure
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- Figure 20: Real wage growth – Average weekly earnings vs inflation, January 2014-November 2017
- Low inflation in the optical goods markets
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- Figure 21: Annual percentage change in consumer prices, January 2017-December 2017
- Consumer confidence weakens
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- Figure 22: Consumers’ future financial confidence, January 2009-December 2017
- How people spend their extra money
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- Figure 23: Trends in what extra money is spent on, December 2017
- The impact of sunshine hours on the sunglasses market
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- Figure 24: Percentage change in annual sunshine hours in the UK, 2017
- Figure 25: Seasonal share of annual sunshine hours in the UK, 2017
- Less holidaying abroad could also impact sales of sunglasses
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- Figure 26: Percentage change in total UK residents' visits abroad, January 2015-October 2017
- Figure 27: UK residents' total visits abroad and holiday visits abroad, January 2014-17
- Aging population benefits opticians
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- Figure 28: Trends in the age structure of the UK population, 2016-26
- Figure 29: Breakdown of trends in the age structure of the UK population, 2016-26
- More people having NHS funded eye tests
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- Figure 30: Total NHS sight tests in England, Wales and Scotland, 2012-16
- Figure 31: Breakdown of total NHS sight tests in England, Wales and Scotland, 2012-16
- Industry changes
- NHS proposes funding cuts for “minor conditions”
- Department of Health considering streamlining healthcare regulators
- NHS Scotland introduces charges for optometrists in Scotland
- Increased fee for optometrists providing Wales Eye Care Services
- New guidance published on vision correction surgery
Companies and Brands – What You Need to Know
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- Specsavers continues to grow
- Vision Express and Tesco deal set to disrupt the market
- Independents losing share of consumer spending
- Ongoing development of online
- Asda needs to establish a strong USP to compete
Leading Specialists
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- Specsavers retains market leading position
- Boots sales up 0.7% despite blue light controversy
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- Figure 32: Leading optical goods retailers’ net revenues (excluding VAT), 2012-16
- Rising number of opticians outlets
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- Figure 33: Leading optical goods retailers’ outlet numbers, 2013-17
- Growth fuelled by store expansion
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- Figure 34: Leading optical goods retailers’ estimated sales per outlet (excluding VAT), 2012-16
Market Shares
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- Specsavers growing market share
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- Figure 35: Estimated share of the UK optical goods and services market, 2017
- Figure 36: Estimated share of the UK optical goods and services market (excluding VAT), 2013-17
Competitive Strategies
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- Consolidation in the UK optical goods market
- Merger between Luxottica and Essilor could disrupt the market further
- Continued investment in Enhanced Optical Services
- Development in online optical goods retailing
- Contact lens subscription services
- Try-before-you-buy glasses
- New affordable contact lens retailer launches
- Measuring pupillary distance online
- Investing in UK manufacturing
- Optical Express partnership
Launch Activity and Innovation
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- Strengthening brand assortment
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- Figure 37: Balmain Specsavers collection, 2017
- Lenses for motorists
- Eco-friendly eyewear collections
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- Figure 38: KOMONO NEUTRO collection, 2017
- Contacts with added benefits
- Snapchat Spectacles
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- Figure 39: Snapchat Spectacles, 2017
- Personalisation in the optical goods market
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- Figure 40: Nogs modular frames, 2017
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- Figure 41: Cubitts St. James’s Spectacle Atelier, 2017
- Developments in children’s eyewear
- 3D eyesight testing
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- Figure 42: Paskal 3D, 2017
- Performance eyewear
Advertising and Marketing Activity
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- Decline in expenditure amongst highest spending advertisers
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- Figure 43: Top 5 Optical goods advertisers’ above-the line, online display and direct mail advertising expenditure, 2013-17
- Specsavers share of advertising expenditure holds steady despite spending less
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- Figure 44: Breakdown of top 5 optical goods advertisers’ above-the line, online display and direct mail advertising expenditure, 2013-17
- Brands also cut back on advertising sunglasses
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- Figure 45: Total above-the line, online display and direct mail advertising expenditure on sunglasses, 2013-17
- Key campaigns
- Vision Express focuses on the importance of sight tests
- Specsavers teams up with the Royal National Institute of Blind People to raise awareness of eye health
- Nielsen Ad Intel coverage
Brand Research
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- Brand map
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- Figure 46: Attitudes towards and usage of selected brands, January 2018
- Key brand metrics
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- Figure 47: Key metrics for selected brands, January 2018
- Brand attitudes: Specsavers’ customer service stands out
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- Figure 48: Attitudes, by brand, January 2018
- Brand personality: David Clulow exclusivity aligns with brand positioning
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- Figure 49: Brand personality – Macro image, January 2018
- Asda Opticians seen as basic but reliable
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- Figure 50: Brand personality – Micro image, January 2018
- Brand analysis
