May we get nerdy with you for a few minutes? Promise it’ll be worth it.
So, we knew that eyewear was a huge thing. And getting huger every day. But now, the official numbers are out. Business Wire has just reported that in 2017, the global eyewear market’s value was $109 billion. Not shabby at all, right? Well, there’s a little more. OK, a lot more.
It is now projected that by the year 2023, that number will skyrocket to $167 billion. That’s some sick yearly growth. 7.4 percent, to be exact.
But when you think about it, all of it makes sense. Never before has eyewear design been so cutting edge, with design houses from theo to Jacques Marie Mage to Sama to Anne et Valentin and so many more transforming even the most spec-shy individuals into keepers of the frames.
Celebrities left, right and center are getting in on the gig, too. Talk show hosts (we see you, Ellen), athletes (calling Mr. Durant), supermodels (hey there, Kylie) and even a few pop divas (pick one. We pick Rih Rih) have entered the eyewear game successfully, prompting more of us to take notice of what new and exciting fashionable looks are out there.
Let’s also not forget the advent of new technologies, including glasses and contact lenses. This plays an enormous part in all of this growth, as well. You’ve read our blogs about the newest tech advances in eyewear – from glasses that help you to retain concentration, to ones that can help you to monitor your overall health on a daily basis – and how they will shape the market for years to come.
Or at least until 2023.
Find your next investment opportunity at Charlotte Jones Opticians.