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Economy positively influencing eye wear industry, survey finds
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The Vision Council is reporting that U.S. economic growth is filtering through to eye wear consumers.
According to the VisionWatch May 2014 Economic Situation Survey, the positive effect contrasts a previous October 2008 survey where the inferior economic state negatively affected the purchasing of optical services and goods.
The Vision Council reported that 24.8% of Americans increased general consumer purchases over the past year while 40.6% decreased them.
"For the eye wear industry, in particular, consumers are still less likely to slow their purchases of optical goods and services when compared to general retail goods," the press release said. "While only 14.9% of consumers have been increasing their purchases of eye wear over the past year as a result of economic changes, 22.4% of American adult consumers are decreasing their purchases of eye wear as a result of economic conditions in the U.S.
"The results of the May 2014 survey indicate that while purchasing activity for general retail goods is up sharply from 2009 to 2011 levels, purchasing activity for the optical industry is only up moderately in response to the recent improvements in the U.S. economy," it continued.
The survey determined that effects of the Affordable Care Act on the eye wear industry are minimal, with numerous consumers acknowledging that it is too early to measure.
As noted in the release, the survey found that the economy affects various optical services and products differently.
"The improving economy seems to have improved purchase intent for eye exams and refractive surgery, while on the other hand, the improving economy has not improved purchase intent as much for Rx eye glasses or over-the-counter readers purchases," the release said. "Contact lenses and Rx eyeglasses still continue to be a little more insulated from the recent good news of the spring months and, as such, purchase intent for glasses and contact lenses has not risen as much as it has for eye exams, plano sunglasses and/or refractive surgery."