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Learn moreMay 2018
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Low disposable income, coupled with large price increases, remained the key factors behind another year of contraction in demand for fragrances in 2017. Although negative, volume growth seems to have stabilised since consumers are gradually switching away from premium to mass fragrances, which resulted in an overall decline that was not as sharp as the one suffered in 2016.
Premium fragrances are imported and therefore price movements are subject to fluctuations of the black market exchange rate, which can be up to six times higher than the official exchange rate. Women’s fragrances drives growth in the premium segment since these are not only bought by female consumers for their own consumption but also by male consumers looking for high-quality gifts for their spouses or girlfriends.
Mass fragrances continued to lead volume sales in 2017 since the large price differential between premium and mass products makes it difficult for consumers to trade up in the face of dramatic losses of purchasing power. In 2017, the average unit price for premium fragrances was about five times higher than that of mass fragrances, thus creating the incentive for substantial trading down.
Perfumes Factory, a local company founded in 2003, maintained its leadership in 2017. The retail chain produces its own private label, which promises to deliver a lasting copy of famous premium fragrances brands at more affordable prices.
Branding is a clear differentiator between premium and mass fragrances. The premium segment is almost entirely dominated by international brands.
Competition between premium and mass brands is mostly on a price basis. Venezuelans recognise that premium fragrances are more expensive amongst other things because they guarantee a longer-lasting scent.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Fragrances industry in Venezuela 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 Venezuela, 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.