The market for eyewear in the Philippines is expected to see significant growth in current value terms in 2024, with sales rising in all three categories. This will be in the context of gradually improving economic conditions, including government efforts to contain inflation, which will encourage consumer spending.
Single-vision lenses remain the most popular choice for spectacles in the Philippines, although there has been a growing demand for bifocals and trifocals in recent years. Progressive (multifocal) lenses, which provide a seamless transition between different prescriptions, are also becoming more popular, thanks to the efforts of trained salespeople who are able to communicate the benefits of these products to their customers.
The eyewear market in the Philippines is characterised by the enduring strength of a few market leaders, including EO Executive Optical, Sunnies by Charlie, Essilor International, House of Branded Lifestyle Inc and Novartis. Together, these established players maintain a significant retail value share if overall eyewear, largely due to their widespread availability across the country, combined with an entrenched customer preference for testing and trialling eyewear products in physical stores.
The advent of aggressive e-commerce promotions, including bundle discounts, cashbacks, 'buy now, pay later' schemes, and free shipping, has substantially contributed to the growth of the e-commerce channel in the distribution of eyewear in the Philippines. Such tactics have made online shopping a more appealing and convenient alternative to traditional retail purchasing, thereby enticing an increasing number of consumers to embrace digital shopping platforms for their eyewear needs.
The market for eyewear in the Philippines will continue to expand in constant value terms (at 2024 prices) during the forecast period, supported by an improving economic outlook, population growth (especially amongst Millennials) and sustained urbanisation. Optical goods stores are anticipated to respond to these trends by expanding their respective product ranges, as well as growing their physical store networks, especially in emerging urban areas.
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Eyewear
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.
See All of Our DefinitionsThis report originates from Passport, our Eyewear research and analysis database.
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