In general, consumers were reluctant to spend on perceived non-essential products, such as fragrances, during 2020, partly due to the economic effects of the Coronavirus (COVID-19) pandemic. Moreover, lockdowns and social distancing and work-from-home polices and limitations on socialising severely reduced consumption occasions.
Because of the continued growth of e-commerce in the distribution of fragrances in Serbia, producers and retailers paid much more attention to online sales in 2021. Consumers had already started purchasing fragrances online more often in 2020, while having to stay at home during lockdown periods.
Manufacturers tried to attract reluctant consumers in 2020 by offering their fragrances at discounted prices or even by permanently lowering the prices of their brands. This was in contrast to the years prior to the outbreak of the pandemic, when manufacturers introduced new, higher-priced launches as consumers’ disposable incomes rose.
Fragrances is expected to continue to rebound from the COVID-19 crisis with positive retail volume and value (constant 2021 prices) growth through the forecast period. Indeed, while predicted to be slower than in 2021, this is due to the strong rebound from the sharp decline in 2020.
Private label remained negligible in fragrances in Serbia in 2021, and this is unlikely to change over the forecast period. Fragrances are among the product types where brand loyalty is very high, and many consumers are simply not willing to trade down when it comes to fragrances.
Having taken a back seat due to the pandemic in 2020, the category is seeing a return to investment in new product development. As confirmed in a direct trade interview, Sarantis doo launched two new products within fragrances in 2021: Antonio Banderas Icon in men’s fragrances, and Benetton Sisterland within women’s fragrances.
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Understand the latest market trends and future growth opportunities for the Fragrances industry in Serbia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Fragrances industry in Serbia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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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