Luxury goods continued its positive momentum in Canada in 2018, recording healthy current value growth. Growth continued to be driven primarily by international tourism, the ongoing arrival of wealthy immigrants and the expansion of global luxury brands into Toronto and Vancouver.
Millennials is a significant consumer group in Canada, representing nearly 27% of the population. Although the population of baby boomers is large, and these consumers are considered to be the biggest luxury spenders due to high disposable incomes and a willingness to spend, the purchasing power of millennials is increasing.
Despite healthy growth, the luxury goods landscape in Canada remains fragmented and highly competitive, with many domestic and global luxury brands in competition with one another. No single player accounted for an outstanding share of value sales in 2017.
Luxury department stores remains the leading retail channel. In recent years, US-based luxury stores Nordstrom and Saks Fifth Avenue expanded in Canada, and they compete with Canada-based luxury retailers Holt Renfrew and Harry Rosen.
Luxury goods in Canada is expected to maintain robust growth over the forecast period, driven by increasing tourism and immigration. However, its performance will be dictated on a brand-by-brand basis, as consumers gravitate to brands that offer compelling designs, exhibit a strong and unique brand identity grounded in authenticism, connect with consumers through innovative and creative marketing, and deliver a seamless and appealing online and offline shopping experience.
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