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Canada Luxury Goods Market Size, Share, Trends, Analysis: By Product Type: Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others; By End Use: Women, Men; By Distribution Channel: Offline, Online; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Canada Luxury Goods Market Size
The Canada luxury goods market is projected to grow at a CAGR of 3.68% between 2024 and 2032.
Canada Luxury Goods Market Outlook
- As per industry reports, in 2022, luxury apparel e-commerce sales in Canada expanded by 9.8% compared to 2021.
- Prominent players with an extensive distribution network include Prada, VALENTINO, and Tiffany. As of March 2023, Tiffany operated 12 stores in Canada with around 42% of all stores located in Ontario.
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.
Canada Luxury Goods Industry Segmentation
Canada Luxury Goods Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.
Market Breakup by Product Type
- Watches and Jewellery
- Perfumes and Cosmetics
- Clothing
- Bags/Purse
- Others
Market Breakup by End Use
- Women
- Men
Market Breakup by Distribution Channel
- Offline
- Online
Market Breakup by Region
- Northern Canada
- British Columbia
- Alberta
- The Prairies
- Central Canada
- Atlantic Canada
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
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by End Use |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Luxury Goods Market Overview
8.1 Key Industry Highlights
8.2 North America Luxury Goods Historical Market (2018-2023)
8.3 North America Luxury Goods Market Forecast (2024-2032)
9 Canada Luxury Goods Market Overview
9.1 Key Industry Highlights
9.2 Canada Luxury Goods Historical Market (2018-2023)
9.3 Canada Luxury Goods Market Forecast (2024-2032)
10 Canada Luxury Goods Market by Product Type
10.1 Watches and Jewellery
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Perfumes and Cosmetics
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Clothing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Bags/Purse
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Canada Luxury Goods Market by End Use
11.1 Women
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Men
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Canada Luxury Goods Market by Distribution Channel
12.1 Offline
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Online
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Canada Luxury Goods Market by Region
13.1 Northern Canada
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 British Columbia
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Alberta
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 The Prairies
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Central Canada
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Atlantic Canada
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Chanel Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Kering SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Rolex SA
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hermès International S.A.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Giorgio Armani S.p.A.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Ralph Lauren Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Compagnie Financière Richemont SA
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Prada SpA
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 VALENTINO S.p.A.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Tiffany & Co.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Luxury Goods Market: Key Industry Highlights, 2018 and 2032
2. Canada Luxury Goods Market: Key Industry Highlights, 2018 and 2032
3. Canada Luxury Goods Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. Canada Luxury Goods Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. Canada Luxury Goods Historical Market: Breakup by End Use (USD Billion), 2018-2023
6. Canada Luxury Goods Market Forecast: Breakup by End Use (USD Billion), 2024-2032
7. Canada Luxury Goods Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
8. Canada Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
9. Canada Luxury Goods Historical Market: Breakup by Region (USD Billion), 2018-2023
10. Canada Luxury Goods Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. Canada Luxury Goods Market Structure
Key Questions Answered in the Report
The luxury goods market is expected to grow at a CAGR of 3.68% between 2024 and 2032.
The top products purchased by millennials using online shopping channels include clothing and shoes.
As of December 2022, out of 40 million residents, Canada has around 367,500 HNWI. This positioned Canada eighth among the world's wealthiest countries by HNWI population.
The major drivers of the market include rising demand for luxury goods as a status symbol, a growing population of HNWIs, and manufacturers setting up retail stores across the country.
Key trends aiding market expansion include a rising disposable income among consumers, millennials opting for online shopping of luxury goods, and players investing significantly in brand awareness and expansion.
Major countries in the market are Northern Canada, British Columbia, Alberta, The Prairies, Central Canada, and Atlantic Canada.
The various distribution channels of luxury goods include offline and online.
Key players in the market are 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., and others.
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