The global luxury perfume market is projected to grow at the rate of 6.8% during the forecast period 2018 to 2023. Growing brand consciousness and increasing expenditure for luxury goods among millennial is supporting the market growth from last few years. Additionally, easy availability of luxury perfume in various regions through the online platform is influencing the sales of luxury perfumes from last few years. Due to significant demand from the younger generation, key players have now come up with various offers on their products along with customized packaging of luxury perfumes. This strategy makes the products quite affordable and supporting the market growth. Rising trend among consumers to buy luxury perfumes to give it as a gift is further influencing the sales of luxury perfumes across the globe.
Growing Demand for Luxury Goods to Drive Luxury Perfume Market Growth
Key players in luxury perfume market are concentrating on unique natural-based perfume ingredients, instead of synthetic-based ingredients due to growing consciousness about risk for allergies and toxins. For instance, Etat Libre d Orange is making a luxury perfume out of trash and worms, it will be called as Les Fleurs du Déchet. Increase in consumer expenditure on luxury goods and growing popularity of luxury perfumes especially among women is playing key role to drive the market growth. Innovation in perfume ingredients and packaging along with celerity endorsement of luxury perfume products by key players is likely to boost the sales of the luxury perfumes across globe. Additionally, increasing influence of social media on shopping habits, celebrity endorsement is likely to support the luxury perfume market growth in upcoming years.
Unisex Luxury Perfume to Witness Significant Growth Rate during the Forecast Period
Increasing popularity of luxury perfumes which can be used by both men and women with a higher fragrance concentration contain is playing key role to drive market growth of unisex luxury perfumes. Key players are more focusing on launch of unisex luxury perfume products which helps them to capture huge consumer base across the globe. For instance, Louis Vuitton launches first-ever oud, unisex perfume called ombre nomade which is combination of other high-end scents, as well as sourcing the best available oud from a family-run plantation in Bangladesh. Owing to better opportunities in the perfume industry, the market is witnessing new entrants especially in synthetic based luxury perfume and fragrance products.
Increasing Popularity of Luxury Perfume to Support Market Growth in North America Region
In Asia-Pacific, many key players in luxury goods market are entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the luxury perfume market growth in the regional. In North America, leading luxury perfume brands are focusing on personalization in product offering which is gaining popularity among the various consumer groups. Popularity of lighter-scented luxury perfumes among millennial and availability of products in attracting packaging is expected to boost the sales of luxury perfumes. There are many countries within Europe that are popular for their fragrances, such as France and Italy which is attracting the consumers towards the luxury perfume products made in Italy and France such as Gucci and Louis Vuitton.
Key Developments in the Luxury Perfume Market
June 2018 - Chanel introduced three new unisex perfumes inspired and named as Deauville, Biarritz, and Venise which come in a sleek bottle.
Oct 2016 - Calvin Klein launched its first major perfume product since 2005, and it is the first perfume to be designed in collaboration with Raf Simons. To promote the new scent, the brand released a campaign featuring colorful portraits of Lupita Nyong o and Saoirse Ronan, along with black-and-white images of women who inspire them.
Competitive Landscape of Luxury Perfume Market
Major Key Players - Annick Goutal, Baccarat, Chanel, Christian Dior SE, Clive Christian, DKNY, Estée Lauder Companies Inc, Gianni Versace S.p.A., Guccio Gucci S.p.A., Hermès International S.A., Louis Vuitton and Ralph Lauren Corporation, among others.
Reasons to Purchase Luxury Perfume Market Research Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst supports, along with the Market Estimates sheet in excel
Customization of the Luxury Perfume Market Research Report
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