The fragrance industry needs to raise its game. While other categories are forging ahead growth-wise, fragrance is struggling to keep pace, despite being the largest sector within the UK premium beauty market.
In our just-published Fragrance Report, we look at the trends, identify the challenges, and home in on the opportunities fragrance companies have to supercharge their business. These are the six leading trends:
- Discounting isn’t working. It’s considered to be the main means by which to stimulate sales (particularly at Christmas), but fragrance brands are not delivering the sales needed to justify deep discounting.
- Too many brands. When the number of global fragrance launches soared over 2,000 in 2016 (Fragrances of the World™), something had to give. Flankers and limited editions may be an easy option for brands, but short-termism is not a recipe for customer loyalty.
- Artisan brands are carving a significant niche. And gaining the attention of the big fragrance players. However, there are too many, too highly priced mediocre me-toos that are doing the sector no favors.
- Shared/genderless launches are at an all-time high. Despite the growth in numbers, retailers have yet to embrace this trend. The world is moving away from traditional demarcations between male/female, and fragrance needs to follow suit.
- Women buy fragrance for the smell. This may seem a no-brainer, but how many brands truly focus on selling the smell, in advertising, at the counter and online?
- Personalized fragrance is no longer limited to the affluent few. New concepts, such as Waft and Phlur, mean that personalized fragrance is within reach of everyone.
Find out more about what’s in the Fragrance Report 2017 and how to purchase.
Photo: Won Young Park via Unsplashed