Organised Eyewear Market to Draw Business Worth ₹1700 Crore
India’s eyewear segment, once a near stagnant market, has today been converted into one of the fastest growing retail sectors in the country.in 2016, the Indian eyewear market was estimated to be around ₹8400 crore. Further, the sector is projected to gro
The organized eyewear market in India – although much smaller than the unorganized sector – is expected to draw ₹1700 crore of business over the next four years. Almost 80 percent of this market is for spectacles, while the remaining 20 percent are accounted by sunglasses.these figures shed light on the immense potential of the market for a brand like John Jacobs which – through its organized stores – is educating the consumer and bringing in the much-needed transparency that the eyewear industry lacks.
Tell us about the latest in the eyewear industry? Which is the fastest growing category?
The Indian eyewear industry is witnessing a renewed prominence across both the developing as well as developed economies. The increasing proliferation of advanced eyewear models in the former will
create a pathway for upgraded living standards, whereas, in advanced nations, the market is characterized by product innovations, exports, and increased productivity. Global demand of eyewear market will continue to be driven by spectacles, on grounds of the fact that spectacles covered 55 percent of the overall revenue in 2016. The onset of the third millennium has witnessed a plethora of trends and styles, eyeglasses being no exception. The global eyewear market has been experiencing a reinstatement of the yesteryears, which is evident from the changing consumer inclination toward round glasses, cat-eyed frames and asymmetrically structured sunglasses. Also, the gradual shift of eyewear as a tool of protection to fashion accessory has led to the industry constantly coming up with new styles and trends in sunglasses.
What are the challenges faced by the industry?
The primary challenge in the eyewear category is the lack of access to affordable eyewear. The price gap between unbranded and branded eyewear is substantially high due to opaque pricing and mark-ups.
Are Indians brand conscious in as far as eyewear is concerned?
India is changing, and consumers are starting to care about ‘modernized’ brands – stylish, premium, high-quality, yet sensible: one that resonates with their ‘smart quotient.’ The new age Indian consumer is confident, value-conscious and aware of global trends. The purchase decision is led by their mind, and not by wallet or potential show-off value.
What is the price range that Indians are comfortable with?
With increasing disposable income and reduced propensity to save, the urban Millennial is spending on exploring the latest in food and fashion from around the world. While the consumer behaviour varies with cities, the preferred price range for branded eyewear is in the range of ₹2,500 to ₹3,000. (source: Technopak Analysis)