Market Research: Optician Index 20 year review

The UK optical retail market continues to evolve and the practices which operate within it are facing new challenges. The market data analysts and commentators also need to review their approach to meet the changing requirements. Back in 1993, Optician and the optical industry were frustrated by the lack of market data which could identify new trends and retail sales patterns as well as monitor the state of the market on a monthly basis. With the support of one of the national multiples plus regional groups and independent practices a members panel was established and Optician Index was born.

Through a monthly data submission, information was used to measure percentage change in Key Performance Indicators over time, with the flexibility to accommodate new panel members and those companies which no longer wished to contribute data. To maintain the anonymity of the contributors and establish a reporting style which just presented the facts, a third party –Business Benchmarks – was commissioned to manage the project and conduct the statistical analysis.