Spectacles in the US

Euromonitor International
May 2023
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LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2023 DEVELOPMENTS ............................................................................................................... 1
Demand for frames and lenses steady as consumers settle into endemic routines ................. 1
Acquisitions remain on the agenda for leading players as A growth strategy ........................... 1
E-commerce decelerates as consumers return to bricks-and-mortar purchases ...................... 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Spectacles predicted to record A positive performance over the forecast period ..................... 2
Complex world of wearable smart glasses ............................................................................... 3
Sustainable material innovation will remain in focus ................................................................. 3
CATEGORY DATA ....................................................................................................................... 4
Table 1 Sales of Spectacles by Category: Volume 2018-2023 ................................. 4
Table 2 Sales of Spectacles by Category: Value 2018-2023 .................................... 4
Table 3 Sales of Spectacles by Category: % Volume Growth 2018-2023................. 4
Table 4 Sales of Spectacles by Category: % Value Growth 2018-2023.................... 4
Table 5 Sales of Spectacle Lenses by Type: % Value 2018-2023 ............................ 4
Table 6 NBO Company Shares of Spectacles: % Value 2018-2022 ......................... 5
Table 7 LBN Brand Shares of Spectacles: % Value 2019-2022................................ 5
Table 8 Distribution of Spectacles by Format: % Value 2018-2023 .......................... 6
Table 9 Forecast Sales of Spectacles by Category: Volume 2023-2028 .................. 7
Table 10 Forecast Sales of Spectacles by Category: Value 2023-2028 ..................... 7
Table 11 Forecast Sales of Spectacles by Category: % Volume Growth 2023-
2028 ............................................................................................................. 7
Table 12 Forecast Sales of Spectacles by Category: % Value Growth 2023-
2028 ............................................................................................................. 7

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SPECTACLES IN THE US
KEY DATA FINDINGS
▪ Retail value sales increase by 9% in current terms in 2023 to USD32.6 billion
▪ Spectacle lenses is the best performing category in 2023, with retail value sales growing by
9% in current terms to USD17.9 billion
▪ Essilor of America Inc is the leading player in 2022, with a retail value share of 23%
▪ Retail sales are set to rise at a current value CAGR of 4% (2023 constant value CAGR of 2%)
over the forecast period to USD40.3 billion

2023 DEVELOPMENTS

Demand for frames and lenses steady as consumers settle into

endemic routines
As consumers fully emerge from the shadows of pandemic recovery and re-establish
normalcy, spectacles continues to witness steady growth, even surpassing pre-pandemic sales
levels in both current value and volume terms. Compared to its double-digit growth in 2022,
spectacles is experiencing marginally slower value growth in 2023 at high single digits. Such
developments can be correlated to the dire economic reality in the US as inflationary price
pressures force many consumers to tighten their wallets and upgrade frames and lens
prescriptions less frequently to budget for other personal necessities. Category standouts
include the growth of spectacle lenses at high single digits, which, despite a marginal slowdown
from its low double-digit performance in 2022, is still posting higher volume growth than pre-
pandemic years. For spectacles overall, despite experiencing lower value growth compared to
2022, the category maintains positive demand, partially due to the rapid escalation of myopia
cases in the overall US population because of prolonged usage of digital devices and
dependency, especially since the pandemic.
In Euromonitor International’s Voice of the Consumer: Health and Nutrition Survey 2022,
53.4% of respondents surveyed expressed that they regularly wore spectacle frames with
corrective lenses, which is a three percentage point jump in one year from the same survey
fielded in 2021. Each year, there is a consistent stream of new consumers who require vision
care assistance or existing consumers who face worsening conditions due to the impact of
extended use of digital devices in everyday life. Keeping in line with the upward trend of myopia
cases in the US, spectacle frames and lenses are steadily positioned as inelastic products
which remain an essential purchase for newly diagnosed myopia patients who may need vision
correcting accessories.

