Understanding the Modern Eyewear Consumer

By Johnna Dukes, ABOC

Learning Objectives:

Upon completion of this course, participants will be able to:

1. Describe the factors that impact today's eyewear consumer.
2. Identify the different generations of consumer and the psychology that impacts how and why they make purchasing decisions.
3. List ideas for how to ensure the business is poised to be attractive to the modern eyewear consumer.

Faculty/Editorial Board:

Johnna Dukes is a board-certified Optician and business owner. She has experience in both retail and private practice settings and currently owns her own dispensary in Spirit Lake, Iowa. She is a past president for both the Opticians Association of Iowa and the Opticians Association of America.

Credit Statement:

This course is approved for one (1) hour of CE credit by the American Board of Opticians, ABO for, Non Opthalmic, General Education, ABO Accreditation number: SWJHI032

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This course will review the life experiences and consumer psychology driving each generation of today’s consumers. We will discuss how to craft a modern approach to how optical retail business is transacted in a post-pandemic world.

Today’s eyewear market is changing rapidly, with a variety of factors influencing the purchasing decision of the modern eyewear consumer. The ever-present stream of digital advertising, social media content and influencers are just a few of many factors influencing today’s eyewear consumer. In this course, we will explore consumer psychology and the factors that influence our purchasing decisions. The goal is to understand today’s consumer values so you will know how to communicate and provide that value.

Before we can get into the factors influencing each generation’s purchasing decision, we will first define the age range and general behavioral trends and influences for each.

Baby boomers (born between 1946 and 1964, currently aged between 60 and 78) are named for the population boom that occurred after World War II. They are more likely to spend money on health care and wellness, and will want to know why one product would be more beneficial than another. Baby boomers tend to prefer to shop in a store rather than purchasing online, although they are less likely to research their purchase online prior to shopping. They are less likely to be swayed by celebrity endorsements or name brand endorsements and are more likely to be influenced by value and often will purchase goods of high quality. Baby boomers are also experientially driven, so ensuring a memorable experience with lots of data on why choosing one thing over another would be more valued by baby boomers. According to Fortune Magazine, the average baby boomer’s net worth falls between $970,000 and $1.2 million.

Generation X (born between 1965 and 1980, currently aged between 44 and 59) has been referred to as the “latchkey generation” as their parents were the first to have prevalence as dualincome households. They often are caregivers for their aging parents as well as their children. They’re often overlooked in the grand scheme of demographics between baby boomers and millennials. Gen Xers as consumers tend to research and shop online. Yet, they are likely to have originally experienced the product they eventually buy in a physical store. Gen Xers spend considerable time on their cell phones and tend to be influenced heavily by social media content. They are driven by experiences, but also by online merchandising. Gen Xers spend carefully and tend to be brand loyal and utilize rewards programs. According to the Federal Reserve’s 2019 Survey of Consumer Finances, this group has an average mean net worth that ranges between $436,200 and $1.1 million.

Millennials (those born between 1980 and 1996, currently aged between 28 and 44) have become the largest living generation in terms of population in the United States as of 2015. Due to their unique psychological drivers (we will discuss that in a later section), millennials often seek out purchases that make them feel good, they tend to utilize hybrid shopping methods and purchase both online and in store. They are less likely to be swayed by traditional marketing and instead prefer written reviews (especially if the reviewer is someone they know or know of). They are seeking a unique experience when purchasing, whether that is in person or online, and because this is the largest population in terms of age demographic, it is certainly important to pay attention to how they like to purchase and what drives their behavior. According to the Federal Reserve’s 2019 Survey of Consumer Finances, millennials have an average net worth between $76,000 and $436,000.

Generation Z (born between 1997 and 2010, currently aged between 14 and 27) have also become known as iGen. Needless to say, they have only understood a world full of technology and screens. They tend to be very environmentally conscious and socially inclusive. Not surprisingly, they often tend to shop online, however, recently it has been noted that Gen Z are beginning to shop brick-and-mortar stores more frequently simply because they have been shown to want immediate gratification, and shopping in store can allow them to avoid having to wait for the item

they’re purchasing to ship to them. They value speed and convenience and in that same vein, Gen Z are more apt to use self-checkout and are a large factor for stores to offer buy online and pick up in store options. Additionally, they are very apt to purchase based on social media influence and have become very savvy with shopping on platforms such as Instagram and TikTok. As this group is so young, they haven’t had time to amass great net worth, however, Gen Z represents approximately $450 billion in global spending power.

