The eyewear market in India is growing at a fast pace. Once a stagnant industry, now it is one of the fastest growing retail sectors. Technological advancement and increasing demand for sunglasses & opticals have contributed to this significantly. The customers are becoming style conscious and do not wish to comprise with their style statement. Since eyewear is an essential add-on these days, customers wish to pick the best pair for themselves that can highlight their style quotient. This is another major reason that has contributed to the growth of eyewear market at a fast pace.
As per the report released by Euromonitor International eyewear in India registered double digit growth in 2018 due to rising fashion and health conscious consumers, especially in urban areas. In fact, in last couple of years, we have seen many start-ups marking their debut in this segment. For example, The Monk is the latest entrant which is started by Keshav Kalra who is designer and CEO of the brand. The Monk is world’s first invite only brand and a first where an optician is stepping into the manufacturing and brand realm.
Speaking on concept inception and current distribution, Kalra said, “Born and brought up in a family of hardworking opticians, I always had a strong penchant for eyewear. In terms of distribution, we are targeting to be PAN India by the end of next year in the offline space being available with The Top Store In every state that serves as our Ambassador Store hosting our Kind designs.”
No doubt, eyewear is a booming industry. Based on Euromonitor International study following are the trends ruling Indian eyewear segment:
Less penetration in rural areas
Though the eyewear industry is evolving overall due to rising fashion and health conscious consumers, especially in urban areas, supported the sales of spectacles, contact lenses and sunglasses. However, large unpenetrated areas in smaller towns and rural areas continued due to lack of consumer awareness about eye health.
Eyewear segment remains fragmented
Since small towns and rural areas are still unexplored by the establish players hence this segment remain fragmented. This is also due to the large presence of regional companies and availability of unbranded products at much lower price points in such areas.
Department stores and Internet retailing driving sales
Today customers are fashion conscious and are aware of latest fashion trends further giving huge impetus to the retailers. Customers now like to experiment a lot. Thus, optical shops continue to generate the highest value sales of eyewear.
Eyewear to register double digit growth
Indian eyewear industry is expected to register double-digit value growth over the forecast period due to favourable economic conditions and rising number of fashion conscious consumers. The increasing number of households generating annual disposable income of over USD1,000 and USD5,000 is expected to increase over the forecast period.