Fragrances in Spain

PRE-COVID-19 PERFORMANCE

Value growth driven by premium ranges and older consumers in 2019

In 2019, fragrances saw steady volume growth, benefiting from consumers’ improved disposable income as employment rates continued to recover. Spanish consumers prefer brands and premium ranges, and return to these when their disposable income rises, also buying these as gifts.

Tailoring as an experience is a strategy to gain younger consumers

Spaniards are increasingly looking to spend their money on experiencing things rather than buying items. Therefore, players in fragrances need to go a step further.

The top three players dominate fragrances

In 2019, fragrances remained dominated by three players: Puig SL, Coty Spain SL, and L'Oréal España SA. Spanish Puig, which focuses on premium brands such as Jean Paul Gaultier, Carolina Herrera and Paco Rabanne, retained the leading position in 2019 despite losing the licenses to some brands such as Valentino and Prada.

2020 AND BEYOND

COVID-19 impact

Sales of fragrances are now expected to decline by 2% in 2020 in 2019 constant value terms in light of the impact of COVID-19. This compares to an expected 4% rise forecast for 2020 during research conducted at the end of 2019 before the spread of COVID-19.

Affected products within fragrances

All categories of fragrances are expected to witness decline in value sales at constant 2019 prices in 2020. The value decline of fragrances overall will be mainly driven by that of premium fragrances.

Recovery and opportunities

Further decline in premium fragrances and an earlier recovery in mass fragrances will be seen during the forecast period as a consequence of the economic impact of COVID-19, with consumers being more cautious in their spending. The importance of premium fragrances in Spain will remain much higher than that of mass ranges in value terms over the forecast period.

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