Canada Luxury Goods Market Report and Forecast 2025-2034

Canada Luxury Goods Market Growth

Canada is attracting a population of affluent residents which aids the demand for high-end jewellery and other luxury goods. Canada’s immigration rates are also steadily rising. For instance, the country’s population grew by over 1 million in 2022, which led to Canada being home to around 40 million residents. Among them, 367,500 are high-net-worth individuals (HNWIs). The highest concentration of wealth can be found in Toronto, Vancouver, Montreal, and Calgary. A growing population of HNWIs and Ultra high-net-worth individuals (HNWIs) stimulates the demand for luxury stores.

According to the Canada luxury goods market analysis, in Vancouver and Toronto, malls, such as the Yorkdale Mall in Toronto are expanding to accommodate the growing number of foreign luxury retailers. Canada is also witnessing an increase in the number of premium outlet malls, such as McArthur Glen Vancouver and the Toronto Premium Outlets Mall. Luxury goods retailers such as Ted Baker, Armani, Hugo Boss, and Gucci are attracted to these malls to increase their sales. Additionally, online sales of luxury goods are rising driven by manufacturers selling goods on their websites. Additionally, to boost their sales, manufacturers are adopting buy online, pick up in-store (BOPIS) strategies. A rising tech-savvy millennial and Gen Z population with significant disposable income further drives the market growth.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Canada Luxury Goods Industry Segmentation

Canada Luxury Goods Market Share

Women end-users account for a significant share of the market for the majority of luxury goods. Women are becoming more self-conscious about how they look and how they dress. Because of this tendency, there is a greater need for high-end clothing and other accessories that enables consumers to express their individuality and sense of style. This trend has also been influenced by the advent of social media platforms, as more women use them to display their style and find inspiration. Moreover, new trends in men's grooming will likely promote the growth of the market for men, driving up demand for branded clothes, high-end watches, and designer eyeglasses. Because of this, a number of companies are focusing on creating products that can meet the diverse needs of both end consumers.

Leading Companies in Canada Luxury Goods Market

The key players in the market are improving their market position by strengthening their physical and online retail networks.

• Chanel Limited 

• Kering SA 

• Rolex SA 

• Hermès International S.A.

• Giorgio Armani S.p.A.

• Ralph Lauren Corporation

• Compagnie Financière Richemont SA

• Prada SpA

• VALENTINO S.p.A.

• Tiffany & Co.

• Others