PROSPECTS AND OPPORTUNITIES
“Return to normal” for luxury hotels as travel completes recovery, with labour issues and supply chain costs looming as potential headwinds
The forecast period is expected to bring a return to pre-pandemic norms for Canada’s luxury hotel sector, driven by the resurgence of international and domestic tourism. Mid-single-digit compound annual growth (CAGR) is anticipated over 2024-2029, buoyed by the ongoing recovery in travel demand.
Sustainable and climate-change-inspired travel to present opportunities for luxury resorts
Sustainable and responsible travel is projected to become an increasingly prominent trend during the forecast period, as climate change reshapes consumer preferences for experiential luxury. Although traditional travel options are expected to remain dominant, younger high-income consumers are expressing a growing interest in eco-friendly and sustainable travel experiences.
Luxury consumers expected to seek unique, authentic experiences in addition to traditional luxury offerings
As the luxury hospitality sector evolves over the forecast period, consumers are expected to increasingly seek unique and authentic experiences alongside traditional luxury offerings. Boutique hotels, which have grown in popularity over the past five years, are set to continue their expansion, driven by the desire for distinctive, locally inspired properties.
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Overview:
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.
The Experiential Luxury in Canada report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Experiential Luxury in Canada?
- Which are the leading brands in Experiential Luxury in Canada?
- How are products distributed in Experiential Luxury in Canada?
- How important is tourism in evaluating demand for Experiential Luxury in Canada?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Experiential Luxury in Canada - Category analysis
KEY DATA FINDINGS
Recovery of international travel boosts luxury hotel sector
Growth of fine dining amid mixed fortunes in the luxury restaurant sector
Sustainability and renovations shape the future of luxury hotels
“Return to normal” for luxury hotels as travel completes recovery, with labour issues and supply chain costs looming as potential headwinds
Sustainable and climate-change-inspired travel to present opportunities for luxury resorts
Luxury consumers expected to seek unique, authentic experiences in addition to traditional luxury offerings
Luxury Goods in Canada - Industry Overview
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
The following categories and subcategories are included:
Experiential Luxury
- Luxury Foodservice
- Luxury Hotels
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Experiential Luxury research and analysis database.
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