Key regions: Canada, Europe, India, Australia, South Korea
The Eye Care (Pharmacies) market in Hong Kong is witnessing significant growth due to changing customer preferences and increasing demand for eye care products.
Customer preferences: Customers in Hong Kong are becoming more conscious about their eye health and are actively seeking products to maintain good vision. The increasing use of digital devices such as smartphones and computers has led to a rise in eye-related problems, including dryness, fatigue, and strain. As a result, customers are looking for eye care products that can alleviate these issues and improve overall eye health. Additionally, there is a growing awareness about the importance of regular eye check-ups, leading to an increased demand for prescription eyewear and contact lenses.
Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Hong Kong is the growing popularity of natural and organic eye care products. Customers are increasingly opting for products that are free from harmful chemicals and are made from natural ingredients. This trend is driven by the rising health consciousness among consumers and their preference for sustainable and eco-friendly products. Moreover, there is a growing demand for innovative eye care solutions such as blue light blocking glasses, which protect the eyes from the harmful effects of digital screens. Another trend in the market is the increasing adoption of online channels for purchasing eye care products. Customers are finding it convenient to shop for eye care products online, as it offers a wide range of options and doorstep delivery. Online platforms also provide detailed product information and customer reviews, enabling customers to make informed decisions. This trend is further fueled by the COVID-19 pandemic, which has led to a shift towards online shopping.
Local special circumstances: Hong Kong has a highly competitive retail market, with numerous pharmacies and optical stores offering a wide range of eye care products. This intense competition has led to price wars and promotional activities, benefiting the customers. Additionally, Hong Kong is known for its high population density and fast-paced lifestyle, which has resulted in a higher prevalence of eye-related problems. This, in turn, has increased the demand for eye care products and services in the market.
Underlying macroeconomic factors: Hong Kong's strong economy and high disposable income levels have contributed to the growth of the Eye Care (Pharmacies) market. As customers have more purchasing power, they are willing to invest in premium eye care products and services. Moreover, the government's focus on healthcare and wellness initiatives has increased awareness about eye health among the population. This, coupled with the aging population in Hong Kong, has created a favorable market environment for the Eye Care (Pharmacies) sector. In conclusion, the Eye Care (Pharmacies) market in Hong Kong is experiencing growth due to changing customer preferences, including the demand for natural and organic products and the adoption of online channels. The local special circumstances, such as intense competition and a high prevalence of eye-related problems, further contribute to the market's development. Additionally, the underlying macroeconomic factors, such as a strong economy and government initiatives, support the growth of the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
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