In the eyewear market in South Korea, functionality and fashion converge to meet the demands of the convenience-seeking and style-conscious MZ Generation. The market, steadily increasing since 2020 and valued at USD 2.48 billion in 2023. Contact lenses contributed with USD 0.34 billion in revenue. This is followed by eyewear frames at USD 0.95 billion, spectacle lenses at USD 0.79 billion, and sunglasses at USD 0.40 billion. The market is projected to have an annual growth rate of 4.80% (CAGR 2024-2028).
Read our Korea’s MZ Generation report
Korean consumers not only prioritize the functionality of eyeglasses but also place significant value on their aesthetics, ensuring they align with Korean beauty standards and personal identity. Brands like OLENS excel in seamlessly integrating in-store and online experiences, offering safe and convenient options. Collaborations with K-pop idols and strategic sales promotions further elevate brand appeal. In the realm of luxury eyewear, Gentle Monster leads the way, reflecting a shift towards high-quality and stylish eyewear choices.
Prescription and colored contacts help achieve the Korean beauty standards
With a significant cultural emphasis on appearance, contact lenses – both prescription and colored – have gained popularity among the MZ Generation. Colored contacts are high in demand for their ability to enhance makeup looks, while Circle lenses are favored for enlarging the eyes to fit Korean beauty standards. Big eyes and a small face are considered youthful and beautiful. This leads Koreans to use circle lenses designed to create the illusion of a smaller face. Furthermore, according to the CEO of colored contact lens company Star Vision, “The number of users of color lenses is expanding from young women to men and middle-aged people.”
Koreans also seek contact lenses or their comfort, especially hose who engage in sports and strenuous activities such as swimming. The contact lenses’ ability to resist fogging up enhances the wearer’s experience while providing a broader field of view. The combination of functionality and aesthetics driven an increase in demand, especially as Koreans return to outdoor sports and social activities post-pandemic.
From in-store to online: OLENS and competitors ensure a safe, convenient, and comfortable experience
In the Korean market, OLENS is as the leading colored lens brand, making up 50% market share as of 2023. OLENS, along with counterparts like Hapa Kristen, have established a wide presence with many brick-and-mortar stores across the country. This is complemented by their online sites offering an extensive array of prescription and colored lenses.
These contact lens retailers offer a wide range of options and services focused on ensuring safe and comfortable use. Customers benefit from professional, personalized consultations to assess their eye conditions and determine the most suitable products.
Additionally, after making a purchase, customers are typically enrolled automatically in the membership program. Their membership details and order history are saved to make repurchasing lenses easier. These stores have a point-system, allowing customers to accumulate points with each purchase that can be redeemed for future discounts. At OLENS, customers can redeem points equivalent to 1% of their purchase value and can use them on future purchases.
Collaborating with K-pop idols, beauty icons in Korea, and sales promotions to attract the youth
Prominent contact lens brands leverage collaborations with K-pop celebrities to resonate with the younger generation. OLENS, for instance, initiated a collaboration with trendy “it-girl” group New Jeans in March 2023. This follows a previous collaboration with BLACKPINK that occurred between 2021 and 2022, aimed at raising brand awareness among the younger K-pop fans. Moreover, colored contact lens brands often participate in sales promotions. OLENS and Hapa Kristen offer “buy-one-get-one” (BOGO) deals to enhance the appeal and affordability of their products.
High prevalence of myopia driving demand for glasses or LASIK/LASEK surgeries
In a nationwide study conducted from 2008 to 2012, involving 3,862 children aged five to eighteen years, 64.6% of participants suffered from myopia (nearsightedness), while 5.4% exhibited high myopia. This high prevalence of myopia within the South Korean population has resulted in a noteworthy surge in optical franchise stores. In 2021, there were 3,838 such stores, a considerable increase from 3,255 stores in 2020. These optical outlets are strategically distributed across the country, with a majority of them being concentrated near college campuses and in markets such as the Namdaemun market in Seoul.
