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Contact lens market in Singapore reached a five year high in 2013 with USD 74.8 million in sales: GfK
All segments registered increased consumer spending
The Singapore contact lens market have generally been on an uptrend in the past five years, garnering rising sales revenue consecutively year after year; except for a slight dip in 2011. In 2013, the market’s strong performance achieved all-time high sales, reporting a robust 11 percent value expansion; an equivalence of around USD 9.1 million more generated over 2012.
According to GfK retail audit, all three key segments, namely clear spherical, clear toric, and beauty managed to net more of the consumer dollar last year to propel the overall value growth of contact lenses. Clear spherical category reported increased consumer spending by 11 percent and continues to be the largest segment contributing 70 percent of total contact lens sales value. Biggest growth however came from clear toric lens with its 29 percent incremental sales dollar collected over 2012.
“Consumers in Singapore are open to more advanced options of vision correction, exhibiting an increasing preference to use contact lens over spectacles as a primary vision correction option,” said Jasmine Lim, Account Director of Lifestyle products. “The more demanding consumers who require astigmatic correction are going one step further, opting for toric lens which promises even clearer vision.”
Retailers and manufacturers have also been playing active roles in pushing sales with aggressive marketing activities of late, aiding in the expansion of the toric lens market over the recent years. Since 2009, the segment has been successively rising in sales generation to reach more than USD 18.8 million.
GfK conducted a separate survey in December last year to understand the needs and buying behavior of local consumers when purchasing contact lens. According to the study, consumers first become aware of a particular contact lens brand through personal recommendations—either friends, colleagues or family. However, when it comes to actual buying, the biggest deciding factor is comfort, as agreed by nearly 7 in 10 respondents (69%). Pricing ranks second (66%) followed by allowing long hours of wear (59%).
“While comfort is the key driver behind reasons to purchase, almost 3 in every 5 consumers (58%) seek larger discounts when deciding whether or not to repurchase,” noted Lim.
More than half (55%) of the respondents highlighted that the key challenge when searching for better value for money contact lenses is the need to buy in bulk for a better price; after which over a third (35%) said they are unable to purchase single pairs to try out different brands.
“In order to ease consumers’ purchasing woes and help drive the contact lens market further, retailers and manufacturers need to not only continue introducing innovative and comfortable products, but also ensure that the needs of their customers are being adequately addressed,” Lim commented. “With a competitive marketplace, we can expect the contact lens market in Singapore to continue being in the forefront and achieving even strong sales in the years to come,” she concluded.
GfK is one of the world’s largest research companies, around 13,000 experts working to discover new insights into the way people live, think and shop, in over 100 markets, every day. GfK is constantly innovating and using the latest technologies and the smartest methodologies to give its clients the clearest understanding of the most important people in the world: their customers. In 2012, GfK’s sales amounted to €1.51 billion.
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