The growth of fragrance Industry is unstoppable right now. The upper prestige fragrances are the one which have rescued the fragrance market. In future, they have to do hard work to remain in market and maintain its position and must be a good competition for others. They are the costliest perfumes in the world and they must have to justify its price through their well nourished perfumes.
According to a data collected from survey the top 5 countries which are the biggest market for fragrance industries are USA, Brazil, Germany, France and UK respectively. The Fragrance Industry have now become a approximately 51 billion dollar market and have seen a growth of 2.4 percent in previous year. And this data will increase in future according to researchers. People who are demanding uniqueness in perfumes and scents is the main cause of ever increasing growth of fragrance Industry.
Companies are now in race for satisfying their costumers as much as they can. They are using New technologies, AI and many more tools of algorithms to enhance the uniqueness and increase the productivity by using as less labour as possible. This will not not only save their time but also increase their profits and standards. Companies have started the production of scents and perfumes which are unisex.
This will save their time as they don’t have to make seperate perfumes for both the sexes. This is one of the major contributor in growth of fragrance Industry. Many celebrities have also landed in the fragrance Industry and they are now launching their own scents by collaboration with the brands. Companies are now also started a sustainability in their production. Now they are using less material in packaging and choosing the most eco-friendly way to pack their perfumes.
The race for prestige
People are demanding the perfumes which are unique and must have a prestigious effect. That’s why companies are now in race to become the most prestigious perfumeaker. Many are using AI and technologies and algorithmic tools to accomplish this. Many companies have taken the assets of small companies from money and they are using them to bring uniqueness in their perfumes. All this circus is just to satisfy their costumers as they are the only one who matters.
“The fragrance market is about the race for prestige. The groups who have understood that are the ones gaining market share and revenue” – Olivier Aron, founder, ROSAE
If people have a good experience while in using the scents and perfumes then they are going to use this for a long time until they find a better experience. Companies are now putting their exhibition which is a bright and based on a theme to attract the costumers. The shops are now more theatrical and making the journey of costumers more joyable and make them feel like they are also involved in this process.
“Experiences where customers can have a more ‘hands on’ approach tend to be successful and memorable.” – Jo Osborne, Director of Beauty & Concessions, Harvey Nichols.
Communicating the facts
The transparency in the industries is the most favoured trend. It has increased the trust and beliefs of costumers toward the perfumes and scents makers. Companies are now rigorously using the raw materials they used in their perfumes just for the safety of their costumers. There are list of raw materials used in the perfume on the bottle of perfume which make the costumers satisfy about what they are using is not going to harm them in may way.
Low waste luxury
Costumers are now get tired of having unnecessary packaging on the perfumes. Companies are now making their packaging more simple. They are focusing on simplicity in attractiveness of their package of perfumes. It is a good eco-friendly thinking. This also save their money and also take off the load of extra money from the buyers. Many companies have started a trend that when costumers have used all the perfumes then they can give the empty bottle back for refilling which is also a good step toward low waste production.
A gender fluid future
Companies are now becomic more centric towards the gender. The production of unisex perfumes has increased tremendously. People are not interested in masculinity or femininity rather they are interested in fluidity.
“I think we are going beyond gender-neutral fragrances and gradually embracing a form of freedom in the way we view perfume” – Marc Chaya, CEO and co-creator, Maison Francis Kurkdjian.