Retail value sales of luxury goods in Canada are set to rise by 7% in 2023 in current terms to total CAD30.7 billion.
Despite the impact of inflation-led price rises, issues with the supply chain, higher living costs and the war in Ukraine, sales of luxury goods are still seeing positive growth in current value terms in 2023. Canada is also home to around two million affluent residents in 2023, with these consumers generally being less influenced by fluctuations in the economy.
It is clear that Canada has become an important target for luxury brands. In decades past, the market was considered to be “too small” for some.
Luxury retail is currently undergoing changes, with digitalisation changing where consumers shop and how they engage with luxury brands and retailers. As a result, many consumers are increasingly being drawn to online shopping, forcing retailers to adapt and improve their physical stores in response.
There is a strong desire among wealthier consumers to spend on goods and services in the post-pandemic period which should benefit sales of luxury goods during the forecast period. Retail sales of luxury goods in Canada are predicted to increase at a 6% CAGR at constant 2023 prices over the forecast period to amount to CAD40.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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