
Euromonitor International’s latest research on the global luxury goods
market indicates another solid year’s performance in store for 2012,
despite persistent economic turbulence, mounting troubles in the
Eurozone and on-going political instability in several emerging markets.
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