Eyeglasses are simple optical devices made to correct vision or protect the eyes, consisting of lenses and frames. Eyeglasses are both a tool for eye protection and a cosmetic ornament. China's huge eyeglasses market and huge growth potential, China's eyeglasses industry sales revenue is expected to reach 54.7 billion yuan in 2022, the future of the industry mergers and acquisitions will increase, companies are exploring online and offline interactive business model.
The current situation of glasses retail industry
1, glasses retail to chain development
Before the 1980s, China did not have a strict sense of the glasses retail market; the end of the 80s and the early 90s, China's optical store structure, mainly state-run stores, private stores in the embryonic state, the main sales of optical stores for the products of the glass lenses and a single style, the material of ordinary frames. The main products sold in the optical shops were glass lenses and frames with single style and common material. With the application of metal titanium frames and resin lenses, new technology and marketing techniques drove the development of optical retail stores.
In the mid-1990s, the optical industry entered a period of rapid growth. During this period, some eyeglasses stores that valued reputation gradually developed and grew in the competition, and developed and grew from a single store to a large regional or cross-regional chain store. Nowadays, domestic optical chain enterprises such as Baodao Optical also make their own efforts, the scale gradually grows, the industry echelon is gradually formed, and brand enterprises begin to emerge. So far, the domestic optical retail stores with a certain scale have been located in large and medium-sized cities across the country, and towards the direction of modern marketing, chain management.
2, diversified retail business is forming
With the rising disposable income of the residents, consumers' consumption ability has been enhanced, and the consumer psychology is becoming more mature, the consumer demand for glasses is developing in the direction of diversification and personalization. Therefore, to y explore the consumption preference of specific groups and segment the consumer market has become the new trend of optical retail: there are middle and high-end optical chain brands to meet the personalized needs of middle and high-end consumers, as well as price-oriented affordable optical supermarkets to stimulate low-end consumption; there are eye hospitals and other professional medical vision health care institutions, as well as fast-fashion optical stores to encourage one person to have multiple lenses.
3. Foreign enterprises enter the domestic optical retail market
Given that China's optical market has a large potential for development, some foreign optical retail giants are actively expanding the domestic market. With strong capital, multinational eyeglasses companies have rushed into the Chinese market through investment and acquisition, etc. In 2005, HALInvestments Asia B.V., a Dutch eyeglasses investment company, acquired 78% of the shares of Shanghai's long-established Red Star Optical Company with 214 million RMB, which has 49 directly-managed stores and 64 franchised chain stores in China. In July 2005, Luxottica acquired Beijing Xueliang Optical for RMB 290 million and 278 business outlets in Guangdong Minglang Optical; in November 2006, Luxottica acquired Shanghai Modern Optical for RMB 140 million and 28 stores. Although these initiatives in a short period of time so that the number of foreign-funded enterprises can rapidly grow the number of stores, but the domestic consumer spending philosophy, consumer habits, consumer water
level and foreign consumers there are big differences, and further adapt to the localization of the demand for foreign-funded enterprises to improve the competitiveness of the key in the Chinese market.
4. Huge market potential
The rapid development of China's economy, the continuous improvement of national income and consumption level, the increase of myopia, myopia population, the increase of social aging and the enhancement of domestic consumers' awareness of health care have given rise to a huge Chinese eyeglasses market with huge growth potential. According to the China Business Industry Research Institute's 2017-2022 Analysis Report on the Development Prospects and Investment Opportunities of the Eyewear Industry, the sales revenue of China's eyewear industry was only 17.5 billion yuan in 2011, and grew to 33 billion yuan in 2016, with a compound growth rate of 88.3%. It is expected that the sales revenue of China's eyewear industry will reach 54.7 billion yuan in 2022.
Data source: China Business Industrial Research Institute
Glasses industry chain
Glasses retail market consists of frames, lenses, sunglasses, presbyopes, contact lenses. Raw materials are mainly: glass, resin, plastic rubber, metal materials, packaging materials. Downstream sales channels are: supermarkets, specialty stores, hospitals, vision correction centers, e-commerce platform.
Industry Development Trend
1, glasses chain enterprises continue to increase market share
With the change of consumer attitudes of glasses, people are paying more and more attention to the professionalism of optical services. The accuracy of the lens, the professionalism of the dispensing staff and the reliability of the dispensing equipment are the basic yardstick for consumers to measure the good and bad of the eyeglasses store, and in a certain sense, the brand image of the eyeglasses store is also a guarantee of the quality of the products and services provided by the professional.
Because of their brand advantages, good product and service quality, professional optometrists, and modern optometry equipment, eyeglasses chain enterprises can better meet consumer demand, and their market share is expected to continue to increase.
At the same time, along with the improvement of consumer demand, the continuous rise of operating costs, the pressure of e-commerce impact, the small and medium-sized optical retailers market share will continue to shrink, the large optical retail chain with the advantages of scale, management, brand, service, will get a greater opportunity for development, optical retail market will be towards the direction of standardization, conglomerate development. Europe and the United States developed countries in the commercial circulation industry has entered the chain management era, the current chain management sales accounted for more than 60% of all sales, the United States has reached 80%.
And in 2014, China's sales of chain retail enterprises above the limit accounted for only 14.23% of the total retail sales of consumer goods. It can be predicted that China's large chain retail enterprises of eyeglasses have a large market space in the future.
2, the second and third-tier cities have greater development potential
With the promotion of China's urbanization policy, compared with the first-tier cities, the second and third-tier cities have a greater potential for glasses retail market. According to the Boston Consulting Group's research report, in China's smaller cities, only 18% of consumers met the criteria of middle-class and affluent consumers in 2010, and this proportion will increase to 45% within ten years.
