Natasha Kazin, senior consultant at Euromonitor International, outlined the key consumer trends that will shape the eyewear industry in 2024 at 100% Optical in February.
Each year, Euromonitor International identifies the global consumer trends that analysts predict will drive purchasing behavior in the coming months.
Between busy show days, Kazin identified three of six global consumer trends that he believes will particularly resonate with the eyewear industry: “Wellness Pragmatists,” “Fun Pastimes” and “Value Hackers.”
The Wellness Pragmatist category is all about self-care. Kazin explains: “Self-care isn’t new, but the way consumers are approaching it is. Consumers are adopting a more realistic approach and setting more achievable goals.”
To reach these consumers, it is important to find solutions that fit people’s lifestyles.
“For example, find opportunities to remind yourself that eye health is a part of everyday life,” Kazin said.
“We currently live in a world of perpetual crisis,” she said, introducing the “fun distraction” trend.
Whether it’s a cost-of-living crisis or political turmoil, consumers are looking for relief. “They want something fun to take their mind off the stresses of everyday life and put a smile on their face,” Kazin explained.
Kazin said the category is all about connection, and brands and practices should strive to create a bond with potential customers.
The third key driver shaping the eyewear industry is the evolving trends for 2023 that have prompted consumers to cut back on spending.
A Euromonitor International survey found that concerns about rising living costs continue among UK consumers, with 22% reporting that they do not feel financially secure.
“A new way of thinking about finances emerged and budgeting became the norm,” Kazin recalls.
Given the budgeting trend, Kazin said in 2024, “As consumers look to find clever ways (hacks and dummies) to get the most out of their budgets, it’s time for the eyewear industry to step up incentives.”
Kazin emphasized that brands and practices need to demonstrate value and benefit beyond price, and that value does not mean “low value.”
“I feel like it’s all about communicating your offer so you can justify the purchase,” she said.
