Data & Insights in Eyewear in North America: Part 1
Author: Dr. Alan Ulsifer
This month, FYinsights is releasing new data and insights relating to eyewear trends in North America, offering a closer look at consumer preferences when it comes to choosing optical retailers. We will also explore how the optical market can be segmented into consumer profiles, providing valuable insights which enables retailers to gain a greater understanding of their patients/customers and better meet their needs.
The reality of eyewear in North America
Source: The Vision Council (2023)
While analyzing the optical retail market allows us to measure the industry’s success and identify potential growth opportunities, understanding the factors consumers consider when selecting their optical retailers provides us with more in-depth insights on how to drive long-term success.
Optical Retailer Selection Factors – most important features
- Accepts my insurance 12.5%
- Has high quality Optometrists/Opticians 11.5%
- Has good quality eyewear 11.3%
…..
6. Has the lowest prices for glasses 7.7%
13. Has a great selection of designer brands 2.8%
Source: McKinsey
REALITY CHECK!
- People would not care if 75% of brands disappeared
- 71% of people are tired of brand’s empty promises
- Less than half of brands (47%) are seen as trustworthy
THERE IS MORE …
- 55% of people are looking for a differentiated service that allows them to express their individuality (especially younger generations)
- 77% of people expect brands to show support to people in crisis
- 66% of people want more meaningful experiences with brands
Source: HAVAS Meaningful Brands Study, 2021
We, as optometrists, must prioritize building trust with our patients to foster lasting relationships. A key component of building trust is consistently delivering on promises while creating meaningful experiences. As eye care professionals, we can accomplish this by providing comprehensive eye exams, accurate diagnoses, and treatment options, as well as ensuring there is open communication between the doctor and the patient throughout their journey. Cultivating these relationships allows patients to feel confident in the care they are receiving which makes them more likely to return for future eyecare needs. Ultimately, this translates to long-term success.
The optical market can be segmented into five consumer profiles, with Savvy Shopper and Budget Conscious being more value oriented.
Source: L Catterton FYI Consumer Survey, May 2024
We asked eyeglass purchasers to self-identify to one of five consumer segments. Although independent doctor offices lead in recent purchases, approximately 5-10% of eyeglass purchasers self-identify as being primarily ‘doctor driven.’ This is significantly less than the 30-40% of eyeglass purchasers who identify as being a ‘Savvy Shopper.’ Optometrist doctors play a crucial role across all channels, and it’s essential for clinics to prioritize delivering exceptional service and care to patients. For independent doctor offices, this includes elevating the quality of service provided to ensure every aspect of the patient experience reflects a commitment to excellence. Additionally, it’s important to offer a diverse product range that accommodates various budgets, ensuring that all patients feel their needs are both understood and met.
When shopping for eyewear, consumers place the highest importance on quality and style, followed by price.
They want to ensure their eyewear is not only durable and reliable, but fashionable as well to complement their personal style while being versatile enough for daily wear. While affordability remains a key consideration, consumers also prioritize comfort and fit, seeking eyewear that feels as good as it looks. Other factors to consider include functionality and performance, as well as the reputation of the brand. In today’s optical retail market, providing exceptional customer service and offering eyewear that blends high quality materials with stylish design is what will truly make you stand out.