The sales of watches in non-store retailing in Canada stood at 89.61 million Canadian dollars in 2023. The market has experienced fluctuations over the past decade, with notable dips in 2014 and 2020, but an overall increasing trend can be identified. The highest growth in recent years occurred between 2016 and 2017, with a significant 53.03% year-on-year increase. The Compound Annual Growth Rate (CAGR) for the period from 2018 to 2023 is 3.25%, indicating steady growth.
Future trends to watch for include the shift towards online retailing, advancements in smartwatch technology, and consumer preferences for luxury versus functional timepieces. The forecasted CAGR for the next five years is 2.18%, suggesting a stable, yet modest growth in the market, with an 11.36% increase in sales expected by 2028.
