The outbreak of the COVID-19 pandemic and the subsequent restrictive measures during 2020 and the first months of 2021 had a profoundly adverse impact on sales of premium fragrances in Greece. During the lockdowns, retailing-wise, the biggest blow was for department stores and beauty specialist retailers and, therefore, fragrances was among the most affected categories.
Mass fragrances coped better during the pandemic compared to premium fragrance. Mass fragrances was less impacted by economic uncertainty due to its lower price point.
Notos Com Holdings SA, GR Sarantis, SA and L’Oréal Hellas SA remained the three biggest players within premium fragrances in 2021 in Greece, with international, global brands that continue to dominate the market. Product developments in 2021 were mostly brand extensions by the likes of Christian Dior, Lancôme, Armani, Yves Saint Laurent, Prada, Hugo Boss, Jean Paul Gaultier, Burberry and Mugler.
Having witnessed significant decline amidst the pandemic, premium fragrances is set to keep recovering at a slow rate over the forecast period, returning to 2019 volume and value (2021 constant prices) sales levels by 2025. Reduced disposable incomes and shaken consumer confidence due to the pandemic will continue impacting consumers’ willingness to shop for luxury items, while socialising occasions and consumers’ going-out routines will not be immediately restored after 2021.
Full recovery of sales of mass fragrances is expected to be much earlier (2022) compared to the situation for premium fragrances. Mass fragrances will continue to post moderate growth rates over the forecast period, yet its performance will be dependent on two additional factors.
One promising factor for the forecast period performance of mass fragrances is the increasing shelf space that supermarkets are starting to allocate to these products. As is the case also with colour cosmetics, big supermarkets/hypermarkets are starting to dedicate more space for these products for the first time.
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Understand the latest market trends and future growth opportunities for the Fragrances industry in Greece with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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