Under the impetus of the Chinese government's "Top Ten Key Industry Revitalization Plans" as well as the "14th Five-Year Plan" and the 2035 Long-Term Goals Outline, the Chinese economy has maintained stable growth. From 2019 to 2024, the nominal GDP grew at a compound annual rate of 6.4%, increasing from 98.7 trillion yuan in 2019 to 134.9 trillion yuan in 2024. This growth trend has brought broad development opportunities for the men's sunglasses industry. As China's economy shifts from investment-driven to consumption-driven, residents' consumption capacity is continuously improving, and the demand for sports glasses, as a daily necessity and fashion accessory, continues to expand. Especially during the "14th Five-Year Plan" period, innovation-driven and modern industrial system construction will promote the eyewear industry to develop in an intelligent and personalized direction. Moreover, the advancement of the new urbanization strategy will also drive the growth of eyewear consumption in low-income areas and rural regions. It is expected that by 2029, China's nominal GDP will reach 174.3 trillion yuan. From 2024 to 2029, China's nominal GDP will maintain a compound annual growth rate of 5.3%. The eyewear industry is expected to achieve high-quality development during this process and meet consumers' demands for high-quality and multi-functional athletic glasses products.
With the continuous growth of China's economy, the income levels of residents have significantly increased, bringing new development opportunities to the current eyewear styles industry.
From 2019 to 2024, the per capita disposable income of urban residents in China increased from 42,358.8 yuan to 54,188.0 yuan, with a compound annual growth rate of 5.0%. It is expected that by 2029, the per capita disposable income of urban residents will further rise to 67,961.8 yuan, with a compound annual growth rate of 4.6%.
The steady growth of residents' income has driven the upgrading of consumption. Consumers' demand for eyewear products has shifted from basic functions to high quality, personalization and fashionization. At the same time, with the enhancement of health awareness, the market demand for functional eyewear (such as anti-blue light, anti-fatigue, etc.) and high-end lenses continues to expand. Moreover, the income growth has also promoted the release of the consumption potential of eyewear in lower-tier cities and regions, opening up new growth spaces for the industry. In the future, the eyewear industry will benefit from the consumption upgrade trend brought about by the increase in residents' income, and will further develop towards higher-end, functional and customized directions.
The eyewear market is becoming increasingly diverse, with the main products being lens products, followed by various types of frames, fashionable sunglasses, convenient contact lenses, and reading glasses specially designed for the elderly. In recent years, with the continuous increase in the number of people with myopia, the Chinese eyewear market has also experienced rapid growth. According to statistics, the retail sales of eyewear products in China have increased from 75.22 billion yuan in 2019 to 95.83 billion yuan in 2024. During the pandemic, the sales of products such as sunglasses were temporarily impacted, but with the gradual recovery of consumer demand in 2023, the market also experienced a rebound.
Looking ahead, the demand for fashion eye frames with anti-blue light and anti-fatigue properties as well as high-end lenses is expected to grow rapidly. It is projected that by 2029, the retail sales of eyewear products in China will reach 128.30 billion yuan. The compound annual growth rate from 2024 to 2029 is expected to remain at approximately 6.0%.
