The optical market will avoid sinking into recession according to market research company Mintel's flagship report.
Among the findings in the Miscellany section of its report on British Lifestyles are predictions that the optical goods market for 2009 will be £2.965bn at current prices, £28m more than 2008. Mintel forecasts the market rising to be worth £3.037bn at current prices in 2010, £3.190bn in 2011 and £3.753bn in 2014.
Suppliers of optical goods are expected to counter the slowdown attributed to generally flat demand and downward pressure on prices due to intensifying competition by increasing the pace of new product development, especially at the premium end.
Future demand for optical goods and services will be helped by an ageing population and growing affluence. However the report also suggests that given the recession and increasing competition, value growth will be difficult in the near future.
Laser correction is also mentioned as becoming mainstream and beginning to impact upon contact lens sales.