The eyewear market - Italy (2023)

1.2 The global market

The global eyewear market is growing significantly due to the presence of various factors, including: evolving fashion trends, increasing consumer awareness of eye health, and the adoption of luxury accessories, particularly among millennials. The global eyewear market was valued at US$***.* billion in **** and is expected to reach US$***.* billion in ****, with a CAGR of*.* percent.

Global eyewear market evolution World, ****-****, US$ billion Grand View Research From a regional perspective, Europe dominated the market in ****, accounting for nearly ** percent of global sales. This value is due to the growing demand for eyewear such as sunglasses, colored contact lenses, and frames ...

1.3 The Italian market

The **** industry pre-consensus, presented at the MIDO trade show, attests to an Italian optical market production of *.** billion euros, registering a ** percent growth over ****. The total balance of Italian manufacturers includes *** companies employing **,*** people.

Since more recent data regarding the local optical market is not available, the value of the domestic market is constructed on the data analysis carried out by MIDO in ****. As can be seen from the table below, the market grew in percentage terms by *.* points from ****. This is an extremely positive figure when analyzing the last three years, where a steady growth can be seen. Only in ...

1.4 Imports and exports

Foreign trade is characterized by a preponderance of exports over imports. This results in overall market welfare, which has declined slightly in **** (***). Specifically, it is noted that the growth from **** to **** of exports is ** percent; taking into consideration the same time range, it is evident how the value of imports remained almost unchanged, registering an increase of ** percent. Imports, exports and coverage rate: optics market Italy, ****-****, US$ UNComtrade The main consumer countries of Italian products in the optics market are the United States (***). Considering the two main segments of the industry (***). In America, the share of Italian eyewear exports in ...

1.5 Impact of COVID-19

In **** , there were signs of a slowdown in global exports , as well as the attestation of a worrisome employment situation, portending a possible contraction related to the performance of some specific companies. With the release of Covid-**, the eyewear sector loses its main international trade show, MIDO, which is postponed for ****. Despite the possibility of staying open (***), many companies had to resort to layoffs. This situation had a decidedly negative impact on production in January and February ****. It is also recorded that during the lockdown months the opticians who decided to stay open were mostly dealing with urgent care.[***]

ANFAO

With ...

1.6 The Russian-Ukrainian conflict

The Russian-Ukrainian conflict has suddenly changed the global economic outlook, which was already greatly shaken by uncertainty related to new variants of the Covid-** virus. While the global economy is unabated in its search for a new equilibrium after two years of the pandemic, the attack is bringing the two states involved in the conflict to their knees, creating significant strains on commodity-related costs ; this leads to a blockage of trade lines, as well as the introduction of great uncertainty weighing on households and businesses about future prospects. On a general level, Russia is not one of the most decisive players ...

2.1 Overview of demand

The eyewear industry has numerous sub-segments, a relevant distinction in demand analysis is based on the purpose of eyewear:

Non-corrective use (***) Correctiveuse (***)

Corrective eyewear (***) made up more than four-fifths of the Italian market. However, sunglasses constituted the second largest independent segment. The breakdown of sales by product type is shown below; the data analyzed are from ****, the last year available for this market.

Specifically, we see that nearly ** percent of the market is composed of purchases related to ophthalmic lenses(***). As for contact lenses and sunglasses, these account for the smallest share of turnover: **.* percent for the former and **.* percent for ...

2.2 Determinants of demand

Corrective eyeglasses

Population and visual defects

Specifically, within the glasses sub-segment, undoubtedly the number of Italians with optical deficiencies is a determining variable. There are about ** million myopic people in Italy, and the problem is sharply increasing, registering the highest number of cases among the very young, where more than * out of ** children, already at the age of **, are affected. The main cause can be found in the many hours spent in front of electronic devices, such as cell phones, PCs or tablets. According to WHO, there are *** million visually disabled people in the world, of whom *** million are visually impaired ...

2.3 Cyclic question: sunglasses

The graph represents the proportion of searches for a given term in a given region during a given time period, compared to when it was searched for the most (***).

Thus, a value of ** means that the keyword was used less often in the region concerned, and a value of * means that there is not enough data for this keyword.

In the past ** months in Italy, the search for the keyword "sunglasses" is intensely driven by seasonality. Google search for the product is extremely popular between the months of May and August, roughly corresponding to the summer season.

Searches for the term ...

2.4 Geographical distribution of demand

As for the distribution of the expenditure item for optical items, it can be seen that the highest value is in the North, followed by the Center and the South.

3.1 Market organization and dynamics

The Italian eyewear market is the flagship for the domestic economic sector, for reasons that can be traced back to the historical past and the industrial present. Half of the licensed manufacturers are in Italy, thus covering ** percent of the world license production and ** percent of the world market.[***]

The number of active enterprises between **** and **** is shown below; specifically, there is a percentage reduction in the value of active enterprises in the sector by **.* percent.

Enterprises active in the manufacture of spectacle armatures of all types, mass-produced frames of common spectacles Italy, **** - ****, number of units Istat The most highly ...

3.2 Value Chain

The value chain of the analyzed market takes in various players, from the production of materials to the sale of finished products.

