Eyecare Business

AUG 2016

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EB 68 E y e c a r e B u s i n e s s . c o m August 2016 F E A T U R E A M E R I C A N D E M O G R A P H I C S B U I L D I N G B U S I N E S S . "Our challenge this year is second-pair sales. We are running promotions, holding contests among the staff, and educating our patients on all that is available to them." —MIDWEST ECP THE MIDWEST: THE BIG PICTURE Looking beyond optical, how is the Midwest's economy faring compared with other regions? ✔ JOBS…OR NOT. This spring, the Midwest region's East North Central area (Illinois, Indiana, Michigan, Ohio, and Wisconsin) rang in the country's highest unemployment rate of 5.3%, while neighboring West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota) had the lowest, at 3.8%, according to the Bureau of Labor Statistics (BLS). ✔ COSTS. The Midwest's Consumer Price Index was down from a 12-month average of 224.5 to 223.7 in the first quarter of 2016. Analysts see that as a positive move away from recent deflationary pressures. ✔ REAL ESTATE. At 12.4%, the Midwest had the nation's highest retail vacancy rate in the first quarter of 2016. As a result, the average retail asking rent—$16.57 per square foot—was the lowest of any region. NORTHEAST SOUTH MIDWEST WEST MIDWEST: The Optical Picture in Focus MIDWEST WHAT TYPE OF LENS MATERIALS DO YOU USE THE MOST? HIGH INDEX TRIVEX POLYCARBONATE PLASTIC 80% 70% 60% 50% 40% 30% 20% 10% 0% 78% 60% 56% 50% 35% 23% 16% 8% 19% 11% 9% 8% 9% 6% 6% 5% WHAT IS YOUR PRACTICE'S FASTEST-GROWING CATEGORY IN SPECIALTY CARE? 60% 50% 40% 30% 20% 10% 0% KIDS SPORTS DIGITAL/ BLUE LIGHT SUNWEAR 51% 40% 37% 33% 47% 43% 33% 22% 20% 13% 11% 10% 0% 13% 16% 7% HOW OFTEN DOES YOUR BUSINESS POST TO SOCIAL MEDIA? NOT AT ALL MONTHLY WEEKLY DAILY FEW TIMES/ DAY 35% 30% 25% 20% 15% 10% 5% 0% 40% 40% 38% 34% 22% 35% 34% 31% 23% 28% 22% 15% 14% 19% 9% 9% 5% 0% 0% 3% 3% HOW DID 2015 SALES COMPARE WITH 2014? UP DOWN FLAT 80% 70% 60% 50% 40% 30% 20% 10% 0% 80% 71% 64% 53% 21% 16% 6% 6% 31% 24% 15% 14% MIDWEST WHAT TYPE OF FRAME IS CURRENTLY MOST POPULAR IN YOUR PRACTICE? 80% 70% 60% 50% 40% 30% 20% 10% 0% PLASTIC METAL RIMLESS 78% 74% 65% 56% 19% 15% 15% 0% 0% 3% 6% 6% METAL/PLASTIC 20% 19% 15% 12% MIDWEST MW MW MW MW MW MW MY FRAME PRICING HAS... REMAINED THE SAME EXPANDED TO INCLUDE HIGHER PRICE POINTS EXPANDED TO INCLUDE LOWER PRICE POINTS EXPANDED TO INCLUDE BOTH 60% 50% 40% 30% 20% 10% 0% 53% 51% 45% 45% 31% 26% 21% 20% 27% 23% 23% 13% 13% 6% 3% 0% MIDWEST MIDWEST MW MW MIDWEST MW MW MW MIDWEST MIDWEST MW MW MIDWEST MIDWEST MIDWEST MIDWEST MW

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