Consumer spending on optical goods and services is forecast to increase from £3.39m in 2019 to £3.84m by 2024, according to the Mintel Optical Goods Retailing report 2020.
The market insights company has predicted steady growth for the optical sector, which is being helped by an increasing, ageing population.
It highlighted that product innovation is aiding practitioners in offering added benefits from eyewear, such as tailor-made spectacles, quality varifocal lenses and more comfortable contact lens materials.
Mintel said that the sector is dominated by Specsavers, Vision Express and Boots Opticians, and highlighted that over 100 independents have joined the Hakim Group.
Online shopping was also noted by the market insights company with one in five consumers saying they shopped online through a specialist seller and 7% buying direct online from a manufacturer or a general online retailer.
Jane Westgarth, senior retail analyst at Mintel, said: ‘The long-awaited growth of online selling is becoming a reality. Shopping online for contact lenses can offer considerable savings, but none of the healthcare that an optician delivers, while online selling of glasses is beginning to benefit from digital developments that allow customers to visualise how they will look in their glasses.’
Spending on spectacles accounts for more than 61% of spend, while high-profile fashion brands are increasing demand for premium sunglasses, the report found.
Contact lenses make up 20% of consumer spend and are a growing market with 21% of wearers aged 25–34. However, Mintel added that contact lens use decreases with age as people opt for spectacles instead.
Discomfort was the main reason for opting out of contact lenses, with difficulties applying and removing them and price also highlighted by Mintel.
The report found that attendance for sight tests increases with age with 63% of 15–34 year olds having been to the opticians increasing to 87% for over 65s.
Readers who wish to purchase the full Mintel report can use the discount code Research15.