The Vision Council (TVC) released its latest reporting market data on the U.S. optical industry for Q3 2024 based on consumer-surveyed insights.
This latest addition to its inSights Research Program, follows last month’s analysis of Q2 2024 market trends.
Can I get a refresh on this program?
We’re all about brevity over here, so read up.
In a nutshell: The program involves quarterly consumer survey reports on the current state of the optical industry.
Now before we get to this report, talk about the survey.
TVC conducted this Q3-based online survey via Full Circle Research, a third-party consumer sample provider.
Data was collected between July 1 and Sept. 1, 2024 from 4,000 completed surveys of respondents aged 18+ in the United States each month during this timeframe.
- In total: 12,014 individuals responded, of which 70% completed the survey via a tablet or mobile device
To note: Post-survey completion, TVC analyzed the demographic composition of respondents to ensure they accurately reflected U.S. adults based on gender, age, income, and region
- The margin of error for the full survey sample size < 1%.
And the types of questions asked?
The survey consisted of the six key topics:
- Vision correction
- Managed vision care (MVC)
- Eye exams
- Prescription eyewear
- Reading glasses
- Plano sunglasses
Also, take note that this latest report unmodeled consumer responses—not market estimates (ie: dollar and unite sales)
Roger that. Now, to start, what’s the big picture of these findings?
TVC Vice President of Data and Insights Alysse Henkel identified a notable increase among in-person budget eyewear purchases—”underscoring that consumers are continuing to make more cost-conscious choices.”“Online eyewear purchases haven’t mirrored this same shift,” she added, “and the slight decline in the online share of eyewear purchases we’re seeing suggests in-person shopping remains a crucial channel for consumers looking to maximize value.”
And why is this consumer trend data so important?
Both retailers and manufacturers can benefit from this by tailoring their offering to meet the ever-changing consumer preferences within the optical market, according to Henkel.
Alrighty, now let’s get to these findings.
We’ll start with vision correction.
Among these +12K survey respondents:
- 81% reported using a form of vision correction (ie: contact lenses, prescription sunglasses, glasses)
- 73% reported using a form of non-prescription eyewear (ie: plano sunglasses, reading or blue light glasses, and non-prescription contact lenses)
- 68% reported using prescription eyewear (see two above for examples)
- 6% reported not using any form of vision correction or eyewear products
Moving on to managed vision care …
A total of 68% of respondents reported having some form of coverage, with the following breakdown:
- 50% received coverage via an employer
- 35% received coverage via government programs
- 13% received coverage via individual direct plans
Note: Respondents with a form of MVC were more likely to have college degrees (with 72% having a bachelor’s degree and above and 65% with a degree less than a bachelor’s).
Can we get a breakdown by age demographics?
Indeed you can. Here’s a look at how four different generations polled:
- 71% of Gen X reporting having an MVC
- 69% of Boomers reporting having an MVC
- 68% of Millennials reporting having an MVC
- 58% of Gen Z reporting having an MVC
And in case you forgot the birth years for each generation (we did as well, don’t worry), click here.
Do we know which MVC providers these included?
Yup, we do.
Spoiler: Blue Cross / Blue Shield was the most popular (21%) among those with MVC, followed by these remaining top four:
- VSP Vision
- United Healthcare/Spectera
- Aetna
- EyeMed
And what were these coverage plans used for?
Primarily for vision correction purchases, with:
- 81% used for prescription eyewear (ie: glasses, lenses, or frames)
- 70% used for eye exams
- 67% used for contact lens purchases
Interestingly: Those respondents who reported purchasing their prescription glasses or contact lenses online were “much less likely to use their (MVC) benefits than those who bought in-person,” the report noted.
Let’s circle back to those eye exams.
When asked whether they’d had an eye exam within the last 12 months, 60% of respondents indicated yes—which was on par with previous findings reported in 2024, according to TVC.
- Breaking those respondents down by generation:
- 63% were Boomers
- 58% were Millennials
- 58% were Gen X
- 56% were Gen Z
Conversely, 22% of respondents dated their last eye exam at +2 years ago.
- Note: Among respondents, the average amount of time between exams was 17 months.
And among those with MVC?
A total of 70% used their benefits for an exam in Q3.
- And, of those respondents, 64% received their exam at (what they considered to be) an independent practice and 35% at a corporate or chain location.
Next up: eyeglasses, lenses, and frames.
In this category, 55% of respondents who reported wearing prescription glasses stated they made a purchase in the last 12 months. The following practice types were reported:
- 44% purchased from an independent location
- 54% purchased from a corporate or chain location
Also: Of those who purchased their prescription eyewear in the last 3 months, 77% purchased from where they received their exam.
What was the purchase format breakdown?
A vast majority (86%) with recent purchases did so in-person—and just 14% online.
Out of those in-person purchases, 51% said they had previously purchased their eyewear online.
As for price: 43% indicated they paid $99 or less for their frames/lenses.
Now to contact lenses.
Over three-fourths (77%) of contact lens users reported purchasing their lenses in the last year; of that number, 48% stated they purchased a supply of 90 days or less (in lieu of a 12-month supply).
From those recent purchases, 33% reported purchasing daily lenses.
What kind of practices did they purchase from?
Predominantly a corporate or chain location (62%) versus an independent location (36%).
- For those shopping at a corporate location, they were reportedly “over twice as likely to buy online.”
And along those lines: Contact lens purchases were also more likely (by 40%) to be conducted online when compared to other vision correction products.
Switching over to readers …
Almost one-third (31%) of respondents indicated they used readers, while 72% of that same group reported purchasing a new pair within the last 12 months.
Of those recent purchases: 55% purchased multiple pairs.
As for purchase format: A vast majority (79%) reported buying in-person versus online (21%).
And our final category: plano sunglasses.
A whopping 61% of respondents reported wearing plano sunglasses.
Out of those who indicated a recent purchase of a pair, 77% bought in-person, while 23% resorted to online.
- Among this group of recent purchases, 60% reported spending less than $50 on their pair.
Lastly … where can I find the full report?
Click here to download.
Note: While the complete report is free for TVC members, the price for non-members is $3,000.
And in other TVC-related news, check out what else the organization has been up to.