As the temperatures drop and the landscape dons its winter coat, Canadians everywhere reach for their trusty Canada Goose jackets: the ultimate in cold weather protection and style. But despite a positive annual sales report from the iconic Canadian outerwear brand, cautionary measures in the U.S. mean that they may need to rely on alternate strategies if they wish to maintain their annual profits. Read on to learn more about how Canada Goose is navigating the mixed fortunes of the U.S. market with aplomb.
1. US Shoppers Caution Canada Goose on Eclipse Sales
Competing Brands
In the US, shoppers have become wise to the gimmickry of Canada Goose, with its signature jackets and coats being a status symbol of choice for casual and upscale fashion-seekers alike. Canadian shoppers are becoming increasingly cautious of the sudden, seemingly hype-driven sales of the Canadian outerwear brand.
However, competing brands such as Moncler,Arc’Teryx and The North Face have kept their prices considerably more stable across the seasons, and offer similar styles and even more variety than the polarizing Canada Goose. As such, shoppers are looking for alternative reliable options this season in order to stay warm during the upcoming winter months.
2. Canada Goose Sees Uptick in Annual Sales
Canadian apparel brand Canada Goose has seen an uptick in sales over the past few years. The outdoor-luxury company experienced a 14.1 percent increase in total revenue in 2018, bringing the annual total to more than $588 million. Canada Goose is now reporting 2019 revenue of approximately $1.1 billion—an 84 percent increase from the prior year.
The company attributes its recent success to increasing demand in global markets. According to CEO Dani Reiss, Canada Goose’s digital presence has been key in gaining international recognition. He noted that the brand has experienced tremendous growth in China, with double-digit year-over-year revenue increases.
- 2018 annual revenue: $588 million
- 2019 annual revenue: $1.1 billion
3. Shedding Light on Consumer Habits During the Eclipse
The August 2017 eclipse was an awe-inspiring cosmic event that riveted the attention of millions of Americans of all ages. Undoubtedly, it was a grand celestial show in the sky, but the live audience was only one half of the story: what did the eclipse mean to Americans on a daily basis?
Using data points from social media, financial transactions, and online shopping searches, we can conduct an informal analysis of consumer habits to get a better understanding of the eclipse’s effect on them. Some interesting findings may include:
- Shopping: Several retail stores and websites saw an uptick in sales before and during the eclipse. Eye protection glasses flew off the shelves, while there was a rush to stock up on food and supplies for eclipse viewing parties.
- Moving Around: Millions of people made their way to activities and events related to the eclipse. In some cases, Americans traveled hundreds of miles to see it in its totality.
- Financial Impact: Hundreds of millions of dollars were spent and generated on eclipse-related business. Events sold out quickly, and vendors enjoyed the surge of tourists in their area.
- Social Media: There was a significant spike in the amount of people talking about the eclipse on all major social media platforms. Hashtags related to the eclipse trended for days before and after the main event.
Using this data, it is clear that the eclipse excited the imagination of the populace and created cascading economic activity before, during and after the event. It can be said that consumer habits were heavily affected by the eclipse and consumers flocked to it in myriad ways. The 2017 eclipse remains an event to be remembered by future generations.
4. Exploring the Intersection of Business and Nature
Have you ever thought about how business and nature intersect? In today’s increasingly environmentally conscious and competitive market, understanding this relationship and how to best harness it is key to success. Here are some ways to explore this powerful pairing:
- Start with Sustainability: Many businesses are making a commitment to sustainability initiatives, understanding that the health and wellness of the planet is also the health and wellness of their investments. Identify ways in which your business can contribute to positive change, whether that is reducing waste in materials, reducing emissions, or conducting business operations in an ethical manner.
- Go Green: Going green is not just about being trendy – it also strengthens brand loyalty, attracts customers, and sets a business apart as an industry leader. Look to green practices from nearby businesses or start with smaller projects such as switching bulbs to LED or recycling paper and office supplies.
- Re-Think the Human-Nature Dynamic: Nature should not be seen as an adversary, but rather a partner in employing successful strategies and tactics. Re-envision how people and nature co-exist through areas such as human-centered design, green spaces in public areas, and conserving resources.
By understanding this all important intersection of business and nature, companies can explore new ways to innovate, grow, and maximize their impact in a world that is increasingly recognizing environmental responsibility and awareness.
As the Canada Goose brand continues to experience success both in its homeland and abroad, one thing is for sure – its presence is likely to be felt by a whole new generation of fashion-forward individuals. With its intricate designs, superior quality and heightened level of customer service, it’s easy to predict that the ongoing popularity of Canada Goose will eclipse its competition both domestically and internationally for years to come.
