Executive Summary

Feb 2019
PROSPECTS
The slowdown in sales of watches globally reaches Canada

Although luxury timepieces increased in current value terms in 2018, and this is expected to continue in the forecast period, a gradual slowdown in the growth rate is expected from 2019. A sluggish economy and trade uncertainty are expected to limit domestic potential, whilst increasing tourism and immigration will support growth.

Tourism remains the key driver of sales in the luxury markets of Toronto and Vancouver

Tourism remains a key driver of spending on luxury timepieces, with growing numbers of international tourists visiting Canada’s destination cities of Toronto and Vancouver. These two cities serve as the primary direct retail operations for luxury timepiece companies such as Cie Financière Richemont, for example, which operates six stand-alone boutiques at Yorkdale Mall in Toronto for Piaget, IWC Schaffhausen, Officine Paneri, Vacheron Constantin, Cartier and Van Cleef & Arpels.

Wearable technology is an opportunity for luxury brands, challenging luxury timepieces

Although luxury wearables in Canada is still in the development phase, both traditional watchmakers and luxury brands such as Hermès and Louis Vuitton view smart wearables as a potential growth driver and a solution to offset the expected slowdown in sales of traditional luxury timepieces over the forecast period. During the period 2015-2017, a number of traditional watchmakers launched wearables, with TAG Heuer, Frédérique Constant, Breitling and Mondaine unveiling smartwatches at Baselworld 2015.

COMPETITIVE LANDSCAPE
Omega, Rolex and TAG Heuer remain the leading brands

Omega (Swatch Group) remained the leading brand in luxury timepieces in 2017, followed by Rolex (Rolex Canada), TAG Heuer (TAG Heuer International – LVMH Moët Hennessy Louis Vuitton) and Cartier (Cartier International – Cie Financière Richemont). These brands have built strong brand awareness and an established presence through authenticity, high quality and a long watchmaking heritage.

The category is fragmented and becoming more competitive

Although 2018 saw a modest increase in sales of luxury timepieces in Canada, 2017 and 2018 also witnessed slowdowns in growth. Factors driving this included the competition from smartwatches and increased price competition from the rise of online shopping.

Jewellery and watch specialist retailers maintains its distribution dominance

Jewellery and watch specialist retailers remained the leading distribution channel for luxury timepieces in Canada in 2018. Most manufacturers of luxury brands of watches operate a limited number of boutiques and rely on jewellery and watch specialist retailers to distribute and represent their brands.

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Luxury Timepieces in Canada

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Timepieces industry in Canada with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Timepieces industry in Canada, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Timepieces in Canada market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth  
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Luxury Timepieces in Canada?
  • What are the major brands in Canada?
  • How dynamic is the growth of Luxury Timepieces internet sales?
  • What is driving growth?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply function

Luxury Timepieces in Canada - Category analysis

HEADLINES

PROSPECTS

The slowdown in sales of watches globally reaches Canada
Tourism remains the key driver of sales in the luxury markets of Toronto and Vancouver
Wearable technology is an opportunity for luxury brands, challenging luxury timepieces

COMPETITIVE LANDSCAPE

Omega, Rolex and TAG Heuer remain the leading brands
The category is fragmented and becoming more competitive
Jewellery and watch specialist retailers maintains its distribution dominance

CATEGORY DATA

Table 1 Sales of Luxury Timepieces by Category: Value 2013-2018
Table 2 Sales of Luxury Timepieces by Category: % Value Growth 2013-2018
Table 3 NBO Company Shares of Luxury Timepieces: % Value 2013-2017
Table 4 LBN Brand Shares of Luxury Timepieces: % Value 2014-2017
Table 5 Distribution of Luxury Timepieces by Format: % Value 2013-2018
Table 6 Forecast Sales of Luxury Timepieces by Category: Value 2018-2023
Table 7 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2018-2023

Luxury Goods in Canada - Industry Overview

EXECUTIVE SUMMARY

Luxury goods maintains robust growth in Canada in 2018
Producers of luxury brands see the growth potential of millennials
The retail landscape in luxury goods remains fragmented and highly competitive
Store-based retailing dominates, with mono-brand stores increasing
A more competitive environment looms after expansionary 2017 and 2016

MARKET INDICATORS

Table 8 Number of High Net Worth Individuals (HNWI): 2013-2018

MARKET DATA

Table 9 Sales of Luxury Goods by Category: Value 2013-2018
Table 10 Sales of Luxury Goods by Category: % Value Growth 2013-2018
Table 11 Inbound Receipts for Luxury Goods by Country of Origin: Value 2013-2018
Table 12 NBO Company Shares of Luxury Goods: % Value 2013-2017
Table 13 LBN Brand Shares of Luxury Goods: % Value 2014-2017
Table 14 Distribution of Luxury Goods by Format and Category: % Value 2018
Table 15 Forecast Sales of Luxury Goods by Category: Value 2018-2023
Table 16 Forecast Sales of Luxury Goods by Category: % Value Growth 2018-2023

SOURCES

Summary 1 Research Sources