The New Vision For The Optical Industry

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: Fashion accessories in India are currently enjoying a quiet boom, as consumers try to become a little more different from each other. There is an overall trend towards westernisation influenced by the availability of international products and spurred by satellite television. With growing consumer awareness about global fashion brands, coupled with rapidly growing income levels, the Indian consumers’ demand for high quality premium branded products has increased. The marketability of fashion accessories is becoming increasingly noticeable. As consumers’ need for fashion accessories become more and more individualised, the market is changing towards a large number of different products & towards a short product cycle.

In the eyewear industry, it is estimated that 35 per cent of India’s population, i.e. approximately 350 million people, are in need of vision correction, which may be done by surgery, laser therapy, spectacles or contact lenses. However, only about 25% of people have their vision corrected i.e. 87.5 million people. Approximately 94 per cent of these wear spectacles, 6% wear contact lenses and 2.5% wear both. The eyewear industry is broadly divided into three categories: eyewear (Sunglasses/Frames), vision care (Contact lenses) and others (Surgical/Healthcare).

In India, eyewear is at the forefront compared to the global markets where vision care has a strong presence. A near stagnant market has been converted into one of the fastest growing industries recording a 20% growth annually. Nevertheless, in global terms the industry in India remains underdeveloped even today. The Indian markets account for about 1% of the world’s consumption.

Spectacles and sunglasses are used by over 1/3rd of India’s population & a wide range is available to cater to the vanity of the consumers. With the incre-ase in the level of the self-awar-eness among the consumers, the emphasis is more on the look of the glasses and the ima-ge the customer seeks to create. There has been a noticeable shift in consumer purchases for eyewear from form and function to form and fashion.

In past few years, the awareness of consumer towards branded eyewear products and eye care have been increasing and people are ready to spend on premium brands. In fact sunglasses are now being looked at, more as a fashion device rather than a protective device with the entry of international brands like Ray Ban, Benetton, Gucci, Police etc.