- Specsavers continues to benefit from high usage
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- Figure 51: User profile of Specsavers, January 2018
- Boots Opticians falls down on innovation
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- Figure 52: User profile of Boots Opticians, January 2018
- Asda Opticians’ value proposition resonates
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- Figure 53: User profile of Asda Opticians, January 2018
- Vision Express’ customer base aligns with Tesco Opticians’
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- Figure 54: User profile of Vision Express, January 2018
- David Clulow
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- Figure 55: User profile of David Clulow, January 2018
The Consumer – What You Need to Know
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- Uplift in people getting eyes tested
- More than two-thirds wear prescription eyewear
- Just over half of wearers have bought eyewear in the last year
- Low frequency of purchases
- Online purchasing remains low
- Most satisfied with their optician
- Knowledgeable staff are important
Eye and Hearing Examinations
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- Uplift in eye tests
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- Figure 56: Usage of eye and hearing services in the last 12 months, November 2017
- Profile of consumers having eye examinations
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- Figure 57: Usage of eye examination services in the last year, by demographics, November 2017
- Profile of consumers having hearing tests
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- Figure 58: Usage of hearing examination services in the last year, by demographics, November 2017
- Profile of consumers having laser eye surgery
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- Figure 59: Usage of laser eye surgery in the last year, by demographics, November 2017
Eyewear and Hearing Aid Wearers
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- High usage of prescription eyewear
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- Figure 60: Eyewear and hearing aid wearers, November 2017
- Most wear bespoke spectacles
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- Figure 61: Eyewear and hearing aid wearers, November 2017
- Younger shoppers most likely to wear contacts
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- Figure 62: Eyewear and hearing aid wearers, November 2017
Eyewear and Hearing Aid Purchasing
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- Just over half have bought prescription eyewear
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- Figure 63: Eyewear and hearing aid purchasing in the last 12 months, November 2017
- Glasses remain most purchased eyewear
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- Figure 64: Eyewear and hearing aid purchasing in the last 12 months, November 2017
- Older shoppers more likely to buy prescription sunglasses
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- Figure 65: Eyewear and hearing aid purchasing in the last 12 months, by age and income, November 2017
Frequency of Prescription Eyewear Purchases
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- A quarter only buy every 2-3 years
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- Figure 66: Frequency of prescription eyewear purchasing, November 2017
- Young people shop more frequently
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- Figure 67: Frequency of prescription eyewear purchasing, by age, November 2017
Where Consumers Purchase Eyewear
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- One in six have shopped online
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- Figure 68: Willingness to purchase prescription eyewear online, November 2017
- Almost half shop with Specsavers
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- Figure 69: Retailers used to purchase prescription eyewear in the last 12 months, November 2017
- Online retailers popular amongst contact buyers
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- Figure 70: Retailers used to purchase prescription eyewear in the last 12 months, by what they bought, November 2017
- Older shoppers favour independents
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- Figure 71: Retailers used to purchase prescription eyewear in the last 12 months, by age and income, November 2017
- Sunglasses most likely to be bought via clothing specialists
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- Figure 72: Retailers used to purchase fashion eyewear in the last 12 months, November 2017
Satisfaction with Optical Goods Retailers
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- High levels of satisfaction
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- Figure 73: Satisfaction with optical goods retailers, November 2017
- Independents score highly overall…
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- Figure 74: Overall satisfaction with optical goods retailers, by where consumers shopped, November 2017
- …but their promotions (or lack of) let them down
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- Figure 75: Satisfaction with optical goods retailers, by where consumers shopped, November 2017
Key Driver Analysis
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- Highlighting expertise should be a priority
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- Figure 76: Key drivers of overall satisfaction with prescription eyewear retailers, November 2017
- Figure 77: Overall satisfaction with prescription eyewear retailers – Key driver output, November 2017
- Methodology
Attitudes towards Buying Prescription Eyewear
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- Further evidence that knowledgeable staff are important
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- Figure 78: Attitudes towards buying prescription eyewear, November 2017
Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
- Consumer research methodology
Appendix – Market Size and Forecast
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- Forecast methodology
Appendix – Key Driver Analysis
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- Interpretation of results
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- Figure 79: Overall satisfaction with prescription eyewear retailers – Key driver output, November 2017
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- Figure 80: Satisfaction with prescription eyewear retailers, November 2017
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