The demand for vision correction has also led to the popularity of surgical procedures such as LASIK and LASEK among Korean adults aged 18 and above. These procedures a favored due to the long-term convenience that glasses and contact lenses cannot provide. In fact, between 2008 and 2015, the number of vision correction surgeries increased by 10%, and this trend continues, propelled by a high prevalence of myopia among South Korean children and adults.
Functionality is a key feature of Tomato Glasses – a leading eyewear brand for children
With 70% of South Korean children having some level of myopia, parents value functionality and durability of glasses frames for their children. Tomato Glasses’ is an eyewear brand catered towards babies and children. They offer its customers colorful yet durable frames that can be adjusted to fit a child’s growing face. Its popular eyeglasses frame “Junior A” and features an adjustable nose pad – perfect for lower Asian noses as well as functional lenses that slow down the progression of myopia.
Eyeglasses as a fashion statement – popularized by famous K-pop idols and celebrities
Glasses in South Korea are not only seen as functional aids but also as fashion accessories. Koreans seek minimalistic wire frames as seen on celebrities like Jennie from BLACKPINK and actor Nam Joo-hyuk are a popular style known to elevate everyday looks. With the return of the Y2K fashion, many brands are releasing modern interpretations of the classic metallic frames. Gentle Monster, a well-renowned eyeglasses brand, sells clear lenses that block blue light and 99.9% of UV rays, making it functional yet trendy.
Luxury brands dominate the eyewear market in South Korea
With the growth of South Korea’s luxury goods market, Koreans are increasingly demanding luxury glasses. As of December 2023, luxury brands lead a brand reputation rankings in South Korea. Gentle Monster ranked first, followed by Blue Elephant and Chanel in second and third place, respectively. The brand reputation rankings were based on consumer traffic, media reputation, consumer participation and brand community. Other brands that made the top ten list includes Gucci, Tom Ford, Oakley, and Thom Browne. This suggests that consumers are demanding high-quality and luxury eyewear with trendy frames and the latest technology.
Increasing demand for innovative Korean eyewear brand: Gentle Monster
Gentle Monster is a South Korean eyewear brand founded by Hankook Kim in 2011. It ranked first in eyewear brand reputation in South Korea in 2023. In addition to their frames designed to be larger to make the wearer’s face appear smaller, they are made to fit all face shapes and complement with various fashion styles.
However, it’s not just the glasses themselves that set them apart. In a market where 81.6% of sunglasses sales occurred offline in 2023, Gentle Monster stands out with its unique approach to flagship stores. These stores feature immersive designs and sculptures that resemble art installations rather than conforming to the typical optical store setup.
Gentle Monster is involved in co-branding in South Korea to appeal to the young generation. It is popular for their unique collaborations with BLACKPINK’s Jennie and famous global fashion brands such as Maison Margiela. By selecting celebrities with major influence over the fashion and entertainment industry, Gentle Monster sets themselves apart as a leading fashion forward eyewear brand.
Consumers in South Korea are demanding functional yet stylish eyewear
- The eyewear market in South Korea reached USD 2.48 billion in 2023, with steady growth since 2020.
- The market is witnessing a surge in demand for contact lenses, particularly among the MZ Generation. Contact lenses are favored for their aesthetic appeal and comfort.
- Brands like OLENS and Hapa Kristen dominate the contact lens market. They offer a wide range of products and services that provide a safe, convenient, and comfortable experience. They are also accessible through their numerous brick-and-mortar stores and online platforms.
- To appeal to the young generation, contact lens brands collaborate with trendy K-pop celebrities and offer sales promotions like BOGO deals.
- Luxury brands like Gentle Monster, Blue Elephant, and Chanel lead the eyewear market, emphasizing the importance of functionality and aesthetics. Gentle Monster, with its immersive store designs and collaborations, stands out as a fashion-forward brand.
