Retail sales look set to increase at a 4% CAGR at constant 2023 prices over the forecast period to reach CAD1.9 billion.
Luxury hotels is expected to remain the only significant category within experiential luxury in Canada with demand set to benefit from an ongoing desire for luxury experiences, lifestyles, and hospitality. While inbound tourist arrivals are set to climb over 2023-2028, it will nonetheless likely be a long road to full recovery.
Industry sources identified labour shortages and increasing supply chain costs as key challenges to hotels and foodservice towards the end of the review period and these challenges will likely persist into the forecast period. These challenges are expected to lead to higher prices as companies deal with increasing expenses, although luxury hotels are not expected to be as significantly affected as they are generally in a better position to increase prices due to their wealthier clientele.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in Canada, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
See All of Our DefinitionsThis report originates from Passport, our Experiential Luxury research and analysis database.
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