According to latest research by Future Market Insights, luxury perfume market is set to witness steady growth
According to latest research by Future Market Insights, luxury perfume market is set to witness steady growth during 2021-2031. Increasing expenditure for luxury products and growing brand consciousness among millennials is supporting the market growth from last few years and will further create growth opportunity in future for luxury perfume market.
Because of the high demand from the younger generation, major players in the market have come up with innumerable offers for their products along with customized packaging of high-end perfumes. In this way, the product becomes quite affordable and supports market growth.
What is Driving Demand for Luxury Perfume Market?
The growing influence of social media habits on shopping habits and celebrity endorsement is likely to contribute luxury perfumes market growth in the coming years. In addition, the easy availability of high-end perfumes in various regions through an online platform has had an influence on sales of luxury perfumes over the past few years.
Trending online channels, such as Amazon, Flaconi retail, and Parfumdreams, have been demonstrated as a new and convenient way to distribute a fragrance, even though consumers may be able to test the fragrance before purchasing. Various modes of promotions and advertisements in the market are very prominent, thereby driving the consumers to prefer online channels.
Moreover, key players in the market are focusing on introducing natural fragrance in premium categories owing to the increasing concerns over toxins and allergies caused by using synthetic ingredients. Approximately 75% of millennial women prefers natural based ingredients, as a result, natural luxury perfumes is set to gain comparatively higher traction over the luxury perfumes, which is expected to spur industry growth in the future.
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Substantial Demand for Unisex Perfumes
The demand for unisex perfumes and fragrances is growing and gaining popularity all over the world, as millennial consumers are more focused on expressing their personalities and individuality through their fragrances, and mostly choose scents with inimitable personal appeal. Thus, manufacturers engaged in this market are trying to bring affordable and most unique options for their consumers.
The demand for perfume-oriented unisex is particularly among male consumers, where the consumer is looking for a luxurious classic fragrance. Furthermore, celebrity endorsements in the unisex fragrances, along with use of various natural fragrances, such as pink pepper, orange flower, and cedarwood is gaining popularity globally, among consumers.
Such genderless fragrances targeting, both men and women consumers are becoming highly popular in countries, such as, the United States, France, Italy, Mexico, Kuwait, Saudi Arabia, among others. However, the category is still not highly popular in few markets, such as Brazil.
US and Canada Luxury Perfume Market Outlook
Rise in consumer expenditure on beauty and personal care products, growing knowledge about the therapeutic fragrance benefits, innovative product push strategy along with the increasing millennial population are some of the key drivers for the demand of luxury perfumes in the US market.
However, after the outbreak of COVID 19, consumers have shifted their preference from non-essential goods to buying quality essential goods. Further, less income generation and disruption in supply chain has affected the demand for luxury premium products in the U.S market.
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Europe Demand Outlook for Baby Personal Care
Europe Luxury Perfume Market is expected to witness healthy growth in coming years owning to the growing popularity of working women. Also, buoyant income growth in these region is increasing consumer spending on luxury perfumes.
Furthermore, Europe is one of the fastest changing beauty market and experiencing increasing demand for high end products like luxury perfume. As a result, many big foreign manufacturers are expanding their footprints in the European market.
Big brands have been focusing on the development of innovative packaging, advanced products design, natural composition of ingredient’s, with advanced technology to meet the local needs. In addition, the rapidly growing e-commerce sector in the luxury perfume industry is likely to increase sales in the coming years.
However market is also facing some restraints. Availability of counterfeit products, side effects that comes with the usage of chemical ingredients, and high manufacturing cost due to numerous quality check, are posing some major challenge for market growth.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 01, 2022
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