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Optical industry in the United States grows 3.2% in annual average

The optical industry in the United States has grown 3.2% on an annual average since 2007, according to the specialized media Vision Mondey.

In general, competition in this sector is with mass merchandisers and warehouse club stores, specialty retail chains, and independent eyewear and opticians.

From a broader perspective, competition in the optical industry includes large national retailers such as LensCrafters, Pearle Vision, and Visionworks.

Online sellers of contact lenses and glasses are also participating.

The online sale of contact lenses has increased steadily, particularly since the passage of the Fair for Contact Lens Consumers Act.

The online sale of eyeglasses has not developed as quickly, but several companies are focusing on this market, including Warby Parker and Zenni Optical.

For National Vision Holdings, the steady growth of the optical industry and its resilience to economic cycles is due in large part to the medical, nondiscretionary, and recurring nature of eye care purchases.

Optical industry

According to Vision Monday, during the period from 2007 to 2019, the optical industry grew from $ 26 billion to $ 37 billion in annual sales, representing a compound annual growth rate of 3.2 percent.

The industry saw only a modest decline during the recession from 2008 to 2009 and rebounded with strong post-recession sales growth of 4.0% on average annually from 2009 to 2019, according to Vision Monday.

The United States optical retail industry, defined by Vision Monday, includes optical retailers’ revenue from product sales (also revenue from managed eye care benefits and e-commerce and omnichannel sales) and services from eye care provided by eye care professionals.

In particular, National Vision Holdings reaches its customers through a diverse portfolio of 1,205 retail stores across five brands and 19 consumer websites, with figures as of January 2, 2021.

 

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