Analysis of the Development Prospects of China's Eyewear Industry

China's Eyewear Industry Has a Large Market Potential

According to the People's Daily, as of 2019, the number of people with myopia in China reached 600 million, and China also has the highest rate of myopia among children and adolescents in the world. The large population with myopia has given rise to a huge eyewear market. According to the "2020 - 2025 Analysis Report on the Development Prospects and Investment Opportunities of the Eyewear Industry" by China Business Research Institute, the retail market size of China's eyewear industry was 73 billion yuan in 2017. It is expected that the market size of China's eyewear industry will further expand in 2020, reaching 85 billion yuan. In the future, with the continuous increase in national income and consumption levels, the increasing degree of social aging, and the enhanced health awareness of domestic consumers, the potential of China's eyewear market should not be underestimated.

The Outlook for the Eyewear Industry Is Promising

1. Strong Support from National Policies

The eyewear industry is closely related to the national economic development and has received strong support from national industrial policies. In recent years, the Chinese government has successively introduced a series of related policies to support industrial development, providing support for the industry in terms of taxation and investment. The "Light Industry Adjustment and Revitalization Plan" issued by the State Council pointed out the need to support small and medium - sized enterprises, cultivate industrial clusters, and increase export tax rebate rates, creating a favorable policy environment for the development of the eyewear industry.

2. Development of the Eyewear Market Driven by Increased Purchasing Power and Upgraded Consumption Concepts of Residents

In recent years, with the sustained and stable growth of China's macro - economy, the income level of Chinese residents has increased significantly, living standards have improved markedly, and residents' purchasing power has been greatly enhanced. The increasing demand of people for non - essential goods and high - end consumer goods has driven the development of the eyewear market. Data shows that in 2019, the per capita disposable income of residents nationwide was 30,733 yuan, a nominal increase of 8.9% over the previous year, and an actual increase of 5.8% after deducting price factors.