News Release (March 30, 2017)
Retail sales of Canadian luxury apparel and accessories increased by 4.5% during 2016 to C$2.3 billion, according to Trendex North America’s Canadian 2017 Luxury Apparel Report. The forty page report, published on March 30, 2017, by the research company, long recognized as the largest provider of marketing intelligence to the Canadian apparel industry, is the first ever comprehensive study of the Canadian luxury apparel/accessories market.
In addition to the size and growth rate for the 2016, the Canadian 2017 Luxury Apparel Report provides numerous insights into the Canadian luxury apparel market including:
- The market growth in 2016 was primarily driven by the influx of new luxury retailers, and double digit growth in tourists from Asia (+15.6%) and Western Europe (+12.7%).
- Specialty stores accounted for 66% of luxury apparel sales
- Harry Rosen and Holt Renfrew were the two largest luxury apparel retailers
- Men’s apparel accounted for 31% of Canadian luxury apparel/accessories sales
- Over the period 2016 to 2021 the Canadian luxury apparel/accessories market will increase by 18.5%
- E-commerce in 2016 only accounted for 4.8% of Canadian luxury apparel sales, however by 2021 e-commerce’s share of luxury apparel/accessories sales will increase to 8.2%
- During the next five years, multi-brand luxury apparel retailers will grow at a faster rate than mono brand luxury retailers
In commenting on his company’s Canadian 2017 Luxury Apparel Report, Randy Harris, President of Trendex North America noted: “The past three years have been tumultuous for Canadian luxury apparel retailing as a result of Saks and Nordstrom opening their first Canadian stores, which occurred almost simultaneously with both the growth in the number of luxury apparel mono brand stores, along with Holt Renfrew and Harry Rosen upgrading their stores. All of these developments served to both accelerate the growth rate for luxury apparel, while at the same time ratcheting up the competitive intensity within the Canadian luxury apparel segment. It logically follows that five years from now there will be a shakeout in the Canadian luxury apparel market, and those retailers left standing will be those who are committed to continually upgrading their customer’s shopping experience.”
For additional information contact R. Harris 567-686-7445.
Use this link to order: 2017 Canadian Luxury Apparel Report