Canada Jewellery Market size is projected to grow at a CAGR of 5.6% during 2024-2030F

Gold in terms of material became the dominant category since it accomplished the highest revenue share in Canada Jewellery Market – 6Wresearch

By material, gold is seen as a safe investment in the face of economic uncertainty and has an enduring worth, therefore it attained the biggest revenue share in the Canadian jewellery market in 2023. Furthermore, customers seeking both luxury and financial stability are drawn to gold jewellery due to its inventive designs and craftsmanship, as well as its cultural traditions and auspicious beliefs.

According to 6Wresearch, Canada Jewellery Market size is projected to grow at a CAGR of 5.6% during 2024–30F. During a pandemic, Canada’s jewellery market slowed due to several factors such as reduced disposable income, impacts on luxury goods, and disruptions in gold mining, including temporary mine closures. However, post-pandemic these factors began to recover, for instance in 2021, Canada mining assets rose by 4%, and gold production reached 192 tonnes in 2022, up 8% from year 2021. Increased gold production and rising mining assets helped the Canadian jewellery market by stabilizing gold supply, reducing costs, and supporting sector growth. The sector has also been strengthened by increased domestic spending and the expansion of international brands, with the number of luxury jewellery stores exceeding 220 in 2023.

In 2024, Canada jewellery market is experiencing growth driven by rising disposable incomes across various income groups, a stabilizing Canada economy with inflation within the 1% to 3% target range, and increased demand for luxury goods from affluent Millennials, Gen Z, and High-Net-Worth Individuals (HNWIs). These factors would assist in overall market expansion.

The market is expected to spur owing to substantial growth opportunities in the coming years driven by several factors, with inflation projected to decrease to 2% by 2025 and GDP growth anticipated to rise to 2.4%. Expected lower inflation and increased economic growth would enhance consumer spending power and economic stability, supporting the expansion of the jewellery market. Additionally, the growing popularity of diverse and cross-cultural designs, including those inspired by ethnic communities or ancient cultures, would drive growth in the coming years.

According to Bhawna, Senior Research Analyst, 6Wresearch, offline channels lead the Canada jewellery market due to consumers' preference for inspecting high-value items in person, which builds trust and ensures authenticity. Physical stores offer personalized service and a luxurious shopping experience.

Canada Jewellery Market (2024-2030) report provides an in-depth analysis with 19 figures and 4 tables, covered in 66 pages. The report comprehensively covers the market by product, material and channels. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.