Sales in Canadian sporting goods, hobby, book, and music stores have shown significant growth over the past decade, starting from 3.5 units in 2013 and reaching 21.3 units in 2023. The market experienced a dramatic surge in 2020 with a notable increase to 15.6 units, continuing to 21.3 units by 2023. The most recent year-on-year growth rate from 2022 to 2023 was 8.67%, and the 5-year CAGR as of 2028 is forecasted to be 5.32%, with an anticipated growth rate of 29.57% over the next five years. The overall trend from 2023 onwards shows a steady upward trajectory, with sales projected to reach 29.8 units by 2028.
Future trends to watch for:
- Increased online sales and e-commerce expansion.- Growing influence of digital media and online content on hobby and book markets.- Rising consumer interest in recreational activities post-pandemic.- Advances in technology driving new product innovations in sporting goods and hobby sectors.- Consumer spending patterns influenced by economic conditions and discretionary income levels.