Eye Glasses and Contact Lens Stores in Canada Industry Market Research Report from IBISWorld Has Been Updated

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Strong consumer demand for luxury eyewear, coupled with more consumers visiting optometrists and more individuals being wary of prescription changes, will support revenue growth over the next five years. For this reason, industry research firm IBISWorld has updated a report on the Eye Glasses and Contact Lens Stores industry in its growing industry report collection.

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The industry will continue to grow due to favourable population demographics

Over the past five years, the Eye Glasses and Contact Lens Stores industry has benefited from favourable population demographics. For example, the burgeoning elderly population has boosted the number of optometrist visits to address age-related eyesight issues, such as cataracts and glaucoma. As a result of this trend, more individuals have been conscious of changes to their eyesight prescriptions, thus prompting consumer demand for prescription eyewear. According to IBISWorld Industry Anaylst Sarah Turk, “changing fashion trends have hastened many consumers' replacement cycle and caused a shift toward high-margin, luxury eyewear.” Furthermore, dispensing prescription glasses is highly regulated, due to prescription glasses and contact lenses being considered medical devices in all provinces but British Columbia.

As a result, the industry has been slightly insulated from external competitors, such as online retailers that lack brick-and-mortar establishments. Additionally, in many provinces and territories, only optometrists and opticians were able to dispense prescription eyewear to consumers. As a result, it has been arduous for online retailers to comply with Canadian regulations, which has enabled industry operators to cater to most of the country's eyewear demand, bolstering industry revenue. During the five years to 2015, industry revenue is expected to grow. However, profit is anticipated to decrease in 2015, due to volatile input commodity prices (i.e. crude oil) translating to high purchase prices for plastic sunglasses from manufacturers.

During the five years to 2020, industry revenue is forecast to grow, due to growing demand for prescription eyewear from the rapidly aging population. “Also, competing retailers, particularly online optical retailers, will continue to face significant regulatory hurdles,” says Turk. As a result, the industry will likely continue to garner high sales volumes. Strong consumer demand for luxury eyewear, coupled with more consumers visiting optometrists (IBISWorld report 62132CA) and more individuals being wary of prescription changes, will support revenue growth over the next five years.

For more information, visit IBISWorld’s Eye Glasses and Contact Lens Stores in Canada industry report page.

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IBISWorld industry Report Key Topics

The Eye Glasses and Contact Lens Stores industry sells eye glasses, contact lenses, sunglasses, safety eyewear and optical accessories. These retail stores may also provide fitting and lens processing services. This industry excludes the manufacture of lenses, online and mail-order retail of optical goods and sales at optometrist doctors' offices.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US and Canadian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

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Gavin Smith
IBISWorld Inc.
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