CONSUMER PSYCHOLOGY

To understand what drives purchasing for consumer groups, it can be helpful to delve into the psychological drivers for these groups. It’s important to remember we are discussing large groups of people and group behavior, not describing any particular individuals.

Many baby boomers had parents who lived through the great depression and World War II; however, they grew up in a time of post-war prosperity. They also lived through world events such as the Vietnam war and the assassination of John F. Kennedy. Baby boomers saw the beginning of consumerism and the effects of a burgeoning advertising industry. Baby boomers have been known to have a tremendous work ethic and can be very loyal. They also have been shown to be very drawn to nostalgia whether that be in advertising or in deciding on an experience. This group has been referred to as the “Greatest Generation.” They often value quality when purchasing and tend to want facts and statistics as to why one product would be better or have higher quality than another. This generation values experiences, especially ones that remind them of being young. They may have accumulated some years of life, however, they do not want to look or act “old.”

Gen Xers were often raised by parents of dual income households and were often given much freedom as children. This generation saw the rise of television in the home as well as the speed at which technology advanced and brought computers from their school to the cell phone currently in their pocket. They tend to value work-life balance as they often saw their parents as workaholics, and many more Gen Xers grew up in homes with divorced parents than the generation before them. They grew up in a time of economic instability including the recession in the early 1990s and do tend to be financially cautious, more so than the baby boomer generation before them. This generation values personalization and is influenced by social media, and they value experiences that are geared toward personal interests (i.e., travel, concerts, events, etc.).

Millennials have been impacted by worldwide events that include the terrorist attacks on 9/11, the economic downturn in 2008, and of course, being of an age of adulthood during the pandemic. Angela Woo of Forbes magazine states in her article “Understanding the Research on Millennial Shopping Behaviors” states: “While other generations also experienced major events, millennials are different because they grew up in an era of technology, with unlimited amounts of information.” The inclusion of having so much technology at their fingertips may have had an impact on their psychological and social behavior. Millennials graduated when unemployment was high due to the recessive years in the late 2000s, jobs were scarce, student debt was high, and cost of living was even higher. Many millennials moved in with their parents and have delayed home purchasing, marriage and children until they were more financially stable. Millennials value experiences greatly and often seek out purchases that make them feel good. Often this includes socially conscious purchases that involve buy one, give one rewards that make the consumer feel good about spending their money. They hold their friends in high regard and are more likely to make a purchase after someone they know has vetted the process. They are less likely to be swayed by traditional advertising and instead prefer personally written reviews and are more likely to research before making a substantial purchase.

The Gen Z population was raised by parents who are involved, more so than other generations. They were raised with, and to some extent, by technology and have often been referred to as “digital natives.” This generation is tech savvy, entrepreneurial and diverse. Some of the events that have impacted them are the pandemic and the death of George Floyd. Gen Z tend to participate in the gig economy and are more apt to prefer the flexibility of freelancing to a traditional 9 to 5 job or career. This generation is more aware of mental health issues than the generations before them, and they do tend to prioritize work-life balance and personal well-being, and the experiences they prefer tend to lean into the wellness and self-care category.

CONSUMERISM TODAY

Now that we know more about the consumer based on their generational behavior and psychology, let’s discuss consumerism. Today’s consumer has been forever changed by behavior they adapted during the pandemic. Online shopping has become normalized for many consumer goods, although it is no longer the only way consumers shop, it has influenced the way the consumer makes purchasing decisions. Today’s consumer values speed, ease and experience, and according to research conducted by the National Retail Federation in coordination with the IBM Institute for Business Value, their article states, “Consumers are using a mix of digital and in-person channels to build their own shopping experiences—with more than one third of Gen Z (those born between 1997 and 2010) primarily opting for hybrid shopping. Stores are no longer the default shopping channel, but 72 percent of customers still rely on stores as part of their primary buying method.” The emergence of both online and in-store purchasing is often referred to as “hybrid shopping.”

