The Vision Council in the News - Eyecare Business' Inflation Nation

The Vision Council facilitated interviews and contributed to Eyecare Business’s recent “Inflation Nation” story, which ran in the magazine’s March issue and explores how purchasing, pricing and supply chain challenges are impacting the optical industry.

The article also includes insights from Brian Beaulieu’s recent economic trends forecast, presented virtually as part of The Vision Council’s Annual Business Meeting in January.

In the article, Alysse Henkel, The Vision Council’s Director of Research Data and Analytics, provides insight on trends around the cost of eyewear products and purchasing trends.

“Transactional data of independent ECPs finds that patients paid just over 6% more for eyewear products last year than in 2020.”

“Some patients may have had more expendable income last year than the year before, so they may have been opting for eyewear at higher price points than previously.”

Steve Horowitz, president of Eyewear Designs and The Vision Council’s Eyewear & Accessories Chair, also provides his perspective on pricing and supply chain issues and how the industry has managed to meet these challenges:

“These pricing and supply chain issues aren’t new. It’s been happening for a while. To begin, we had increased duty on frames and more severely on cases. We had consistent increases in prices, particularly from China. And, then there was a consistent rise in shipping costs. When it all hit the fan, everything exacerbated. In one sense. We got a break because for one year, we didn’t need that many frames because business was knocked down by Covid-19. It wasn’t a good break to have, but all of this has factored into rising prices.”

“It’s the resiliency of the industry. It’s a combination of factors—better eyewear, support of insurance, an increasingly more sophisticated retail industry, and a more aware consumer. All these factors came together and allowed us to be resilient. Sure sales were down 15% in 2020, but nothing like a lot of industries.”

Alex Incera, President of Coburn Technologies and member of The Vision Council’s Lens Processing and Technology Division, is also quoted.

“Supply chain issues have had multiple effects. First and foremost, it has stretched lead times for products. What was once a two- or four-week lead time could now be two or three times that.”

“The biggest hurdle that will impact supply chains is the availability of labor.”

Read the full story here or in the March digital edition, here.