The forecasted household expenditure on clothing in Canada shows a steady increase from 2024 to 2028. In 2023, the actual value stood at 44.50 billion CAD. The year-on-year growth rates are as follows:
- 2024: 1.35% increase
- 2025: 1.35% increase
- 2026: 1.33% increase
- 2027: 1.29% increase
- 2028: 1.28% increase
Over the last five years, the compound annual growth rate (CAGR) averages 1.32%. This steady growth trajectory indicates a growing consumer demand for apparel in Canada.
Future trends to watch for include the impact of sustainable fashion on consumer spending, the growth of online clothing retailers, and potential economic fluctuations that could influence household budgets and priorities.
