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

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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)

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