Eye Glasses and Contact Lens Stores in Canada Industry Market Research Report
Over the past five years, the Eye Glasses and Contact Lens Stores industry has benefited from favourable population demographics. For example, the burgeoning elderly population has boosted the number of optometrist visits to address age-related eyesight issues, such as cataracts and glaucoma. As a result of this trend, more individuals have been conscious of changes to their eyesight prescriptions, thus prompting consumer demand for prescription eyewear. According to IBISWorld Industry Anaylst Sarah Turk, “changing fashion trends have hastened many consumers’ replacement cycle and caused a shift toward high-margin, luxury eyewear.” Furthermore, dispensing prescription glasses is highly regulated, due to prescription glasses and contact lenses being considered medical devices in all provinces but British Columbia.
As a result, the industry has been slightly insulated from external competitors, such as online retailers that lack brick-and-mortar establishments. Additionally, in many provinces and territories, only optometrists and opticians were able to dispense prescription eyewear to consumers. As a result, it has been arduous for online retailers to comply with Canadian regulations, which has enabled industry operators to cater to most of the country’s eyewear demand, bolstering industry revenue. During the five years to 2015, industry revenue is expected to grow. However, profit is anticipated to decrease in 2015, due to volatile input commodity prices (i.e. crude oil) translating to high purchase prices for plastic sunglasses from manufacturers.
During the five years to 2020, industry revenue is forecast to grow, due to growing demand for prescription eyewear from the rapidly aging population. “Also, competing retailers, particularly online optical retailers, will continue to face significant regulatory hurdles,” says Turk. As a result, the industry will likely continue to garner high sales volumes. Strong consumer demand for luxury eyewear, coupled with more consumers visiting optometrists (IBISWorld report 62132CA) and more individuals being wary of prescription changes, will support revenue growth over the next five years.
For more information, visit IBISWorld’s Eye Glasses and Contact Lens Stores in Canada industry report page.