Massive growth of China’s optical market a real eye-opener

HONG KONG - The Guangzhou International Optics Fair has highlighted the huge potential of the Mainland eyewear market, with the existing number of online and offline retailers unlikely to be able to meet growing demand predicted over the next three years, according to a HKTDC research report.

It quotes chyxx.com, the website of the Industrial Information Network, as saying the Mainland eyewear sector will be worth more than RMB113.147 billion (US$16.3 billion) by 2019. It is currently valued at around RMB80 billion, with a total market of more than 800 million people who need some form of vision correction.

The success of the Internet Plus strategy – a combination of off- and online offerings – has given consumers a far greater choice of eyewear than ever before, while also introducing a new level of transparency to pricing, the report says.

“In a change to previous practices, many Mainland consumers now own more than one pair of spectacles, with different glasses favoured for working, reading, socialising, travelling and outdoor activities.

“According to the same statistics, even the combination of the current level of e-commerce operators and traditional retailers will not be enough to meet future Mainland demand for prescription eyeglasses. There remains huge potential for new entrants to the sector, the report says.  www.research.hktdc.com (ATI).