News

Millennial demand spurs fragrance market

November 8, 2016

Retailers selling fragrances can expect increasing sales thanks to millennial interest in perfumes.

The worldwide perfume market is projected to hit $39.67 billion by year’s end and boast a annual growth rate of 5.9 percent between this year and 2026, according to a Future Market Insights report.

"The perfumes industry has experienced significant product innovations over the last few years," states the report, according to Luxury Daily. "The use of natural and renewable ingredients is getting good traction. Apart from traditional perfume packaging methods, perfumes are now available in the form of travel sprays and rollerballs, which is expected to boost the global perfumes market growth over the forecast period."

The increasing growth is also due to consumer behavior, notes Luxury Daily, which stated shoppers are willing to spend on luxury grooming items.

"The pricing structure of the market, which is dependent on juice type, such as Eau de Parfum and Eau Fraîche, has also worked to strengthen the category by offering a variation for each consumer budget," noted Luxury Daily.