Tourism has historically been a key sales driver of luxury jewellery sales, especially in the large urban centres of Vancouver and Toronto. Travel and holiday limitations due to the pandemic have much reduced shopping tourism in Canada and luxury jewellery continues to be among the most impacted categories.
Despite the lower value sales in the pandemic years, luxury jewellers continue to expand their outlets in 2021, highlighting opportunities for further growth in Canada. For example, the Canada-based high-end Montecristo Jewellers is planning a new store opening in Vancouver in 2021.
Whilst store-based retailing will remain the dominant channel for sales of luxury jewellery in 2021, with consumers preferring the experience of visiting a luxury store to purchase such items, Canadians are increasingly turning to e-commerce. In fact, the e-commerce channel will more than double its 2019 value share during the pandemic years.
Fine jewellery is expected to continue to make gains in the coming years driven by the economic recovery and consumers transitioning back to pre-COVID-19 social and work activities. With travel restrictions and consumer fears about going overseas set to linger, some spending (previously allocated to travel) is expected to shift to luxury jewellery.
E-commerce will continue to grow in popularity for purchases of luxury jewellery and become a more prominent distribution channel over the forecast period. This will be the case especially in lower-priced luxury costume jewellery from popular brands such as Gucci.
Sustainability is expected to be a strong trend within the forecast period as conversations about climate change and environmental issues are making more consumers interested in eco-friendly jewellery. For example, the luxury department store Holts Renfrew designates certain jewellery as H PROJECT APPROVED, helping consumers make more meaningful and environmentally friendly purchases.
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Understand the latest market trends and future growth opportunities for the Luxury Jewellery 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 the aggregation of luxury fine jewellery and luxury costume jewellery.See All of Our Definitions
This report originates from Passport, our Luxury Jewellery research and analysis database.
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