Eyeglasses & Contact Lens Stores in the US - Industry Market Research Report

Eyeglasses & Contact Lens Stores in the US - Industry Market Research Report

Eyeglasses & Contact Lens Stores in the US

Rising incomes and an aging population have translated into revenue growth for eyeglasses and contact lens stores in recent years. Higher incomes allow consumers to afford the out-of-pocket for eyeglasses not covered by their vision benefits. Two central events have also been influencing the performance of eyeglasses and contact lens retailers – the 2018 merger of EssilorLuxottica and accelerating e-commerce sales. The merger between Essilor and Luxottica created an eyewear behemoth, shifting the competitive dynamic of the industry. While value-based optical chains in Costco and Walmart stores have grown steadily, independent retailers have struggled to compete. COVID-19 rapidly accelerated online eyewear sales in 2020, with online and in-person eyeglasses and contact lens sales becoming more entwined since. Strong consumer spending on eyewear has led industry-wide revenue to rise at a CAGR of 4.4% over the past five years, totaling an estimated $23.1 billion in 2023 when revenue is expected to drop a modest 0.2%.

Operators in this industry sell eyeglasses, contact lenses, sunglasses, safety eyewear and optical accessories. These retail stores may also provide fitting and lens processing services. The industry excludes the manufacture of lenses, online and mail-order retail of optical goods and sales at optometrists’ offices.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.