Thailand
Thailand: Eyewear sales set to rise by 5% this year
Thailand’s eyewear industry is expected to grow by 5% to 7.35 billion baht this year, after seeing a huge drop during 2020 and 2021.
According to Phaphan Phadungkiatskun, managing director of Eyelink Vision Co, an importer and distributor of eyewear brands such as ic!berlin and Dior, Thailand’s eyewear market fully recovered last year, with double-digit sales growth in 2022 driven by pent-up demand and the easing of Covid-19 restrictions.
With the huge growth in 2022, the company expects this year’s overall market expansion to return to the regular average growth rate of 5% recorded prior to the pandemic.
“The pandemic changed consumer behaviour on using glasses. With the work-from-home policy, the demand for optical lenses substantially increased and people require more quality lenses than lenses of a general standard,” said Chatchavan Vanitpisit, managing director of Krungthai Optic Co, the operator of the KT Optic eyewear store chain.
“Glasses are medical products, therefore people are willing to pay for them despite their decline in disposable income,” he said.
With the market resuming normal growth, Krungthai Optic plans to open 6-8 new KT Optic stores in Bangkok and other tourist destinations such as Phuket and Chiang Mai. Each requires an investment of 6-8 million baht. The number of KT Optic stores will increase to 166-168 branches this year.
Mr Chatchavan said new eyewear stores have been opening every year, with new brands entering the Thai market. It is believed that Thai people in the middle to high-income levels own 15 pairs of glasses per person.
“Eyewear stores in Thailand are seen in almost all areas such as 7-Eleven convenience stores,” Mr Chatchavan said, adding it was estimated that there are over 5,000 stores across Thailand selling glasses at present, of which 60% belongs to the lower market. There are 4-5 major eyewear brands available in the market.
Top Charoen brand is the market leader with 1,700 branches across the country, followed by KT Optic with 160 stores, and then the Hor Van brand.
Mr Chatchavan expects the firm’s sales to rise to 900 million baht this year, up from 850 million last year.
Meanwhile, Mr Phaphan said his firm had sales of 350 million baht in 2022, an increase of 15% from the year before. It aims to increase sales to 400 million baht this year. To achieve its goal, Eyelink Vision will launch six fashion and functional eyewear brands to its portfolio in the second half of 2023.
The firm will spend 50 million baht to partner with its dealers to promote the new ic!berlin collection via teen customers, hiring Achiraya “Ally” Nitibhon, a popular singer and Prin “Mark”‘ Suparat, a popular actor, to be the presenters for ic!berlin eyewear.
Eyelink Vision distributes 20 brands to its dealers and authorised distributors across the country, including ic!berlin, Dior, Givenchy, Silhouette, and Kenzo.
Source: https://www.bangkokpost.com/business/2566061/eyewear-sales-set-to-rise-by-5-this-year