Acquisitions remain on the agenda for leading players as A growth

strategy
In the competitive landscape of spectacles, larger conglomerates and private equity entities
have continued to implement vertical integration and acquisitions along the supply chain to
expand their market portfolio. In the latter half of 2022 and the beginning of 2023, an increasing
number of eyewear enterprises were consolidated under larger flagship companies to boost
operational efficacy and supply chain value capture.

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Notable acquisitions include EssilorLuxottica SA acquiring the majority share of Giorgio Fedon
& Figli S.p.A., a leader in the production and distribution of eyewear case accessories, in
addition to acquiring the remaining 50% of Shamir Optical, a manufacturer that focuses on
ophthalmic lens research and development. Kering is also expected to complete its share
acquisition of French metal and mechanical parts manufacturer, UNT, in Q2 2023 to strengthen
its capabilities in luxury eyewear. On the private equity side, ICU Eyewear, which specialises in
readymade reading glasses and sunglasses, has been acquired by 1847 Holdings LLC. Further
industry developments on collaborative solutions and acquisition-based commercial strategies
are expected to continue through 2023 and 2024. Spectacles is a highly competitive landscape
which is challenging for new entrants, making them targets for acquisition by eyewear giants
such as EssilorLuxottica SA and other players that leverage vertical value chain coverage to
gain market influence.

E-commerce decelerates as consumers return to bricks-and-mortar

purchases
As living with COVID-19 becomes a path to normality for the US population, an increasing
number of consumers are returning to in-person purchasing patterns at a rate reminiscent of
pre-pandemic years. Value share of optical goods stores is gradually recovering, as bricks-and-
mortar stores offer in-person try-on experiences that are especially important to this eyewear
category. While advanced scan technology provided virtual try-on options, made popular by
DTC eyewear brand Warby Parker, during peak pandemic years, local consumers are returning
to what they know best when buying eyewear; improved personalised try-on options in physical
stores.
While spectacles players are still leveraging e-commerce strategies as made critical by the
pandemic, more are moving beyond the online-heavy model and refocusing on in-store
improvements through emphasis on physical experiences with retailers such as Lenscrafters
and Sunglass Hut. Warby Parker recently announced its shifting focus from an e-commerce
presence with plans to utilise finances on opening 40 more retail locations in 2023, bringing the
digital native player to 240 stores in total. To ensure returns on in-store investments, Warby
Parker is also gearing up to provide more expansive eye exam services as these post high
revenues. As physical retail returns to its importance within spectacles, players will have to
review their omnichannel approach by deciding which channels will maximise wins, and which
service capabilities they should adjust on their roster for specific benefits to consumers and to
the brand.

PROSPECTS AND OPPORTUNITIES

Spectacles predicted to record A positive performance over the forecast

period
Spectacles is expected to exceed pre-pandemic volume growth over the forecast period due
to rising myopia rates from increased screen integration in everyday lives, which is leading to
poorer vision health and higher spectacle volume sales. Further demand is expected for all
three categories (readymade reading glasses, spectacle frames, and spectacle lenses).
However, readymade reading glasses is predicted to record the weakest performance in terms
of value growth (at constant 2023 prices) and volume growth, as consumers’ heightened
concerns about wellness and health could encourage them to shift to eye care professionals for
more tailored products and comprehensive service offerings.

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In Euromonitor International’s Voice of the Consumer: Health and Nutrition Survey 2022, 17%
of those surveyed expressed extreme concern over eye/vision issues, which is a 6.9 percentage
point jump from the same survey in 2019, where only 10.1% noted extreme concern. Factors
such as price inflation and global supply chain material interruptions remain as risks to the
growth of spectacles, as consumers could change lenses and frames at a slower rate to extend
the longevity of their current prescription to avoid price hikes amid tightening budgets.

