Canada Jewellery Market | Outlook, Value, Companies, Growth, Industry, Segmentation, Size, Analysis, Revenue, Share, Trends & Forecast | Market Forecast By Product, By Material, By Channels And Competitive Landscape

The Canadian jewellery market has experienced notable growth in recent years, driven by a stable economy, consistent inflation, and rising disposable income. With inflation maintained between 1% and 3% and a GDP growth forecast of 1.3% in 2024, disposable income has seen a significant rise, averaging 5.5% in 2022 and 2023. This rise in income, combined with strong performance among high-net-worth individuals and growing consumer demand for luxury goods, has expanded both entry-level and high-end market segments. Moreover, the luxury jewellery sector has been further bolstered by increased domestic spending and the expansion of international brands, with the number of luxury jewellery stores surpassing 220 as of 2023.

Investments in premium retail locations have exceeded US$ 380 million over the past five years, enhancing the sector's prominence. Additionally, e-commerce has become increasingly significant, representing 20% of luxury retail sales in 2023. The shift towards online shopping, driven by consumer preferences for personalization and digital experiences, continues to support and expand the jewellery market of Canada.

Canada Jewellery Market Overview

Canada Jewellery Market size is projected to grow at a CAGR of 5.6% during 2024-2030F. The continued investments by brands in prime retail spaces and digital platforms, coupled with rising consumer demand for ethical and high-quality jewellery, are poised to drive significant growth in the Canadian jewellery market. Moreover, the focus on high-end materials, supported by Canada's robust mining sector - producing gold, silver, platinum, and palladium - ensures a steady supply of essential components, reinforcing Canada’s reputation as a leading hub for fine jewellery.

Further, the e-commerce segment is increasingly pivotal, with online jewellery sales accounting for nearly 30% of the market. This shift is driven by the growing preference for digital shopping experiences and the convenience of online platforms. In 2023, online jewellery sales experienced a notable growth rate of 15%, reflecting a strong consumer trend toward digital purchasing. Enhanced digital marketing strategies and advancements in online retail technology would further bolster this growth, enabling jewellers to reach a broader audience and cater to evolving consumer preferences for personalized, accessible, and high-quality products.

Canada Jewellery Market Segmmentation

Market Segmentation by Product

In the forthcoming years, Ring will generate the largest revenue share in the market as younger generations increasingly link them to long-term commitment. Jewelers would target these consumers and use brand collaborations to further boost the visibility of handmade and handcrafted pieces. Meanwhile, earnings would grow rapidly in the forecasted period due to their versatility and social media-driven fashion trends. Their customization potential and affordability make them highly appealing, while ongoing design and material innovations would further drive demand. By balancing focus on both rings and earrings, businesses could tap into diverse markets and maximize their sales.

Canada Jewellery Market Opportunity Assessment

Market Segmentation by Material

Gold leads the Canada jewellery market in revenue share due to its widespread global appeal and its significance in cultural, emotional, and financial contexts. The popularity of modern, versatile designs - like minimalist styles, stackable rings, and personalized items, frequently made from gold - reinforces its top position. Diamonds hold the second spot in the market due to rising disposable income and spending capacity driving increased demand. Their beauty, status, and value as investment pieces with heirloom pieces frequently passed down through generations, further drive their popularity.

Market Segmentation by Channels

In the forecasted period, offline channels would garner the majority revenue size in Canada jewellery market due to consumers’ preference for in-store experiences and price-sensitive buyers from emerging markets. Brands are expanding stores to offer a wider product range and enhance shopping environments which would further boost its dominance. Meanwhile, online channels would grow rapidly in forthcoming years as e-retailers provide seamless shopping, efficient logistics, and competitive pricing. Combining both online and offline strategies would allow businesses to expand their reach, reduce costs, and increase sales effectively through diverse and appealing customer experiences.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Canada Jewellery Market Overview
• Canada Jewellery Market Outlook 2020-2030F
• Historical Data of Canada Jewellery Market Revenues, for the Period 2020-2023
• Canada Jewellery Market Forecast of Revenues, Until 2030
• Historical Data of Canada Jewellery Market Revenues, by Product, Material and Channels, for the Period 2020-2023
• Forecasted market size of Canada Jewellery Market Revenues, by Product, Material and Channels, until 2030
• Canada Jewellery Market Revenue share, by Product, Material and Channels, 2023 & 2030F.
• Industry Life Cycle
• Canada Jewellery Market Porter 5 Forces
• Market Drivers and Restraints
• Market Trends and Evolution
• Canada Jewellery Market Opportunity Assessment
• Market Company Ranking.
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product

• Necklace
• Ring
• Earrings
• Bracelet
• Others (Brooches, cufflinks, hair accessories etc)

By Material

• Gold
• Silver
• Platinum
• Diamond
• Others (Pearl, sapphire, emerald, ruby etc.):

By Channels

• Online
• Offline