Fragrances saw a return to positive growth in 2021, although in real terms, consumer spending did not return to pre-pandemic levels. This was largely due to pandemic-related restrictions that remained in place throughout the year.
Like other beauty and personal care products, demand for natural or organic fragrances has been growing over the review period. This is in part a reflection of underlying trends in growth for green cosmetics, but the pandemic has also led many consumers to re-examine their consumption habits This trend is strongest in the key Gen Z and millennial base.
E-commerce sales of fragrances accelerated as a result of the pandemic. Limited access to conventional retail outlets as well as lingering consumer concerns about transmission risks in-store are the main reasons for this, but in addition, the pandemic has forced the rapid improvement of supply side structures.
Fragrances sales are anticipated to continue to grow in 2022, with consumer spending in real terms anticipated to return to pre-pandemic levels only toward the end of the forecast period. The return to growth is a positive sign, however, and an indicator of long-term opportunity.
The mass segment is anticipated to see a faster recovery than the premium segment, largely as a result of lingering consumer uncertainty in the wake of the pandemic’s economic impact and inflation. Retailer and producers will address price sensitivity by focusing on promotions and discounts over the forecast period, with targeted promotions and loyalty programmes key to sustaining demand across all fragrances.
Over the forecast period, fragrances sales will also be helped by supply side investment undertaken by retailers in response to the pandemic. During the pandemic, brand owners and retailers focused on developing omnichannel and other alternative delivery services to offset the risk of supply issues and further retail lockdowns.
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This is the aggregation of men's, women's and unisex mass and premium fragrances as well as fragrances sets/kits. The distinction between mass market and premium is normally price and label/positioning (mass fragrances rarely carry a designer label) and distribution. Also includes hair fragrances with a primary function of making hair smell good and not to be confused with hair oil and other styling/conditioning products with hair fragrances, whose primary function is to either condition or style over fragrance.See All of Our Definitions
This report originates from Passport, our Fragrances research and analysis database.
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