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Luxury Perfumes Market

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North America accounted for the dominant share in the global luxury perfumes market in 2016 and is predicted to retain its dominance throughout the forecast period. Furthermore, increasing inclination of population towards online mode of purchasing
Luxury Perfumes Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis,
2018-2026
The demand for luxury perfumes is anticipated to witness a steady demand during
the forecast period on account of rising brand presence in emerging economies.
Increasing purchasing power of consumers, strengthening economic condition of the
emerging economies and increasing penchant towards luxurious products are some
of the key factors driving growth of the luxury perfumes market.
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Furthermore, increasing inclination of population towards online mode of purchasing
is another factor boosting growth of the luxury perfumes market. Consumers are
easily attracted towards online shopping due to the convenience it offers in the form
of easy delivery, continuous offers and discounts, promotional activities, and various
others. Furthermore, emergence of several e-commerce companies over the past
few years have increased the competition among market players due to which they
are focused on several promotional and marketing activities, price competency,
which in turn is acting as a boon to the consumers.
According to Coherent Market Insights, strengthening economic condition of
developing countries has resulted in an increasing consumer base for premium
products, which has paved the way for the entry of luxury products, including luxury
perfumes in several emerging economies which includes India, China, Brazil and
Russia among others.
However, high price of luxury perfumes and wide availability of mass perfumes are
some of the key factors restraining growth of the luxury perfumes market. According
to Coherent Market Insights, the global perfume industry recorded revenue of US$
25.33 billion in 2015, out of which luxury perfumes accounted for around 40% in the
same year.
Luxury Perfume Market Outlook
North America accounted for the dominant share in the global luxury perfumes
market in 2016 and is predicted to retain its dominance throughout the forecast
period. Fair presence of luxury perfume brands across the economy, high
purchasing power of consumers backed by strong economy of the country are some
of the factors boosting the demand for luxury perfumes in the region. According to
the U.S. Census Bureau, the median household income of the country rose to 5.2%
in 2016. Elizabeth Taylor was ranked as the number one brand of luxury perfume,
recording sales of more than US$ 20 billion in 2016, which is more than double of
the second leading brand of perfume by Juicy Couture. In 2017, Brittney Spears
launched a new perfume called Sunset Fantasy in collaboration with Elizabeth
Arden, thus expanding her portfolio. Her perfume portfolio recorded revenue of more
than US$ 4.5 billion in 2015.
Asia Pacific is anticipated to exhibit the fastest growth during the forecast period. In
2015, the Government of India had approved 51% Foreign Direct Investment (FDI) in
multi brand retail and 100% FDI in single brand retail to strengthen the economic
condition of India. This brought around an important revolution in the area of luxury
brands, inclusive of luxury perfume brands in India, which in turn has positively
affected the growth of the luxury perfumes market in the country and is expected to
exhibit similar trend throughout the forecast period. Moet Hennessy Louis Vuitton
(LVMH), one of the leading players operating in this market recorded profit of
approximately 50% in 2017.
Key Players in the Luxury Perfumes Market
Some of the major companies operating in the luxury perfumes market include the
Estee Lauder Companies Inc., Chanel Inc., Hermes Europe GmbH, Ralf Lauren
Corp, Kering S.A., Gianni Versace S.p.A., Christian Dior S.A., Prada S.p.A, and
Moet Hennessy Louis Vuitton S.A. (LVMH).
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apeksha motghare
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