Cultural shifts and environmental concerns are taking the world of perfumery into new directions. This report reveals how fragrance brands can stay relevant
Introduction
Top 5 trends:
Total fragrances market. Source: Euromonitor International
It could be said that the growth of luxury artisanal fragrances, which have responded to the rising demand for individuality, quality and exclusivity in perfume, has rescued a fragrance market that in other areas is flat or declining.
Yet Clotilde Drapé, Research Analyst at Euromonitor International, says that in the future, the upper prestige fragrance segment will have to find ways to remain relevant, and more importantly competitive. “It will have to keep justifying its high prices to consumers as new players are emerging on the market offering premium alternatives at lower price points and with as much exclusivity,” she explains.
Floral Street, which recently won Retailer of the Year at the 2019 Fragrance Foundation UK Awards, is an example of a brand providing a new type of competition.
Source: Euromonitor International
Founder Michelle Feeney says: “We wanted to create a new luxury – to do our part to show that luxury doesn’t need to cost the earth,” she says, referring to both the price of the perfumes (£58 each) as well as the brand’s planet-friendly approach to packaging.
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