The retail trade sales in Canada are forecasted to reach 775.18 billion CAD in 2024, representing the base year in our future outlook. By 2025, sales are anticipated to grow by 2.7% to 796.08 billion CAD and continue this upward trend, reaching 837.24 billion CAD by 2027. A consistent growth trajectory is evident with a forecast value of 857.52 billion CAD by 2028, portraying an average annual growth rate (CAGR) of approximately 2.6% over these five years. This steady increase highlights a robust retail sector with significant economic activity.
Moving forward, several trends will likely shape the retail landscape in Canada:
• E-commerce growth: The increasing shift towards online shopping is expected to continue, driven by enhanced internet penetration and convenience.
• Technological advancement: Adoption of advanced technologies like AI and big data for personalized shopping experiences and inventory management.
• Sustainability: Growing consumer preference for eco-friendly products and practices might influence retailers to adopt sustainable business models.
• Evolving consumer behavior: Monitoring the changing preferences and behavior of consumers post-pandemic will be crucial in adapting strategies.