Hybrid shopping in the eyewear space often entails starting with online frame searches as the consumer may want to come into a store with an idea of what they might like. Often, hybrid shopping utilizes “webrooming,” which is a term for the consumer practice of researching products online prior to entering a physical store. In the midst of this beginning search, they will come upon information about lenses and might later come into a store with questions about lenses or treatments they learned about during their time looking at frames. Additionally, they will come across many different price points along their online searching journey. This might prompt a consumer to ask questions about price when they do come into a physical office. It can be helpful to understand what the consumer is seeing to understand why they have these questions, so it might be a good practice to take that online journey yourself, and see exactly what your clientele is seeing firsthand in order to prepare yourself to answer the questions your client might come to you with.

EXPERIENCE RULES

Interestingly, all of these generational groups, even though they are so diverse when it comes to the world they have experienced, have all been shown to prefer experiences when it comes to purchasing. After all, we are talking about human consumers and human behavior.

That may prompt the question of what constitutes a good purchasing experience in the optical space, and the answers for this question are many. A good experience can be as simple as an easy transaction with friendly, knowledgeable staff, or a quick turnover time from order to dispense. Or it can be a beautiful showroom with unique frames. It can also be a technologically forward experience in which the exam utilizes sophisticated diagnostic imaging equipment or an optical that uses automated measurement equipment in order to place the order. It could include an optical who has their inventory in an online showroom where the client can browse your selection online before they visit your brick-and-mortar shop. Or it can be a personalized consultation with a client where you sit together and try to find the perfect product for them. Maybe it is a fancy trunk show experience where you have live music and serve champagne. But the long and short of it is that a good experience for your client will be different for different people, however, it might be a combination of many of these ideas that strikes a chord as a “good experience” for your clients. It is much harder to define a good experience than it is a bad experience, and your client will definitely recognize a poor experience and is more likely to discuss a poor experience publicly.

Additionally, it might be a good idea to tailor the experience to the generation you’re working with. A baby boomer might prefer a one-on-one consultation where you provide all of the information they need in order to answer their questions about products and follow up with a handwritten thank you note. For a Gen Xer, you might personally choose some frames for them that you think would work nicely for their face shape and size, show them something that had been shown on your social media, use their first name often and make the selection process about them. For a millennial, you might ask what frames their friends are wearing to help with the selection process, and don’t forget how important digital experiences might be to this group. And for a Gen Zer, try to be as expedient in your selection and time of processing their glasses as the speed of the transaction, as well as digital recommendations for their visual needs will be important to them.

WHAT CAN YOU DO?

It doesn’t appear online search for eyewear (or at least information about eyewear) is going anywhere anytime soon. So, it might be time to consider a different approach to the dispensary. By creating a combination of technology and in-store experience, you might be able to create the very experience we have deciphered to be a driver for purchasing across all generations. Some things to consider would be your office’s hybrid presence. Perhaps look at creating gorgeous displays in your office, then consider utilizing tech platforms that make digital show rooms for your frames and incorporate the digital showroom to your business’ already existing website in order to create the “webrooming” method we discussed earlier. (Companies like Optify or Shoplazza do this very thing). But it might also be time to take a good look at your dispensary, are your displays eye catching? Is it well lit? Also, something hotels understand is the power of scent to memory. Perhaps consider using a diffuser and a signature scent in your dispensary. Additionally, does your office incorporate technology in the exam room? Perhaps consider adding digital measuring devices to the dispensary, and platforms for texting your patients with appointment reminders.

Remember that being socially conscious is a huge driver for millennials and Gen Z, so you might consider donating a portion of sales to causes, ASPCA or local food banks. And then make sure to market heavily that your business is one who is committed to doing good in your community. Additionally, a simple thank you note after a purchase can create both the nostalgia that baby boomers desire as well as the meaningful experience Gen Xers and millennials are drawn to. Also, do not underestimate how important social media is to a practice who aims to attract more business. Pay attention to your online footprint and invest in a “digital renovation” if necessary. Take a good hard look at your social media postings; if they are stale, you might consider hiring a professional firm to manage your online presence. And do not stop at your social media presence. Take a look at your website and Facebook page, and if you don’t have an Instagram page, it might be time to consider one.

Our industry will continue to be impacted by the way today’s consumer wants to do business. Businesses who understand the driving force behind the modern consumers’ purchasing decision and the factors most important to the consumer will be better placed for growth today and well into the future.