Philippines eyewear sales robust

Philippines eyewear sales have experienced robust growth so far in 2016, says Euromonitor.

Although not as strong as the CAGR over Euromonitor’s review period, eyewear sales grew by 6 per cent this year, helped by strong competition among well-established brands and stable economic conditions in the Philippines.

The competition is encouraging further promotional activities such as discount events to attract consumers, while the decline of some products slowed down the CAGR.

Fashion and a desire to improve health are driving consumption of eyewear.

“Current lifestyle and socioeconomic trends within the country are having a huge influence on the category,” says Euromonitor in its July report.

“The emerging optical goods stores are increasingly leaning towards modern ideas in order to target a younger consumer base with fashion-driven concepts. Increasingly image-conscious consumers are also affecting eyewear as they shift from one category to another.”

Euromonitor adds that advanced products and higher-priced brands are able to grow in 2016 since Filipinos’ incomes increased.

In terms of brands, international companies are dominating the market in 2016.

“The advanced technology offered by international players such as Essilor International, Luxottica Group and Novartis is generating stronger support from consumers. There is still very limited participation from local players in eyewear, as a lack of facilities and government support is making it difficult to establish a strong local brand”.