The regular annual growth of the jewellery market of Canada has created a potential opportunity for the jewellery industry of the country. The demand for jewellery products had reached $6.6 billion in 2013.
Since then, the demand for jewellery has only increased. While previously, the demand for the pricey jewellery was higher, in recent times, a shift towards the lower-cost pieces from the jewellery store in Toronto has been noticed. All in all, the trends show that the Canadian jewellery market would only expand over the years, creating opportunities for the jewellers of the country.
As we have indicated earlier, the market trends indicate that the jewellery sale of Canada is on the rise. The reports indicate that the price, as well as the volume, of the jewellery, is increasing at a significant rate since 2013. The increase in the number of jewellery sales from a jewellery store in Toronto can be attributed to the interest of the younger generation in different pieces of jewellery. Along with traditional jewellery, the sale of costume jewellery has also shown a surge in recent years. The data shows that the people between the ages of 15 and 35 buy costume jewellery the most.
Compared to the jewellery market of the United States, the market in Canada is expected to see slower growth in the traditional jewellery section. The rising price of gold and other metals might be one of the factors leading to it. However, Canadian women over 40 show more interest in the jewellery of some of the biggest brands of the jewellery industry.
The Canadian jewellery industry is highly fragmented. The structure of the industry has an uncanny similarity to that of the jewellery market of the United States. In Canada, no single jewellery company holds more than 4% of the real jewellery market.
No company occupies more than 10% of the market of costume jewellery in Canada. The two biggest players of the Canadian jewellery market are the same as the biggest jewellery companies in the United States.
Apart from that, the non-grocery retailers, including the department stores, jewellery specialists, as well as apparel stores, hold about 87% of all jewellery sales. Even though the online sale of jewellery has been popular elsewhere, it has failed to gain similar popularity in Canada. The online jewellery purchasers were about 1% in 2013. The number of online purchasers has not increased that much ever since.
The jewellery manufacturers of Canada face steep competition when it comes to pricing. Imported jewellery has helped to spike the competition even further. The United States has been the largest jewellery trading partner of Canada for the last few years. China is the second-largest trading partner. The price of jewellery in Canada varies due to the variance of the importing costs.
All in all, if you are thinking about opening a jewellery store in Toronto, you can move ahead without any issues. The jewellery industry is thriving and this is probably the best time for anyone to invest in the market.