Due to the rigid demand attribute of glasses related products, the glasses market has rapidly recovered after the national epidemic has been basically controlled. In 2020, the market scale of China’s glasses products is basically the same as that of the previous year, with a market scale of more than 80 billion yuan. As the core carrier of glasses’ functional attributes, lenses occupy a very important position in the composition of glasses products. In 2020, the retail market scale of glasses and lenses in China will be 30.8 billion yuan. In the next 3-5 years, under the dual influence of delayed release of purchase demand and continued consumption upgrading, the scale of lens market is expected to maintain a medium and high-speed growth trend. It is expected that the scale of China’s lens retail market will exceed 40 billion yuan in 2024.
The industry concentration in the sales of China’s lens market is high. The sales of leading enterprises account for 85% of the total industry. Yishilu, Carl Zeiss, Wanxin and Mingyue rank the top four respectively, and international brands still occupy an advantage; Compared with sales, the distribution of sales volume in China’s lens market is more scattered. Wanxin’s sales volume is in the lead, followed by Mingyue. Small and medium-sized enterprises other than leading enterprises contribute 32% of sales volume. With the continuous improvement of Chinese residents’ income level and the continuous promotion of consumption upgrading, the living space of small and medium-sized enterprises is squeezed, the lens market concentration will be further improved, and China’s head brands will usher in a good opportunity to rise.
Chain glasses retail stores are still the preferred channel for consumers to buy glasses and lenses, and the proportion of choosing hospital ophthalmology, ophthalmology clinic or optometry center has increased rapidly, more than 20%, reflecting consumers\’ attention to the professionalism of fitting services. Consumers believe that the price of glasses is reasonable in the range of 300-800 yuan. Most consumers have 1-2 pairs of glasses, and nearly 70% of them have been replaced for more than 1.5 years. According to the research on the recycling of glasses products, we believe that the most appropriate “glasses life cycle” should not exceed 1.5 years.
The epidemic situation is sporadic and repeated, and it can be predicted that it will coexist with the epidemic situation for a long time in the future. All parties in the industry should actively explore new forms of online retail and create an Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated business model. In addition, the retail side should take improving professionalism as the core priority, and actively strengthen the investment and training of equipment, personnel, products and processes, so as to cope with the rapid expansion of optometry business in ophthalmic hospitals and optometry clinics and the changing trend of consumer channel selection. On the other hand, consumers\’ demand for functional lenses is becoming stronger and stronger, which further promotes the transformation and upgrading of glasses production end. Functional lenses are expected to occupy a dominant position in the lens Market in the future. The upsurge of domestic products in recent years also gives practitioners the opportunity to correct consumers\’ cognition of domestic spectacle lens brand and quality. All parties should further strengthen market education, strive to eliminate the cognitive misunderstanding of “profiteering” and cultivate consumers\’ brand confidence in Chinese products.
