Luxury goods continues on the path to recovery from the impact of COVID-19 in 2022, after sales returned to growth in 2021. Omicron rates started declining in the early part of 2022, allowing governments in most provinces to roll back their COVID-19 regulations such as mask mandates, and adopting a “living with COVID-19” approach.
The Canadian Federal government began to relax its travel restrictions at the end of 2021 and in early 2022. As a result, luxury goods categories that depend on travel and tourism, such as experiential luxury and luxury travel goods, are recovering but sales are unlikely to return to 2019 levels before the end of 2022.
Multiple luxury goods brands expanded in 2021 by opening new stores. For instance, super premium beauty and personal care brands Jo Malone and Aesop both opened stores, while fashion brands Alexander McQueen and Celine also both opened Canadian standalone stores.
E-commerce continues to build on the strong gains it made in 2020 following the outbreak of COVID-19, with the channel set to take further share in 2022. This will help solidify the channel’s role in luxury goods and demonstrate that e-commerce has become a vital sales channel to most luxury brands.
Healthy growth is expected for luxury goods over the forecast period. The return of international travel and tourism is expected during the forecast period, with tourist spending on luxury goods expected to boost category growth in Canada.
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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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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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