The analysis of the household expenditure on personal care in Canada shows progressive growth from 2013 to 2019, with an average annual increase in value. A notable dip occurred in 2020, reflecting a -6.12% year-on-year decline, likely due to the COVID-19 pandemic. Recovery ensued in 2021 and 2022 with significant growth. However, 2023 exhibited a minor contraction at -2.83%. For 2024 and beyond, the forecast anticipates a steady upward trend with an average annual growth (CAGR) of 2.67% over the next five years, leading to a 14.07% total increase by 2028.
Future trends to watch for include:
- Changes in consumer behaviors post-pandemic, potentially impacting personal care spending.
- Technological advancements in personal care products and their effects on expenditure.
- Economic factors such as inflation and disposable income trends influencing purchasing power.
- Shifts towards sustainable and eco-friendly products driving market dynamics.
