The global “colored contact lenses market” is expected to showcase considerable growth backed by the growing awareness regarding aesthetic value amongst the millennials and the increasing spending capacity of the millennials that drive the demand for innovative colored contact lenses. This information is published by Fortune Business Insights in its latest report, titled, “Colored Contact Lenses Market Size, Share Industry Analysis, By Product Type (Soft contact lenses, RGB lenses, Hybrid lenses), By Material (Polymer, Hydrogel), By End-user (Retail stores, Online stores, Others) and Regional Forecast 2020-2027.”
Thenegative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Colored contact lenses are types of lenses that allow the user to change their eye color. Following safe handling practices, these colored lenses are totally safe for consumption and can be adorned for daily wear or some special occasion. The growing western influence has boosted the demand for such lenses across the globe.
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What does the Report Include?
The marketreport includes in-depth qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships,introduce new products, and collaborate tofurther contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth.
High Spending Capacity of Millennials to Augment Growth
The growing social media influence is driving the need for bettering the aesthetic values of themselves amongst the generation Z. This is likely to bode well for the demand of innovative colored contact lenses as a style statement. Moreover, high spending capacity of the millennials backed by high disposable income is anticipated to boost the global colored contact lenses market growth during the forecast period. For instance, according to the Modern Wealth Report 2019 by Schwab, the millennials spent on an average about USD 478 on luxury items, vacations, and entertainment purposes.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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