Complex world of wearable smart glasses

In the past decade, advanced AR technology has slowly penetrated spectacles, with notable
launches from Google Glass and Snapchat’s Spectacles making a splash in the late 2010s.
Since then, these companies have attempted to make improvements to their vision accessory
technology with little lasting attention from consumers. However, in late 2021, Meta partnered
with EssilorLuxottica to create Ray-Ban Stories, which sought to disrupt the wearable smart
glasses scene with improved photo, video, and audio capabilities all in one, while appearing as
a regular pair of classic Wayfarers. Since then, there have been announcements that a more
powerful rendition is expected to be launched in 2023. Global competition has also ramped up
with Chinese player Xiaomi unveiling a pair of prototype AR glasses called Wireless AR Glass
Discovery Edition for the first time at MWC 2023, hinting at more entrants engaging with
opportunities in smart glasses technology over the forecast period.
Although there has been consistent engineering innovation with wearable AR, one challenge
remains in the successful implementation of this technology in spectacles - whether its usage
will actually gain in popularity among consumers in integrating wearable software technology in
everyday lives, and if it will move into the mainstream. According to Euromonitor International’s
Voice of the Consumer: Digital Survey 2022, only 11.3% of surveyed respondents owned
AR/VR headset or glasses, and 37.6% expressed the expensive cost as a major hindrance to
experimenting with smart headsets and glasses. For players that are interested in leveraging
this growing niche, it would be critical to consider the alignment of software technology and
hardware appeal with usage efficacy, as these various factors require different marketing
strategies to construct and satisfy cohesive consumer demand.

Sustainable material innovation will remain in focus

In recent years, sustainability has become a main priority for many consumers who seek to
find players with a green mission that aligns with their own sustainable ideals. For eyewear,
environmental footprint reduction manifests itself in sustainable material composition and
innovation, becoming a main pillar of success and attraction for consumers. In 2023, Marchon, a
manufacturer and distributor of spectacle frames for brands such as Calvin Klein, Lacoste, and
Lanvin, renewed its partnership with material innovation leader Eastman. This continued
collaboration extends the promise to produce frames specially made with Eastman’s Tenite
Renew acetate, which uses advanced material engineering technology to feature 56% recycled
content from hard-to-reuse plastics. Since then, Marchon has also promised that 50% of all its
frames will be “green” by 2025.
FGX International, which produces US legacy readymade reading glasses brand, Foster
Grant, has also scaled up its usage of Eastman’s Tritan Renew acetate, demonstrating players’
expanded interest in implementing and continuing material innovation and reprocess technology
in this category. Sustainability initiatives are no longer an aspect that are simply “good to have”
for players, but necessary to connect to a consumer base that is becoming increasingly aware
of environmental output and harm from produced goods.

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CATEGORY DATA
Table 1 Sales of Spectacles by Category: Volume 2018-2023

'000 units
2018 2019 2020 2021 2022 2023

Spectacle Lenses 182,100.2 185,109.3 157,066.9 191,302.8 199,018.5 204,741.2

Spectacle Frames 74,245.6 75,382.7 63,122.9 77,174.2 82,516.6 84,695.4
Readymade Reading Glasses 51,511.0 52,317.4 50,959.6 53,644.2 56,415.7 57,851.7
Spectacles 307,856.7 312,809.4 271,149.4 322,121.2 337,950.8 347,288.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2 Sales of Spectacles by Category: Value 2018-2023

USD million
2018 2019 2020 2021 2022 2023

Spectacle Lenses 13,129.7 13,447.8 11,620.6 14,724.6 16,404.7 17,900.8

Spectacle Frames 9,875.9 10,108.4 8,596.1 10,905.2 12,501.5 13,620.9
Readymade Reading Glasses 943.2 960.7 928.5 1,004.1 1,078.5 1,122.7
Spectacles 23,948.8 24,517.0 21,145.1 26,633.8 29,984.7 32,644.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 3 Sales of Spectacles by Category: % Volume Growth 2018-2023

% volume growth
2022/23 2018-23 CAGR 2018/23 Total

Spectacle Lenses 2.9 2.4 12.4

Spectacle Frames 2.6 2.7 14.1
Readymade Reading Glasses 2.5 2.3 12.3
Spectacles 2.8 2.4 12.8
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 4 Sales of Spectacles by Category: % Value Growth 2018-2023

% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Spectacle Lenses 9.1 6.4 36.3

Spectacle Frames 9.0 6.6 37.9
Readymade Reading Glasses 4.1 3.5 19.0
Spectacles 8.9 6.4 36.3
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 5 Sales of Spectacle Lenses by Type: % Value 2018-2023

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% retail value rsp

2018 2019 2020 2021 2022 2023

Single Vision 52.5 52.5 53.7 54.0 54.3 54.7

Progressive Lens 34.8 35.1 35.2 35.4 35.5 35.7
Bifocal and Trifocal 12.7 12.3 11.2 10.7 10.2 9.7
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 6 NBO Company Shares of Spectacles: % Value 2018-2022

% retail value rsp

Company 2018 2019 2020 2021 2022

Essilor of America Inc 24.0 24.0 23.9 24.1 23.0

Luxottica US Holdings Corp 12.4 12.5 12.1 12.2 12.5
Carl Zeiss Vision Inc 2.9 2.8 2.7 2.8 2.9
Safilo USA Inc 1.9 1.8 2.2 2.3 2.3
Marchon Eyewear Inc 2.7 2.6 2.6 2.3 1.9
FGX International Inc 2.1 2.0 2.2 1.9 1.9
Hoya Vision North America 1.5 1.5 1.5 1.5 1.5
Oakley Inc 0.6 0.6 0.6 0.6 0.7
Gucci America Inc 0.2 0.3 0.3 0.3 0.3
Tura Inc 0.1 0.2 0.2 0.2 0.2
LVMH Moët Hennessy Louis - - - 0.1 0.1
Vuitton Inc
Others 51.6 51.7 51.8 51.7 52.7
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 7 LBN Brand Shares of Spectacles: % Value 2019-2022

% retail value rsp

Brand (GBO) Company (NBO) 2019 2020 2021 2022

Varilux Essilor of America Inc 13.7 13.7 13.9 13.3

(EssilorLuxottica SA)
Essilor Essilor of America Inc 9.7 9.5 9.6 9.1
(EssilorLuxottica SA)
Carl Zeiss (Carl Carl Zeiss Vision Inc 2.8 2.7 2.8 2.9
Zeiss AG)
Ray-Ban Luxottica US Holdings Corp 2.3 2.3 2.4 2.5
(EssilorLuxottica SA)
Foster Grant FGX International Inc 1.6 1.8 1.5 1.5
(EssilorLuxottica SA)
Oakley Oakley Inc 0.6 0.6 0.6 0.7
(EssilorLuxottica SA)
Nike (Vision Service Marchon Eyewear Inc 0.7 0.6 0.6 0.5
Plan Global)
Flexon (Vision Marchon Eyewear Inc 0.6 0.6 0.5 0.4
Service Plan Global)
Prada Luxottica US Holdings Corp 0.4 0.4 0.4 0.4
(EssilorLuxottica SA)
Gucci (Kering SA) Gucci America Inc 0.3 0.3 0.3 0.3
Vogue Eyewear Luxottica US Holdings Corp 0.3 0.3 0.3 0.3

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(EssilorLuxottica SA)
Marchon NYC (Vision Marchon Eyewear Inc 0.3 0.3 0.3 0.2
Service Plan Global)
Calvin Klein (Vision Marchon Eyewear Inc 0.3 0.3 0.2 0.2
Service Plan Global)
Lacoste (Vision Marchon Eyewear Inc 0.2 0.2 0.2 0.1
Service Plan Global)
Dolce & Gabbana Luxottica US Holdings Corp 0.1 0.1 0.1 0.1
(EssilorLuxottica SA)
Christian Dior (LVMH LVMH Moët Hennessy Louis - - 0.1 0.1
Moët Hennessy Louis Vuitton Inc
Vuitton SA)
Salvatore Ferragamo Marchon Eyewear Inc 0.1 0.1 0.1 0.1
(Vision Service Plan
Global)
Christian Dior Safilo USA Inc 0.1 0.1 - -
(Safilo Group SpA)
Essilor (Essilor Essilor of America Inc - - - -
International SA)
Varilux (Essilor Essilor of America Inc - - - -
International SA)
Foster Grant (Essilor FGX International Inc - - - -
International SA)
Dolce & Gabbana Luxottica US Holdings Corp - - - -
(Luxottica Group SpA)
Prada (Luxottica Luxottica US Holdings Corp - - - -
Group SpA)
Ray-Ban (Luxottica Luxottica US Holdings Corp - - - -
Group SpA)
Oakley (Luxottica Oakley Inc - - - -
Group SpA)
Gucci (Safilo Group Safilo USA Inc - - - -
SpA)
Others Others 66.0 66.1 66.1 67.2
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 8 Distribution of Spectacles by Format: % Value 2018-2023

