Vision correction industry sales revenue increases in second quarter
The vision correction industry produced $10.7 billion in sales revenue in the second quarter of 2021, a marked increase from a year ago.
This represents a 102.8% increase from the second quarter of 2020 and a 3.3% increase from the second quarter of 2019. Increased spending from existing vision correction users as well as rising prices in the industry contributed to the revenue growth, according to a report from the Vision Council’s VisionWatch report.
“Eye wear sales, both in unit and dollar terms, increased considerably in the first half of 2021 as consumers returned to the optical marketplace in record numbers,” Steve Kodey, senior director of industry research at the Vision Council, said in a press release from the Vision Council. “Bolstered by declining COVID-19 cases in the U.S., consumers flush with disposable income from government stimulus spending helped to grow first and second quarter 2021 eye exams and eye wear sales.”
A 31.3% increase in online eye wear sales, which generated $3.75 billion of sales revenue, and a 53.4% increase of online eyeglass unit sales were also observed during the year-ending period June 2021.
As previously reported by Healio, this year’s increase in sales revenue for the vision correction industry may be indicative of growth trends first observed in late 2020.
The report also indicated that the use of managed vision care coverage continues to increase and is currently at 76% (90.2 million) of all adult eye exams conducted and 61% (50.1 million pairs) of frames purchased.