Material suppliers: this first stage involves companies that produce primary materials for optical lens production, such as glass, plastic, and anti-reflective coatings. Lens production: lenses are manufactured using the materials mentioned earlier; lenses can be optical or ophthalmic, for prescription glasses or sunglass lenses. Lens fitting: the lenses, then, are placed in the frames; these can vary from prescription eyeglasses to sunglasses. Distribution: the frames are distributed to retailers, optical stores and, increasingly, through online trade channels. Retail: the ...

3.3 Distribution channels

Before getting into the details of how the product is distributed, it is essential to note that there is a distinction between the distribution of prescription eyeglasses and that of sunglasses; in fact, the latter are perceived as a fashion product and therefore require less specialized assistance at the time of purchase. This differentiation greatly affects the distribution methods, as sunglasses can also be found, therefore, in outlets related to the world of fashion and clothing.[***]

Online Channels

Recent years have seen an increase in channels related to online distribution, with consumers showing increasing confidence and familiarity with buying eyewear online.[***] ...

3.4 Made-in-Italy conquers the eyewear industry

Both the global and domestic markets are governed by an oligopoly in two specific product categories: lenses and frames. Essilor dominates contact lens production with a ** percent market share globally, while Luxottica owns ** percent of the global optical frames market[***].

The production of high-end eyewear is essentially in the hands of five players, four of whom are Italian. The organizational model revolves around patents; therefore, the following companies produce on behalf of some of the big luxury brands in the world. For years the hierarchy has been as follows (***)[***]

Luxottica: Italian multinational company that owns the famous Personal and Ray Ban ...

3.5 The industry giant: EssilorLuxottica

Luxottica

Luxottica is a giant in the eyewear industry, with a dominant position that looks set to last for the foreseeable future; despite a generally positive picture, the **** market closed with a *.** percent decline . This is driven by the slowdown in the fourth quarter, with revenues, however, up *.*% thanks to good results in France, Italy, Spain, the United Kingdom, and the Scandinavian countries. In North America , revenues were up *.* percent from the previous quarter. Slowing down was e-commerce, which posted * percent growth, with online sales accounting for only * percent of total revenues.[***]

The company began with humble beginnings in an Italian ...

4.1 The offer

Sales

Category segmentation identifies three major sectors within the eyewear industry:

Eyewear (***) Sunglasses Contact lenses

Sales value of the eyewear market, by category Italy, ****, in % ANFAO

Sunglasses classification

Analyzing the sunglasses segment, it is possible to define the different characteristics of the product, dividing it into various categories:

Category *: These lenses have minimal gradation. Protection from light and glare is almost non-existent. Category *:are lenses with sun protection, suitable only when the sky is overcast or on cloudy days. Category *-*: are the most common and best suited for most light conditions, with protection between **% and **%. Category *:these lenses allow a ...

4.2 Prices

The average price of eyewear, over the past decade, has been particularly fluctuating. Forecasts, until ****, estimate a steady increase in the average price, until it reaches €**.**, always lower than the peak reached in **** when the average price was €**.**. Prices are very different within the different product categories of the eyewear industry. Undoubtedly, products whose functional and conceptual significance is intended to last longer have higher prices than products whose use is limited.

Temporal evolution of the average price of sunglasses and prescription frames Italy, ****-****, in € Source: ****

Price segmentation: high, medium, low end

A classification of eyewear based on brand image ...

4.3 Supply trends

Current trends are making the coming eyewear season characterized by conscious innovation, the search for sustainable beauty, modern vintage and visionary minimalism. Details, colors, materials and shapes, the eyewear of the **** season will be revolutionary. The trends in the offering are divided into three basic macro trends:

Design-Wise: products made with meaning under the banner of sustainable innovation; the color palette is harmonious, expressing stillness through the colors of nature, tending toward pastel. The style revolves around maxi-minimal, there is a strong presence of basic monochrome, simple but novel geometries express purity and serenity. The design is visionary, there is a ...

5.1 Regulations on the sale of all categories of eyeglass products

Because of the special nature of the product categories, all eyewear, whether worn for corrective or noncorrective purposes, is subject to specific and strict regulation at the national and international levels.

In Italy the distinction is between:

*Medical devices, which include frames and ophthalmic lenses.

Commercial sale is regulated by D. Lgs. no. **/** and the Ministry of Health Decree **/**/**. Customer information is specified by EN ***** in addition to the Ministry of Health decree.

*Personal protective equipment, which includes sunglasses, which are used for protection from the sun.

All aspects (***) are regulated by EU ****/***

In April ****, the new EU Regulation ...

5.2 Bonus View

Since April **, ****, the web platform to apply for the sight bonus, which provides a financial contribution for the purchase of prescription eyeglasses and corrective contact lenses, has been activated. The subsidy was introduced by Law No. *** of December **, ****, and is disbursed for those who meet the requirements established in the Decree of the Minister of Health of October **, **** (***).

Beneficiaries

The subsidy is designed for citizens with ISEE not exceeding ** thousand euros and is aimed at supporting expenses concerning eye health protection, also in view of the economic difficulties resulting from the pandemic emergency. It is expected that the bonus can be ...

6.1 Market segmentation

• Safilo Group
• Oftalmica Galileo
• De Rigo
• Carl Zeiss Group
• Essilor Luxottica groupe
• Marcolin (LVMH Groupe)
• Kering Eyewear