Fragrances was hit hard by the event of COVID-19 in 2020, due to such products being seen as superfluous during times of social distancing, lockdowns, working from home, and limited social or entertainment activities. In fact, fragrances saw almost as steep declines as colour cosmetics, due to fewer grooming and making-up occasions.
Despite the challenges seen, sales were prevented from falling further thanks to both mass and premium fragrance players offering heavy discounts on their products. Whilst this helped boost volume sales to an extent, value sales were negatively impacted in turn.
Paco Rabanne - Groupe Puig SA maintained its company lead in fragrances in 2020, albeit the category is highly competitive overall and, therefore, relatively fragmented. The other strongest players in company terms are Christian Dior SAB, Parfums and Chanel SA, thus demonstrating the dominant power of strong multinational players in the category.
As seen in other beauty and personal care categories, sustainability trends will drive innovations in fragrances over the forecast period. Consumers are increasingly calling for transparency and sustainability from manufacturers, retailers and even beauty consultants.
E-commerce will continue its accelerating trend over the forecast period. During the time of COVID-19, consumers discovered how easy it was to repeat purchase their classic perfumes online, while avoiding human traffic (and potential contamination) in stores.
It is expected that men’s fragrances will continue to be cannibalised by perfumed men’s deodorants over the forecast period. Multi-purpose products lend themselves well to times of economic uncertainty, plus scented deodorants are cheaper than fragrances per se, alongside the fact that male consumers often using fewer products which offer multiple benefits per one solo product.
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