IMPACT OF COVID ON EYEWEAR INDUSTRY
Overview Of The Eyewear Market
The global eyewear market size is expected to reach USD 178.95 Billion by 2026; owing to increasing cases of deteriorating eye health and the trendsetting launch of eyewear products by manufacturers across the globe. It is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028.
COVID-19 Crisis To Surge Exponential Demand
- The business is predicted to see a boom shortly as a result of the mayhem caused by Coronavirus, COVID-19. Several government agencies have declared a state of emergency to stem the spread of the global pandemic, which is leading to increased screen time for those confined to their homes.
- Furthermore, digital overload is wreaking havoc on people's eyes, prompting them to seek out glasses that shield them from harmful blue light.
- Due to COVID-19, there has been a significant increase in the preference for buying eyewear across online networks. Significant improvements in the e-commerce supply chain and the growing confidence of customers regarding online transactions have further strengthened the growth in this segment. Several online players are now offering improved shopping experiences to users by leveraging advanced technologies in their applications.
- Furthermore, the rising popularity of targeted advertising, as well as mandatory lockdowns imposed by governments in several countries in response to the rapid spread of Coronavirus disease (COVID-19), are aiding market growth in the online segment.
Revolution Of Eyewear Industry During COVID
- The spread of the Corona Virus has brought the whole planet to a halt.
- The Corona crisis has wreaked havoc on economies, consumers, employees, and laborers, and has had a devastating impact on every aspect of life; it is one of the most difficult challenges the world has ever faced.
- No doubt, it has shaken eyewear businesses unprecedentedly and has turned the lives of startup owners upside down. According to Business Insider, “there is a chance of a “Startup Depression,” in which new firms do not enter the labor market as a result of the pandemic.”
- Yeah, now is the perfect time for the eyewear industry to turn CHALLENGES into OPPORTUNITIES.
- No doubt, this lockdown has thrown a lot of opportunities for online players for essential products and services.
- And among these, one of the most essential eye care products is EYEGLASSES.
- One can’t compromise life chores without a pair of eyeglasses. Moreover, the lockdown and work from home culture have grown usage of digital devices in a significant manner, resulting in EYE DISORDERS and rising need for eyewear.
- The eyewear industry has a lot of room to expand. Players in the eyewear industry are ensuring that vital eyeglasses meet those in need while also considering health and transitioning to the ONLINE OPERATIONS model. The eyewear industry has gained enormous growth in the past years. Remarkable opportunities are available in the eyewear sector.
- With the spread of Coronavirus, eyewear businesses have also got impacted in terms of low sales and low footfalls, but the players are trying hard to come up with new ways to keep their business running.
- Providing essential eyewear to the customers, while facing the industry challenges due to the Corona crisis, is not an easy task but the companies are going the extra mile to minimize the disruption caused by COVID-19 and converting challenges into revenue opportunities by making the right strategies.
- Yes, we may conclude that the Eyewear Industry is aware of the fact that when it comes to opportunities, never let a challenge go to waste.