Webinar Recording: Exploring the Evolution of Luxury Goods and New Strategies for Growth in Global Fragrances
Within luxury beauty in particular, premium fragrance sales have seen a strong resurgence since the blip experienced in the prime of the recession. Greater demand for exclusivity and unconventional fragrances has been at the core of this performance, much of the same features that characterise the development of other luxury segments. The key challenge for fragrances remains the ability to stand out in an increasingly crowded marketplace. Fragrance houses are looking to exert more discerning qualities through artisanal scents, limited editions or niche standalone brands which reflect greater authenticity and uniqueness. This is becoming particularly crucial for the industry’s high-value markets, but increasingly so for the next tier spotlights of Russia and China where a distinct taste for luxury is becoming ever more apparent.
Euromonitor International’s webinar will aim to answer these questions by focusing on the latest innovation and growth strategies adopted by premium fragrance players in the context of the global luxury goods market and other luxury segments. It will identify new geographic prospects and luxury hot spots to 2017, as well as reveal the key industry trends and drivers behind the more definitive taste for exclusivity and individuality, which consumers are acquiring. With experience and personalisation taking centre stage, digital and in-store retail strategies will also be discussed and future opportunities identified.
- With value sales close to US$77 billion in 2012, the US is by far the biggest luxury goods market globally
- Sales of luxury goods in China tripled in value in the five years to 2012
- Premium fragrances outshone all other product segments, with a value contribution of 35% of total premium beauty in 2011
- Saudi Arabia and South Africa are among the top ten absolute growth markets for premium fragrances
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