2012-11-15 16:38:53 -
UK eyewear market continues to be dominated by Specsavers
The UK eyewear market has been forecast to increase at a compound annual growth rate (CAGR) of 2% over the next five years, as UK consumers who have postponed their spectacle purchases over the last few years will finally update their old models.More than 30 million, or 6 in 10 adults, currently wear spectacles. There are also four million contact lens wearers in the UK. Glasses account for 63% of the optical goods market, while contact lenses account for 19%.The tough economic conditions in the UK are forcing consumers to cut costs. This has led to a polarisation of the market with the majority of consumers switching to lower priced brands, while a few continue to purchase premium brands.While optical
outlets continue to be the leading retailers for eyewear products, internet retailing is quickly catching up. Internet retailing offers a number of advantages to consumers ranging from a larger product selection, lower prices and the convenience of getting products delivered to the house.Specsavers Optical Group Ltd continues to be the leading company within the UK eyewear market recording a value share of 15% in 2011. The retailer is very well known in the UK for its affordable prices. Specsavers caters for all income levels and has been offering multi-deals since the start of the economic recession in the UK.Luxottica Group UK Ltd recorded a value share of 14% in 2011 and increased its share significantly compared to the previous year. Luxottica owns a large range of spectacle brands such as Ray Ban, Oakley and Dolce & Gabbana, among others. The company´s large range of brands caters for consumers from all income groups and the company benefits from its strong position within the still dynamically growing sunglasses industry.Economic conditions are unlikely to change in the near future, putting on-going pressure on the UK eyewear market. UK consumers will continue to restrict their purchases where possible to absolute necessities which will further drive competition amongst suppliers.For more information on the UK eyewear market, see the latest research: UK Eyewear Market, UK Spectacle MarketFollow us on Twitter @CandMResearch
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