Given the shutdowns, slowdowns and stimulus dollars infused during the roller coaster ride of 2020, speculation of inflation vs stagnation in consumer prices were widespread. So, how did prices for eyeglass frames actually change over time and place?  To answer those questions, we share this sample analysis of GPN's vast data warehouse consisting of millions of transactions from thousands of ECPs. 

Median list prices unchanged in Q1, +0.5% in Q2, then jumped 2.6% in the second half of the year (Q3 + 1.1%; Q4 +1.6%) ending 2020 up 3.2% . This list price increase in frames is significant as it exceeded the "all items" CPI, which rose only 1.4% in 2020.

The Q/Q variance in the patient paid portion of frames transactions (i.e., the out-of-pocket cost) was more volatile, averaging 2.8% change over the four quarters. This evidence of huge swings in willingness to pay appeared in Q1 2020 which ended down -6%, only to whiplash in Q2, recording a 22% increase. Over the course of the year, the median amount patients paid out-o-pocket for frames was up significantly: 9.3% year over year, ending at $59 nationally. Certainly this number reflects the widespread use of vision benefits and discounts.

Regionally, changes over time for frame amounts paid by patients varied significantly. Among the 38 states where we have data to support error margins less than +/-10%, Louisiana was tops: up from $29 in Q4 2019 to $41 at the end of 2020, an increase of more than 40%, while Ohio showed a -2% (decline) in year over year out-of-pocket amounts paid for frames.

 GPN aggregates millions of transactions from thousands of eyecare providers, and focalCenter performs rigorous analysis for delivering micro and macro timely and precise dashboards with interactive market insights to the eyecare industry. Please feel free to contact us for more information on growing your eyecare business with data-driven strategies.