Market Insights: ECPs report higher confidence levels and increased investments in their businesses compared to June
The Vision Council serves as a leading resource for the most comprehensive optical industry research, fielding surveys on a regular basis to monitor attitudes and behaviors among consumers, industry member companies and eyecare professionals. Below is a snapshot of compelling data from the research team’s recent studies.
Positive gains in ECPs’ level of confidence and investment in their businesses in August compared to June
While the financial strain of the COVID-19 crisis is still being felt strongly by ECPs, there are some positive signs in recent survey results indicating that the overall level of confidence and investments in their business are increasing compared to surveys conducted in June. A few highlights from the survey comparison follow:
- Current business performance is stronger than in June. Only slightly more than one-third of ECPs (38%) indicated that their business is currently experiencing a significant drop in income, which is down from two-thirds of ECPs (66%) in June.
- Purchases and investments in optical businesses are improving slightly. Fewer ECPs (59%) report delaying purchases for their businesses than in June (79%). Just over half of ECPs (52%) reported in August that they have cut back on spending for their business compared to nearly three-quarters of ECPs (74%) in June.
- …but future business performance is still uncertain. Even though lower than June results, more than half of ECPs (52%) still anticipate a significant drop in income in the next 6-12 months.
Q: Please indicate how strongly you agree or disagree with each of the following statements.
Source: The Vision Council COVID-19 ECP Panel Study, June and August 2020
From consumer opinions to optical market reports, The Vision Council offers hundreds of industry studies for free to members as well as exclusive access to custom research projects. To learn more about how industry research and analysis can drive your business forward, contact Nathan Troxell at ntroxell@thevisioncouncil.org.