From 2013 to 2023, household expenditure on houseware in Canada increased from 6.34 billion to 8.78 billion Canadian dollars. The average annual growth rate over the last decade was generally positive, with occasional dips such as a 4.8% drop in 2022. The past five years show a relatively modest Compound Annual Growth Rate (CAGR) of 2.39%, indicating steady growth with minor fluctuations. Notably, 2023 witnessed a 3.89% year-on-year increase, recovering from the decline in 2022.
Looking ahead, the forecast growth remains stable, with a forecasted CAGR of 1% over the next five years, culminating in an expenditure of 9.35 billion Canadian dollars by 2028. This indicates a continued, albeit slower, upward trend in household expenditure on houseware.
Future trends to watch include potential impacts of economic conditions such as inflation and consumer confidence, technological advances in home goods, and shifts in consumer preferences towards sustainable and smart houseware products.
