Canadian Women's Fashion Market
Determine the major segments within the women's fashion market in Canada and their market sizes, with a particular focus on the following segments: handbags, small leather goods, scarves, hats, and gloves, hair accessories, socks, and loungewear/ sleepwear. This information will be used to develop an understanding of the total addressable market for women's accessories.
Market Size and Growth Rate
- The total fashion market in Canada has an annual revenue of $6.812 billion and it is expected to grow at a CAGR of 8.3 percent between 2019 and 2023.
- The Canadian fashion market’s largest segment is Apparel, which had a market volume of $4.272 billion in 2019. Women’s apparel accounts for 55 percent of total apparel sales.
- The Apparel market is expected to grow annually by 2.7 percent between 2019 and 2023.
- During 2018, women’s fashion accessories and outerwear were the two fashion segments that recorded the greatest growth, at 8.3 percent and 4.3 percent respectively.
- The Canadian Handbags segment had a revenue of $1.024 billion in 2019 and the market is expected to record a CAGR of 2.1 percent between 2019 and 2023.
- The global Hair Accessories market size was $20 billion in 2018, and North America makes up the largest share, at about 30 percent.
- The total Canadian socks market size was $1.057 billion in 2019.
- In the fourth quarter of 2018, retail sales of women’s lingerie and sleepwear in Canada reached 656.94 million Canadian dollars.
- The two largest Canadian fashion companies are Gildan Activewear and Hudson’s Bay.
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