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Fragrances was one of the areas of the beauty and personal care market hardest hit by the anti-government protests that swept Hong Kong in 2019. This was mainly because the political unrest caused a collapse in the number of visitors from mainland China, who traditionally represent a core consumer group and often travel to the city specifically to buy premium fragrance brands and sets/kits as gifts.
Despite widespread political unrest, the number of luxury fragrance specialists opening branded stores in Hong Kong continued to rise in 2019. For example, French fragrance house Goutal opened its first local outlet in the Fashion Walk shopping mall in Causeway Bay.
Estée Lauder remained the leading company in fragrances in 2019. It was also one of the most active players in terms of new product development during the year, which helped to ensure its overall value share continued to rise at a healthy pace despite difficult trading conditions.
Fragrances value sales at constant 2019 prices are now expected to decline by 8% in 2020 in light of the impact of COVID-19. This compares to an expected increase of 9% forecast for 2020 during research conducted at the end of 2019, before the spread of COVID-19.
All fragrances categories are expected to post negative results in volume and current value terms in 2020. Premium women’s and premium men’s fragrances look set to record the steepest declines, as they are most exposed to the collapse in visitor numbers from mainland China and increased budget-consciousness among both tourists and local consumers.
The outlook for fragrances over the forecast period as a whole is reasonably bright. As the initial economic shock of COVID-19 subsides and consumers adjust to the post-pandemic world, most categories are expected to see volume sales recover strongly in 2021 and then grow steadily towards 2024.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Fragrances industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Fragrances industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our Beauty and Personal Care market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.