In focus: The aging population and demand for luxury brands will support industry growth

The Eye Glasses and Contact Lens Stores industry in Canada sells eye glasses, contact lenses, sunglasses, safety eyewear and optical accessories. Over the past five years, the industry has benefited from favourable population demographics. The burgeoning elderly population has boosted the number of optometrist visits to address age-related eyesight issues, such as cataracts and glaucoma. As a result of this trend, more individuals have been conscious of changes to their eyesight prescriptions, thus driving consumer demand for prescription eyewear. Additionally, the industry has been slightly insulated from external competitors, such as online retailers that lack brick-and-mortar establishments...read more.

Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 13-18
4.7%
Forecast Growth 18-23
Profit
Employment
16,038
Businesses
1,732

Industry Threats & Opportunities

  • Consumer demand for luxury eyewear and more consumers visiting optometrists will boost revenue
  • Changes in consumer demographics are driving demand for optical goods
  • Operators will capitalize on rising consumer demand by increasing their retail presence
  • Industry Report - Industry Key Buyers Chapter

    The Eye Glasses and Contact Lens Stores industry in Canada is characterized by a low level of market share concentration. In 2018, the top four optical retailers are estimated to account for 38.1% of total industry revenue. Overall, the industry is highly fragmented, with many small optical retailers appealing to a market niche of consumers. For example, New Look Vision Group Inc. caters to individuals located in the Eastern Canada region, whereas Laurier Optical primarily appeals to consumers in Quebec and Ontario. Despite growing concentration among the industry's largest players, such as Luxottica Group S.p.A. (Luxottica), the industry has remained fragmented, given the high prevalence of small chain retailers and independently operated optical retailers...purchase to read more.

    Additional Insights for the Eye Glasses & Contact Lens Stores Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Eye Glasses & Contact Lens Stores Industry are

  • Ability to control stock on hand
  • Ability to franchise operations
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Consumer Confidence Index and Demand from optometrists in the Eye Glasses & Contact Lens Stores industry impact industry performance..

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    What's in this report

    What is the Eye Glasses & Contact Lens Stores Industry?

    Operators in this industry sell eye glasses, contact lenses, sunglasses, safety eyewear and optical accessories. These retail stores may also provide fitting and lens-processing services. This industry excludes the manufacture of lenses, online and mail-order retail of optical goods and sales at optometrists’ offices.

    Industry Products
  • Prescription eye glasses
  • Contact lenses
  • Nonprescription eyewear
  • Eye examinations
  • Other optical goods
  • Industry Activities
  • Prescription eyeglass retailing
  • Contact lens retailing
  • Sunglass retailing
  • Optical accessories retailing
  • In-house lens processing
  • Lens grinding
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Consumer Confidence Index
  • Demand from optometrists
  • Number of adults aged 65 and older
  • Total health expenditure

  • Current Performance
  • Regulatory framework
  • Demographics
  • Industry structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Limited competitors
  • Consumer demographics
  • Table: Eye Glasses & Contact Lens Stores Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Eye Glasses & Contact Lens Stores Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers in Canada

  • Key Selling Industries
  • Glasses & Contact Lens Manufacturing in Canada
  • Optometrists in Canada
  • Pharmacies & Drug Stores in Canada
  • Warehouse Clubs & Supercentres in Canada

  • Products & Services
  • Prescription eye glasses
  • Nonprescription eyewear
  • Contact lenses
  • Other optical goods
  • Eye examinations
  • Other
  • Chart: Eye Glasses & Contact Lens Stores Industry Products and Services Segmentation

  • Demand Determinants
  • Disposable income
  • Insurance benefits

  • Major Markets
  • Consumers aged 35 to 54
  • Consumers aged 65 and older
  • Consumers aged 55 to 64
  • Consumers aged 18 to 34
  • Consumers aged 17 and younger
  • Chart: Major Market Segmentation for the Eye Glasses & Contact Lens Stores Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesWagesRent and utilitiesDepreciation and other expenses
  • Chart: Cost Structure Benchmarking – Sector vs Eye Glasses & Contact Lens Stores

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Eye Glasses & Contact Lens Stores Industry

  • Industry Globalization
    Luxottica Group S.p.A., New Look Vision Group Inc.,
  • Table: Luxottica Group S.p.A. - financial performance
  • Table: New Look Vision Group Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Eye Glasses & Contact Lens Stores Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Eye Glasses & Contact Lens Stores Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • No. of adults aged 65 and over (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Autorefractor
  • A machine used in eye exams that measures how light is changed as it enters the eye.
  • Cataract Surgery
  • An eye surgery that involves removing all or part of the lens and replacing it with an intraocular lens implant.
  • Electronic Data Interchange (Edi)
  • The transmission of electronic documents between businesses from one computer system to another.
  • Optometrist
  • Individuals that earn a Doctor of Optometry degree, perform eye exams, write prescriptions and dispense eyewear.
  • Point-Of-Sale (Pos)
  • A system used at checkout in retail stores using computers and cash registers to capture transaction data at the time and place of sale.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Eye Glasses & Contact Lens Stores market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Eye Glasses & Contact Lens Stores:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Eye Glasses & Contact Lens Stores market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Eye Glasses & Contact Lens Stores, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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