Experiential luxury is expected to see value sales recover to pre-COVID-19 levels by 2025 (at constant 2022 prices). This is in-line with the expected recovery of international travel and tourism, with domestic travel being unable to fill the void.
Luxury hotel resorts were a bright spot in 2020 and 2021 as Canadians sought out outdoor experiences due to more time being spent indoors and the lack of international travel opportunities. Luxury hotel resorts are expected to continue thriving in the forecast period as travellers seek out unique experiences and become more familiar with the resort experience.
Industry sources identified labour shortages and increasing supply chain costs as key challenges to hotels and foodservice in 2022, with these challenges likely to persist into the forecast period. These challenges are expected to lead to higher prices as companies deal with increasing expenses, although luxury hotels are not expected to be as significantly affected as they are generally in a better position to increase prices due to their wealthier clientele.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in Canada, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
See All of Our DefinitionsThis report originates from Passport, our Experiential Luxury research and analysis database.
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