Annual Report 2017

Favorable demographics

Megatrends in social demographics underpin the long-term growth potential of consumer demand in the global eyewear market.

Rapidly growing and ageing population

As populations continue to expand, so does the addressable global market for eyewear. An estimated 60% of the current global population, equivalent to more than 4 billion people, already requires some form of vision correction. Furthermore, according to the World Health Organization, over 600 million people worldwide are blind or highly vision impaired because they do not have the access to the right eye care.

Ageing is one of the most significant global demographic factors impacting eyewear as the need for vision correction increases and becomes more complex as a person ages. Older people are more prone to visual disorders and have greater requirements for vision correction and more complex eye care solutions. In 2017, almost one-third of the global population is above the age of 45, which is the average onset age of presbyopia. This proportion is expected to increase in the coming years, representing a major global market opportunity.

Emerging middle class

The size of the eyewear market and its development is closely correlated to economic development, with fast-developing markets in Latin America and Asia offering the greatest growth potential. Access to eye health facilities and higher disposable income levels are driving consumer demand in these markets, and attracting global operators to them. We estimate that more than 2 billion people worldwide are vision impaired but do not have access to eye care. We are working towards reducing these numbers by expanding our store network in countries with low levels of eye care penetration and through our CSR activities