The Jewelry & Watches segment in Canada registered Market value of USD 2,696.16 Millions in 2023
The indicator recorded a historical growth (CAGR) of 9.14% between 2020 to 2023, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
The Market value of Jewelry & Watches Segment in Canada (2018 - 2026, USD Millions)
Jewelry & Watches Segment in Canada
The Jewelry, Watches and Accessories market includes gold jewelry, silver jewelry, and other precious jewelry like diamonds, platinum, precious stones (sapphires, emeralds, and rubies), pearls (natural and cultured), and semiprecious stones (e.g. quartz, opal, topaz, amethyst, coral, etc.), fashion jewelry (non-precious jewelry), hair accessories, belts, hats, gloves, scarves, sunglasses, and ties, plus watches.
Whilst the Canadian market still displays a healthy growth rate, it has been seeing a gradual slowdown since 2015 which reflects a more moderate level of growth. Overall the outlook is still stable, but a deceleration in growth will continue. In 2018, the market for jewelry has seen a slowdown from the previous year. Birks Group had a drop in their store sales, blaming the ‘softening’ luxury retail market across Canada which highlights the general consensus within the market. Nevertheless, the stability of the market is based upon the increase in affluent Canadians, which should serve to boost the luxury market in the future. Overall the global growth uptick is ensuring average Canadian consumers are more confident and so sales of these kinds of products are remaining robust. Equally when it comes to affluent consumers, in a similar fashion to the US, the wealthy are becoming proportionally richer, giving them more buying power and confidence to spend.
Category segmentation
The jewelry & watches segment is categorized into two major segments - Jewelry & Watches and Accessories. Accessories are the largest segment of the jewelry, watches & accessories market in Canada.
Competitive landscape
Jewelry, watches, and accessories retailing is highly fragmented and competitive. Specialty jewelers compete against other retailers that sell jewelry, including department stores, mass merchandisers, discount stores, apparel, accessory fashion stores, brand retailers, shopping clubs, home shopping television channels, direct home sellers, and online retailers and auction sites. Fashion retailers are also expanding their product ranges to incorporate fashion jewelry lines. The specialists are compelled to succeed in one market, whereas more diversified companies can compensate for any weakness in jewelry sales with other revenue streams. Furthermore, specialists may experience strong seasonality, with sales peaking during key holiday events such as Christmas or more recently sales events such as 'Black Friday' or China's 'Singles Day'. These events require strong competition with heavy reductions, alongside an investment in temporary staff and advertising, which can put a severe strain on profits. However, the market is not difficult to exit, and this eases rivalry.
Market distribution
Clothing, Footwear, and Accessories Specialists form the leading distribution channel in the Canadian jewelry, watches & accessories market.
Who are the leading players?
Birks Group Inc
Charm Jewelry Ltd
United States of America
United States of America
United States of America
United States of America
Germany
China
United States of America
United States of America
United States of America
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