The optical market has changed tremendously in the last few years. Glasses play an important part of our every day lives. Glasses are multi-functional. The obvious one is that they protect our eyes from sun-damage or projectiles, which is a basis point compared to what’s really driving the market. Consumers are increasingly demanding more glasses not to improve their eyesight or protect their eyes. In fact, consumers are dishing out for the sake of fashion sense. In fact, the great majority of the eye wear industry revenue is generated from the sale of what they call fashion eye wear. This entails many brand name sunglasses, like the very popular brand: Raybans.
In Canada alone, IBIS World reports that there is nearly 1200 different businesses across the country that selling eye wear. These businesses employ as of August 2017, an approximate 20,189 Canadians. Furthermore, the industry is reported to have a revenue on 2 billion dollars on a yearly basis. This figure is expected to grow at an annualized rate of 5.5%, with millennials now entering the work force and increasing their purchases of consumer products.
This presents itself as a great opportunity for students to grasp. The outlook for the industry seems overwhelmingly positive and could offer great job opportunities for students of British Columbia and other provinces. Whether in be in the sales department, or as a optometrist. The eye wear industry is booming.
Furthermore, this trend in eye wear could propel some into entrepreneurship. Many have heard of Luxottica, a company in Italy which is responsible for 80% of the industries revenue. However, Thomas Woodman Choo (CEO of Midascreatives), mentions in his article that there is enough space for small to medium business to thrive in this booming industry. Businesses have the opportunity to create new eye wear designs that will set them apart from the other brands. While others may choose to serve a smaller segment of the market which demands glasses for gaming.
Futhermore, the market is also observing a shift from brick-and-mortar store to online stores. Believe it or not, some stores are even selling prescription eyeglasses online! This can be good for people who already know their prescription strength.
If you have any questions about what kind of jobs or career path you could take in the eye-wear industry, feel free to send me a message. If you have any comments or questions, you can use the comment box below.
So readers, will take on the eye wear industry?