Efforts taken by the Health Promotion Board and the major players in the country to make the eye care more affordable and accessible, increased incidences of Myopia and Presbyopia and premiumisation of eyewear products were the key driver of eyewear market growth in Singapore during the review period.
Eyewear market has always been an ever-growing market in Singapore. Major reason portrayed behind such a rising trend is the increasing optical prescriptions and the rising demand for branded sunglasses among the Singaporeans. Singaporeans are more brand conscious than price conscious. They are not reluctant in spending high for best products. This has made Singapore a highly potential market for high end glasses and frames. There also has been a huge demand for prescription glasses and contact lenses in Singapore from many years since it has the highest rate of myopia population in the world. A common trend that can be observed amongst the Singapore customers with regards to eyewear products is premiumisation. Owing to their rising disposable income and brand consciousness Singaporeans choose well-known and high end eyewear brands. Contact lens and spectacle lens manufacturers have been constantly improving their products to better cater to local consumers’ needs. The fashion conscious people of Singapore have been shifting towards the use of power contact lens to avoid frame marks on the face and other look issues.
In the recent years, the Health Promotion Board in partnership with optical shops and other major eyewear manufacturers has initiated to make eye care more accessible and affordable to the public. As a part of this effort they together have raised voucher funds, to offer subsidized lenses and frames to the myopia affected people. Such an effort aims at promoting the use of eyewear products in the country.
The report titled “Singapore Eyewear Market by Type (Spectacles & Contact Lenses), By Sunglasses and Eyeglasses and by Sales Channel – Outlook to 2021” by Ken Research suggested a positive CAGR in terms of revenue in eyewear market in the next 5 years till 2021.
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com