% retail value rsp

2018 2019 2020 2021 2022 2023

Retail Channels 100.0 100.0 100.0 100.0 100.0 100.0

- Retail Offline 92.0 91.5 88.9 88.6 89.7 90.2
-- Grocery Retailers 16.5 16.4 18.9 17.3 16.7 16.2
--- Hypermarkets 11.2 11.1 12.8 11.6 11.1 10.6
--- Warehouse Clubs 5.3 5.3 6.1 5.6 5.6 5.6
-- Non-Grocery Retailers 75.4 75.0 70.0 71.3 72.9 74.0
--- General Merchandise 4.0 3.9 3.4 3.3 3.2 3.3
Stores
---- Department Stores 4.0 3.9 3.4 3.3 3.2 3.3
--- Health and Beauty 71.4 71.1 66.5 68.0 69.7 70.7
Specialists
---- Pharmacies 1.0 1.0 1.1 1.0 1.0 1.0
---- Optical Goods Stores 70.4 70.1 65.4 66.9 68.6 69.7
--- Other Non-Grocery - 0.0 - - - -
Retailers
-- Direct Selling 0.1 0.1 0.0 0.0 0.0 0.0

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- Retail E-Commerce 8.0 8.5 11.1 11.4 10.3 9.8

Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 9 Forecast Sales of Spectacles by Category: Volume 2023-2028

'000 units
2023 2024 2025 2026 2027 2028

Spectacle Lenses 204,741.2 212,835.4 218,926.8 224,582.7 229,857.3 235,202.2

Spectacle Frames 84,695.4 87,256.0 89,778.3 91,837.2 93,831.9 95,832.2
Readymade Reading Glasses 57,851.7 58,875.4 59,865.0 60,827.4 61,737.8 62,370.8
Spectacles 347,288.3 358,966.8 368,570.1 377,247.3 385,427.0 393,405.1
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 10 Forecast Sales of Spectacles by Category: Value 2023-2028

USD million
2023 2024 2025 2026 2027 2028

Spectacle Lenses 17,900.8 18,496.0 18,888.8 19,222.5 19,502.8 19,758.7

Spectacle Frames 13,620.9 14,035.4 14,402.9 14,714.4 15,008.7 15,294.4
Readymade Reading Glasses 1,122.7 1,124.1 1,121.0 1,119.0 1,116.9 1,116.8
Spectacles 32,644.4 33,655.5 34,412.7 35,055.9 35,628.5 36,169.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 11 Forecast Sales of Spectacles by Category: % Volume Growth 2023-2028

% volume growth
2023/24 2023-28 CAGR 2023/28 Total

Spectacle Lenses 4.0 2.8 14.9

Spectacle Frames 3.0 2.5 13.1
Readymade Reading Glasses 1.8 1.5 7.8
Spectacles 3.4 2.5 13.3
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Table 12 Forecast Sales of Spectacles by Category: % Value Growth 2023-2028

% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total

Spectacle Lenses 3.3 2.0 10.4

Spectacle Frames 3.0 2.3 12.3
Readymade Reading Glasses 0.1 -0.1 -0.5
Spectacles 3.1 2.1 10.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

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