Fragrances is expected to see a sharp decline throughout 2020 in response to the COVID-19 pandemic. This main reason for this is due to social distancing regulations and lockdown measures that have reduced sales significantly.
Prior to the COVID-19 pandemic, mass fragrances outperformed premium fragrances on a number of levels, holding higher value share and showing faster growth in all product areas except for unisex fragrances. Moreover, in response to the economic uncertainty caused by the pandemic in 2020, price-sensitivity has been increased on several fronts, thus leading mass fragrances to be less negatively impacted than premium fragrances.
In 2020, Puig SL will overtake Avon Kozmetiks dooel as the leading player of fragrances in North Macedonia. The company’s brand portfolio comprises premium brands Paco Rabanne, Jean Paul Gaultier and Carolina Herrera 212, and mass fragrance brand Antonio Banderas.
After performing negatively in response to the COVID-19 pandemic, fragrances will rebound from as soon as 2021, however a full recovery is not expected straight away. Nonetheless, the end of the pandemic and easement of restrictions will boost demand for fragrances once again.
Over the forecast period, mass fragrances is set to continue outperforming premium fragrances, with Macedonian consumers economising when it comes to luxury products. Mass men’s fragrances and mass fragrance sets/kits will lead current value growth.
Leading players in fragrances are predicted to respond to increased demand for both mass and premium products carrying light, floral and citrus notes with several new launches. Mainstream retailers such as beauty specialist retailers and drugstores/parapharmacies, led by dm-Drogerie Markt, will continue to advance their sales and value shares in fragrances at the expense of the now rather outdated direct selling model, which emerged in the North Macedonia in the 1990s.
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Understand the latest market trends and future growth opportunities for the Fragrances industry in North Macedonia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Fragrances research and analysis database.
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