Having plunged by more than a third during 2020, retail constant value sales (2021 prices) of fragrances stabilised in 2021. During 2020, demand for fragrances was particularly hard hit by the fact that consumers were spending more time at home, with many working or studying from home and very few social gatherings.
Premium fragrances have significantly outperformed their mass counterparts since the onset of the pandemic, although the latter still account for the bulk of retail value sales in this category. In general, more affluent local consumers (the most likely to purchase premium fragrances) were not as vulnerable to the economic shock of COVID-19 as those on lower incomes and thus less likely to alter their spending habits in response to it.
The unit price of both premium and mass fragrances declined during both 2020 and 2021, as retailers strove to reduce their inventories amid weakening demand. Promotional offers and discounting were widespread, particularly for mass fragrances.
Retail constant value sales of fragrances will gradually recover over the course of the forecast period, as social distancing rules are relaxed and daily life normalises with the threat posed by the pandemic diminishes. However, they will remain below their pre-pandemic peak at the end of it.
Mounting inflationary pressure, particularly during the early part of the forecast period, will weigh on demand for fragrances by making many local consumers more price sensitive. As fragrances are generally regarded as non-essential, some local consumers could abandon the category altogether.
Direct selling is likely to come under renewed pressure from modern grocery retailers and e-commerce during the forecast period. The number of modern grocery retail outlets in the country will continue to increase, making them more accessible to local consumers, while affluent urban consumers will grow increasingly comfortable shopping online.
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Fragrances
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 DefinitionsThis report originates from Passport, our Fragrances research and analysis database.
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