Changing Trends in Global Perfume Industry Landscape
Celebrity Fragrances that continue to drive consumer engagement despite many being dumped after creating an initial frenzy. The global market perfume is also evolving in terms of consumers becoming very choosy.
Billerica MA, USA, October 1, 2015 (Newswire.com) - During mid-2012, the global perfume industry was valued at more than $28 billion per year and the numbers are headed upwards in 2015 with the industry having grown substantially in the last three years. . Latest research data indicates that the industry is headed towards $45.6 billion dollars in 2018. Consensus suggests that these numbers are slightly confusing despite a straightforward, predictable progress. The reason lies in many factors contributing to this continuing surge—some predictable and some that have confused industry insiders.
For starters, we have the influx of Celebrity Fragrances that continue to drive consumer engagement despite many being dumped after creating an initial frenzy. The global market perfume is also evolving in terms of consumers becoming very choosy. Gone are the days when traditional fragrances, re-packaged and sold under different nomenclatures could generate sales. Today, consumers want to investigate the ingredients, making manufacturers more cautious and careful.
The market cap continues to rise despite many national economies suffering from financial slumps. It seems that consumer enthusiasm in this segment can find a way around phases of political uncertainty or inflationary highs. The other aspect of this growth story lies in underpenetrated markets. These are domains where perfumes were always selling but the international brands had not managed to make an impression. These emerging markets are now magnetizing global perfume brands, catalyzing innovation in this niche as product launches are localized/regionalized to make a bigger impact.
The global perfume market is also benefitting from growing urbanization—as satellite towns transform into metropolitans, brand penetration and perfume awareness is increasing. This is leading to higher sales from geographies that were often ignored. Urbanization also means greater spending propensity—as jobs spread beyond a handful of cities, greater incomes are stimulating first-time and curiosity purchases. This is particularly true for boutique perfumes and scents with an enviable reputation. More expenditure on personal grooming also means the creation of hyper-segmented perfume marketplaces. For instance, youth-oriented, exotic, erotic, daylong, workplace, etc. concoctions are being sold as “specialty” perfumes.
Rapid market expansion is also benefiting from more awareness about healthier choices and “natural” becoming more mainstream—in fact, this has been the most dominant trend in the cosmetics and personal care industry in 2014-15. From farm-fresh veggies to consuming non-dairy products, consumers are becoming increasingly precise about their purchases. Produce that comes with minimal impact on the environment and a non-chemical promise is bound sell better. This is where relatively lesser-known online perfume platforms like Mukhallat.com are making a splash. Their perfumes are invariably natural, the ingredients close to being organic and the approach is definitely sans synthetics and chemicals that have oversaturated the cosmetics and personal grooming niche.
How is Mukhallat.com responding to the growing trends in the perfume marketplace?
The creative team at Mukhallat understands perfumes have graduated from being frivolous to grooming essentials. Catering to these demands, they have created a comprehensive list, involving extravagant and everyday use perfumes. The perfumes are essentially natural, botanical extracts without any use of chemical additives. The idea is to provide a bigger array of choices to help consumers choose fragrances that complement their personal traits. Not following the dictums of a constant but fickle celebrity perfume segment, the inventory at Mukhallat continues to add more options, inspired by culture, organic lifestyles, and purity of content.
As consumers continue to break through the limitations set by cultural perception of perfumes, Mukhallat is bringing traditionally Arabic and Middle Eastern notes with a slightly modern twist. The overall approach is rather contemporary without compromising on the fundamentals that makes these fragrances special. Its online operations are also in tune with emerging markets that were once beyond the radar of premium brands. Conventionally, choice limited, low-penetration markets like Japan and China too are among the growing patrons of these special perfumes.
Mukhallat is trying to invest in untapped markets with a long-term strategy. The emphasis lies on educating and informing consumers, helping them understand a fragrance rather than feeding them marketing hypes. Not sticking to the practice of launching perfumes aimed at only the fairer sex, Mukhalat is making strong strides in the domain of men’s perfumes. The strategy involves providing ample women’s, men’s and unisex options as the current market is rather unpredictable and is getting increasingly categorized. Latest additions also include fragrances that douse anxieties, inducing a feeling of overall goodness.