In 2024, luxury goods in Canada witnessed a moderation in growth, following the robust post-pandemic surge seen in 2023. Categories like luxury travel goods and luxury leather goods experienced healthy sales due to the continued recovery in travel, with consumers increasingly purchasing high-end luggage and travel-related products.
In 2024, luxury jewellery sales softened after a pandemic-era boom, when demand for fine jewellery had surged as consumers diverted their spending from travel and experiences to physical goods. As the travel industry recovered, many consumers redirected their expenditures towards travel-related activities and luxury experiences, causing a shift in demand away from jewellery.
The competitive landscape for luxury goods in Canada remained dynamic throughout 2024, with strong performances in certain areas like luxury leather goods. LVMH, Hermès, and Prada maintained leadership in the women’s handbag market, while Michael Kors faced difficulties in increasing its market share.
In 2024, the retail strategies of luxury brands remained heavily focused on physical store openings, reflecting the continued importance of in-person shopping experiences for high-end consumers. Toronto and Montreal became key locations for luxury brand expansions, with the opening of Montreal’s Royalmount mall in late 2024 being a major highlight.
Moderate growth is expected for luxury goods in Canada over the forecast period, as the post-pandemic recovery stabilises across most categories. The travel sector, a significant driver of luxury spending, is anticipated to complete its recovery during the early forecast years.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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