Podcast Summary: Power Hour Optometry – "The Eyecare Industry’s Big Reset: Data Trends, Economic Strain, and the Future of Vision Expo"

Podcast Information:

• Title: Power Hour Optometry
• Host/Author: The Power Practice
• Description: Join us for the latest ideas and innovations in the optometric industry.
• Episode: The Eyecare Industry’s Big Reset: Data Trends, Economic Strain, and the Future of Vision Expo
• Release Date: July 23, 2025

Introduction

In this pivotal episode of Power Hour Optometry, hosted by Eugene Shotsman from The Power Practice, the discussion centers on critical developments reshaping the eyecare industry. Joining Eugene is an esteemed panel from the Vision Council, including Ashley Mills (CEO of the Vision Council), Elise Hinkle (Vice President of Research and Insights), and Omar Alatib (Senior Manager of Government Relations). The episode delves into three major topics: Data Trends, Tariffs, and the Future of Vision Expo.

1. Data Trends in the Eyecare Industry

a. Consumer and Provider Sentiment

At the outset, Elise Hinkle outlines the extensive data collection efforts by the Vision Council, utilizing credit card transactions, EHR (Electronic Health Records) data, and comprehensive consumer sentiment studies. This multi-faceted approach provides deep insights into both consumer behaviors and provider experiences.

Key Insights:

• Consumer Sentiment: The Vision Council closely monitors the University of Michigan’s Consumer Sentiment Tracker, noting a significant decline from the 70s in late 2024 to the 50s in April and May 2025, before a slight rebound to the 60 threshold in June. This drop indicates growing economic anxiety among consumers.

  "In April and May, consumer sentiment was really sinking, dropping into the 50s, which historically signals recession-type conditions where consumers become more cautious with their spending."
  —Ashley Mills [06:34]

• Provider Sentiment: Surveys indicate that by early March, 50% of providers were concerned that tariffs would increase the costs of eyewear products, practice supplies, and materials. Only 21% believed that tariffs would have little to no negative impact, suggesting widespread apprehension within the profession.

b. Q1 Performance Metrics

Ashley Mills presents Q1 2025 data, revealing a 5% year-over-year decline in eye exams, a 9% decrease in frames sold, and a 14% drop in lens volume compared to Q1 2024. Despite reduced volume, overall spending remained flat due to a 5% increase in frames and a 14% increase in lenses, indicating a shift toward higher-value purchases.

"In Q1 of last year, we saw about 30 million exams, but this year, that number dropped to 28.5 million. Similarly, frames sold decreased from 17.4 million to 15.7 million units."
—Ashley Mills [35:01]

2. Impact of Tariffs on the Eyecare Industry

a. Overview of Tariff Changes

The discussion transitions to the reciprocal tariffs that significantly impact the cost structure within the industry. Ashley Mills explains how these tariffs have quadrupled import duties from 10% to 40%, dramatically increasing manufacturers' costs.

"Importing a plastic frame with a previously 10% tariff would cost an importer $10,000 on 10,000 units. With a 40% tariff, the same import would now cost $40,000, representing a fourfold increase in duties."
—Ashley Mills [26:51]

b. Vision Council’s Advocacy Efforts

Omar Alatib details the proactive measures taken by the Vision Council to mitigate the adverse effects of tariffs. Leveraging relationships built since the original 301 tariffs under the Trump administration, the Vision Council has engaged in extensive advocacy, including over two dozen visits to Capitol Hill and a pivotal meeting with the White House.

"We met with the deputy assistant to the President and the deputy director of the National Economic Council to present a holistic view of the industry's challenges, beyond just the tariffs."
—Omar Alatib [16:19]

c. Impact on Members

The tariffs create a landscape of uncertainty, making strategic planning difficult for businesses of all sizes. Omar Alatib emphasizes that this unpredictability forces companies to remain in a constant state of adaptation, affecting supply chains, inventory management, and pricing strategies.

"Uncertainty makes it impossible for any CEO to plan, manage, or build a strategy because the sands just keep shifting."
—Omar Alatib [21:02]

3. Future of Vision Expo

a. Consolidation into a Single Annual Event

A significant announcement in this episode is the Vision Council’s decision to consolidate its trade shows into one annual Vision Expo starting in 2026. This strategic move aims to unify the industry, enhance value for attendees, and streamline resources in response to economic constraints.

"Starting in 2026, there will be a single Vision Expo each year, rotating among major cities like Orlando, Las Vegas, and New York City to serve as North America's flagship event."
—Omar Alatib [45:16]

b. Enhancements to Vision Expo West 2025

The final Vision Expo West will be held from September 17-20, 2025 in Las Vegas, featuring:

• Global Innovation Challenge: A Shark Tank-style competition for innovators in the eyecare industry.
• Healthcare and Technology Division Kickoff: Highlighting advancements in smart eyewear and disease management technologies.
• Expanded Programming: Including sessions from the United Opticians Association, Optical Women's Association, and job-specific tracks from organizations like the ODS on Facebook.

"We have a really strong innovation and technology program, including a global competition that brings together the best and brightest in eyecare innovation."
—Ashley Mills [46:34]

c. Emphasis on Technology and Innovation

Highlighting the future trajectory, Ashley Mills discusses upcoming research on smart eyewear, reflecting the dynamic intersection of fashion, technology, and healthcare.

"I'm excited to present our latest research on smart eyewear, exploring how consumer awareness and technology integration have evolved since 2023."
—Ashley Mills [50:24]

4. Opportunities Amid Economic Strain

Despite economic challenges, opportunities arise for smaller practices through reduced advertising costs and increased patient acquisition efficiency. Eugene Shotsman notes that while large companies pull back on advertising, independent optometrists can leverage lower patient acquisition costs to grow their practices.

Key Points:

• Cost Redirect: Larger companies reducing advertising spend create a competitive advantage for smaller practices to attract new patients at lower costs.
• Strategic Adaptation: Practices that remain adaptable and strategic can capitalize on increased efficiency in patient acquisition and operational management.

5. Conclusion and Call to Action

The episode wraps up with Omar Alatib outlining resources available through the Vision Council for members to navigate the tariff landscape. These include:

• Tariff Dashboard: A tool for understanding and modeling the financial impact of tariffs.
• Congressional Connections Campaign: Facilitating interactions between industry members and their congressional representatives.
• Webinars and Educational Materials: Providing ongoing support and information.

"By leveraging our tools and insights, members can better understand their exposure and develop thoughtful responses to economic shifts."
—Omar Alatib [58:17]

Eugene Shotsman encourages listeners to stay informed, utilize available resources, and engage proactively with industry advocacy efforts to mitigate the impacts of economic uncertainties and capitalize on emerging opportunities.

This episode of Power Hour Optometry provides a comprehensive analysis of the current challenges and strategic responses within the eyecare industry. Through insightful data presentation, proactive advocacy discussions, and forward-looking event planning, the Vision Council and host Eugene Shotsman equip industry professionals with the knowledge and tools needed to navigate and thrive in a rapidly changing landscape.