GLOBAL AGING AND RAPID POPULATION GROWTH MASSIVELY AFFECTING EYEWEAR TRENDS
According to data published by Euromonitor International, the world's leading independent provider of strategic market research, ageing and a rapidly growing worldwide population are two of the most important global demographic factors impacting the eyewear industry.
As of 2017, 29% of the world’s population is aged 45 or above, a percentage which is forecasted to increase to 33% by 2030. 45+ is the average onset age of presbyopia, also known as long-sightedness, and according to Euromonitor, by 2030, more than 2.6 billion people will require a presbyopia-related eyecare solution of some kind.
Jorge Martin of Euromonitor International believes that such a significant increase opens up a major market opportunity of almost 500 million consumers around the world. Nevertheless, industry players still face challenges when it comes to low usage among consumers aged 65 and above, due to lack of consumer awareness regarding the benefits of contact lenses.
Low professional encouragement for elderly consumers to experiment with these types of products is also attributed as a challenging factor, while it is suggested that more material innovation will aid in overcoming this perception among older consumers and opticians in the long run.
Courtesy: Jorge Martin