The eye care industry is ripe for franchise growth. Take a look at some eye-opening facts that make it a business opportunity too good to overlook.
The Industry at a Glance
1. There are few industries that are as essential as eye care. Given that 75% of the U.S. population requires corrective lenses, My Eyelab franchisees can look forward to consistent, long-term consumer demand.
2. My Eyelab is a part of a $40 billion industry in the U.S., and more specifically the fastest growing sector – value-focused retail eye care. At the heart of My Eyelab’s business model is the goal to provide affordable, quality eye care services and eyewear which is key to being a leader in this sector.
A Closer Look
3. For millions of people, glasses are not only a way to see the world clearly but they also complement their style and convey their personality. As many as 164 million adults wear eyeglasses and 37% regularly wear two or more pairs. As an eyewear franchise, My Eyelab offers a variety of eyeglasses to fit people’s lifestyles.
4. While many opt to wear eyeglasses, there are roughly 45 million contact lens wearers – 66% of which are women and the other 34% of which are men. Contact lenses are an increasingly important part of people’s daily routines. By offering a mix of glasses and contact lenses, My Eyelab franchise owners provide their customers with the products that best suit their wants and needs.
5. Adults represent the largest market within the eyewear industry, but children are rapidly gaining ground. It is estimated 25% of kids wear or will need glasses by kindergarten, and that percentage will likely increase in the future. My Eyelab offers a wide array of eyewear options at competitive prices, especially for children – which is showcased with My Eyelab’s trendy new Disney kids’ eyewear line.
6. Despite the growth in online shopping, eyewear purchases tell a different story about the average consumer. Roughly 89% of corrective eyewear sales occur in brick-and-mortar locations. For those looking to invest in a retail franchise, My Eyelab is the perfect option. My Eyelab provides customers with a convenient, technology-driven way to get the eye care and eyewear they need.
7. The average cost for a complete pair of eyeglasses is $200 – $250, and they often need to be replaced due to loss, damage or a change in prescription. My Eyelab offers sleek and fashionable designs at an affordable cost, allowing franchisees to see high-profit margins and not worry about driving high volumes of daily traffic to generate revenue.
8. Demand for contact lenses has outpaced glasses in the past several years. In fact, there has been a 12% growth rate for contact lenses. My Eyelab has been lockstep in line with this trend, providing customers with a variety of eyewear options to choose from.
Trends on the Horizon
9. Many people are spending an increasing amount of time in front of digital screens, whether that be at work or home. With that being said, it should come as no surprise that 80% of adults use digital devices for more than 2 hours per day and report symptoms of digital eye strain. My Eyelab is able to assess the right lenses and coatings to best suit each customer’s lifestyle.
10. Eye strain isn’t just an issue that concerns adults. Nearly 70% of children are exposed to more than 2 hours of screen time per day. My Eyelab plays an integral role in the community by providing expert, affordable and easily accessible eye care to kids of all ages – no matter if they’re learning remotely on a tablet device or completing assignments on a laptop.
11. Looking ahead, the eye care industry is poised to be in higher demand, especially amongst the older population. There were roughly 54 million Americans aged 65 or older in 2018 – and that’s expected to reach 95 million by 2060. Given that corrective eyewear is in high demand amongst this age group, eye care retail sales are expected to nearly double by 2060 as the aging population continues to increase. As an eyewear franchise, My Eyelab is positioned for incredible long-term opportunities and growth.
Take Advantage of the Opportunity
See how you can capitalize on the eye care industry by owning a simple, streamlined retail eye care franchise. We make it easy for you. Tap into our team of experts with 50+ years of industry experience and leverage our proven business model.