The four key trends to bucking stagnant premium fragrance sales

The four key trends to bucking stagnant premium fragrance sales

A new market research report has taken an in depth look at the premium fragrance category in the UK, and finds that, as in most markets worldwide, sales have stalled. So Why?

The 25th edition of the Premium Market Report by Imogen Matthews focuses on how consumers currently feel like there is something missing from the product offerings in this category, but that four key strategies could help correct that.

Customisation and personalisation has become a massive part of the cosmetics and personals care world in recent years and it has certainly impacted the fragrance market, but conveying the fact that a fragrance has been tailored to individual tastes can be a challenge.

Fragrance players are missing the mark

Matthews underlines how the premium fragrance manufacturers are constantly trying to meet this demand, but somehow continuing to miss the mark.

“It’s not that the fragrance players aren’t trying. The big brands are constantly launching new brands and the real estate for fragrance has been expanding, but sales have been disappointing,” Matthews said.

“It seems that marketers have lost sight of the attributes that made their fragrances a success in the first place: aspirational, but not inaccessible, desirable, beautiful to behold and a delight to own.”

The four key trends

Matthews believes that, according to IMA’s exclusive survey of premium fragrance consumers in the UK, there are four key areas that premium fragrance manufacturers could focus on in order to better meet their needs:

  1. Genderless/shared: Despite an enormous increase in numbers, retailers have yet to embrace this trend. Until they do, its huge revenue potential remains untapped.
  2. Niche: Artisan brands have a substantial opportunity to break into the mainstream but high prices are thwarting their progress
  3. Scent: It’s the heart and soul of every fragrance, a key purchase driver, yet ignored by so many brands and marketers.
  4. Women over 45: This demographic is shown to be the one most likely to experiment (even more than millennials). 

Fragrance sales are not just for Christmas!

“By focusing on these four growth areas, fragrance businesses should be able to reduce their dependence on the transient Christmas period and build a strong year-round business,” Matthews said.

“However, it requires a fresh way of thinking and, in some cases, a rejection of the status quo that has hampered growth for too long.”

For more information about the report, please click here.

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