By 2020, the number of middle-class and affluent consumers in China will roughly triple from 150 million to more than 400 million, two-thirds of whom will live in smaller cities.
With the acceleration of urbanization, the improvement of the consumption level of urban residents and the improvement of logistics and other infrastructures, the second and third tier cities, which are relatively less competitive and have more space for development, will become the place where the optical chain enterprises will fight for. Compared with the high labor cost and rent cost in the first-tier cities, the second and third-tier cities with relatively low operation cost are also more suitable for the optical chain enterprises to open stores for national layout.
3. Explore the business model of interaction between online and offline
As the network sales of eyeglasses can not provide optometry services, the network sales of contact lenses have been strictly controlled, the current online eyeglasses retail is mainly sunglasses, network sales accounted for a small proportion of China's eyeglasses retail market. The interactive mode of online displaying various styles to attract consumers and offline optometry combining online convenience and offline experience can not only reduce the operating cost of enterprises, but also grasp customer information and purchasing habits to realize precise marketing. In the future, leading companies in the optical retail industry will accelerate the construction of e-commerce channels, and seize emerging areas through differentiated products and services to maintain competitive advantages.
4, industry mergers and integration will increase
At present, China's optical retail industry concentration is relatively low, through the internal integration of the industry can make the optical retailers to expand rapidly, and rapidly increase its market share. Multinational eyewear retailers have entered the Chinese market through mergers and acquisitions of existing domestic eyewear retail brands, realizing cross-regional distribution in a short period of time. With the development and growth of outstanding local eyewear retailers, they will become an important participant in the industry consolidation by virtue of their localization advantages, grow their business scale through cross-regional acquisitions, and further enhance the industry concentration.
Leading eyeglasses companies
1, Dr. Prada
Dr. Prada is a global eye care company committed to innovative science and technology to enable consumers to see better, look better and feel better. Founded in 1853, Dr. Prada currently has an annual turnover of nearly $2 billion, employs approximately 11,500 people in more than 50 countries, and markets products in more than 100 countries worldwide, with its global headquarters in Rochester, New York, USA.
2, France Essilor Group
BOLON glasses, founded in 2003, is subordinate to the French Essilor Group's eyeglasses brand. 2016, BOLON brand new upgrade, invited international superstar Anne Hathaway as the brand spokesman, clear "modern", The brand is more internationalized, fashionable and youthful with the brand tone of "Modern" and "Elegant".
3, Dr. Glasses
Dr. Glasses is a chain business engaged in glasses retail. Over the years, the company is based in Shenzhen, gradually radiating to the whole country, and is one of the leading eyeglasses retail chain enterprises in China in terms of sales scale and number of stores. The company's
President optical (presidential glasses), Dr. glasses zèle, stone artificial four brands of two brands, respectively, positioned as "high-end custom", "professional optometry", "Fashion FMCG" and "designer brands".
4, Essilor Group
Essilor is the world leader in spotlight lenses. The companies of this group are present in more than 100 countries of the world. The group's success is the result of a system driven by more than 160 years of innovation. From design to production, the group has developed a range of lenses to correct and protect vision.
5. Luxottica Group
LensCrafters is the high-end eyewear retail brand of the Luxottica Group. LensCrafters has been in China since 2006 and has more than 200 chain stores in Mainland China and Hong Kong.
6, Shenzhen and Ze Lianchuang Investment Co. Shenzhen and Ze Lianchuang Investment Co. Ltd. was established in 2012, the main business of glasses, lenses, optometry, dispensing technology development; its eyeglasses brand wood ninety.
7, Baodao glasses
Baodao glasses as the Chinese world in the eyeglasses world more well-known brand, with more than 30 years of history, currently in mainland China, Taiwan, respectively, to develop the market. Among them, it has nearly 1,200 stores in Mainland China.
8, Hangzhou Jiu Jing Technology Co. The company is currently located in the Oriental E-commerce Park in Hangzhou, Zhejiang Province. Founder Pu Huabin. Is a collection of production research and development, modeling design, independent sales of sunglasses, presbyopia, radiation glasses and eyeglasses related as one of the manufacturers. Its eyeglasses brand Weigu's sunglasses, Puandi swimming goggles.
9, Paramount Optical Co., Ltd
Paramount fashion sunglasses since its inception in 1992, twenty years of brand management, Paramount has been inherited from the romantic European style, fusion of fashion, sophistication, comfort, durability, and many other elements, the use of high-quality lenses and frame materials, for the Oriental facial features, and constantly improve the comfort of glasses wear, durability and fashion sense, leading the domestic sunglasses fashion trend. Leading the domestic sunglasses fashion trend, set up a fashionable and elegant brand image, always occupy a high market share, and become a well-known brand of domestic sunglasses.
10, Shanghai Sanlian (Group) Co.
Shanghai Sanlian (Group) Co., Ltd. was founded in 1956, specializing in the retail and wholesale of clocks and watches, eyeglasses, photographic equipment, enterprise groups, with "Wu Liangcai", "Maochang" two major brands of glasses. It owns two major brands of eyeglasses, namely "Wu Liangcai" and "Maochang".
Competition pattern of the industry
From the quantitative point of view, China has a large number of eyeglasses retail stores, with fewer large-scale leading enterprises accounting for a larger share of the market, low market concentration, fierce market competition, and there are problems of disordered competition, unstandardized operation, and indifference to brand awareness in the market, and the overall market is in the process of developing towards standardization and scaling up. The low-grade eyeglasses retail market is mainly facing price competition, which is close to the fully competitive market; for the medium and high-grade eyeglasses retail market, large eyeglasses retail chain enterprises can provide professional fitting service, medium and high-end eyeglasses commodities, and high-quality shopping environment to meet the diversified and fashionable dispensing needs of consumers, so they have a competitive advantage and a greater potential for market development.
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