Sales of eyewear tackled the slump of 2020 as customers’ pent-up demand boosted the industry’s overall turnover to record highs in 2021. The beginning of this year indicates that sales are levelling off and the costs of raw materials and logistics are increasing.
The total eyewear retail market amounted to EUR 89.9 million in the first quarter of this year. This exceeds the corresponding figure of the previous year by 3.4%. The development fell slightly short of the general development of speciality goods trade (+3,5%) and was well below the overall development of trade. The total wholesale of eyewear amounted to EUR 31.5 million, which represents a growth of 14.8%. At the beginning of the year, the turnover of wholesale trade reflected the price pressures caused by raw material and logistics costs, which did not yet impact retail in the same proportion.
In 2021, the total value of the eyewear market was EUR 574.2 million. The turnover was the highest recorded, and the growth amounted to 18.9% compared to the previous year. Retail made up the largest share of the overall market, and its turnover grew by 17.3%.
“This exceptional growth is explained by the coronavirus year 2020, which was tough for the industry and saw retail plummet by as much as 11.2%. Now sales are up, which is a good thing because it restores our faith in the future that was slightly shaken at times”, says Panu Tast, CEO of the Finnish Association Of Vision And Eyecare.
In retail trade, sales grew in all product groups. The product group with the largest turnover of EUR 139.2 million was spectacle lenses, while the corresponding figure in the previous year was EUR 130.6 million. The number of lenses sold reached 1.1 million.
The volume of online retail sales has grown steadily. 16.3% of retail sales took place online, and the volume of online sales is predicted to grow to 24.7% by 2025.
“Up to now, the industry’s online sales have concentrated on contact lenses. In Finland, about half of the sales of contact lenses take place online. The strong growth forecast of online sales suggests that due to technological developments, the online sales of glasses is on the verge of a breakthrough”, Tast estimates.
In 2021, the optician network consisted of 687 opticians’ shops and eye specialist clinics and eye laboratories operating in their connection. The number of shops was reduced by 5 compared to the previous year. Slightly over 70% of the shops were chain stores.
Additional information:
Panu Tast, CEO, Finnish Association Of Vision And Eyecare, +358 (0) 40 5422 227, panu.tast@naery.fi
