Globalization and urbanization has significantly affected the composition of consumption basket of consumers and has influenced their buying behaviour and the urban life encourages the consumers to segregate the priority and non-priority goods for themselves. Also, in developing economies especially India and China, major factors such as growing number of affluent and middle class, rising household disposable income and higher luxury spending have also contributed to rising sales of perfumes in these economies.
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The emergence of consumer-oriented societies along with the spread of consumerism and evolving consumerist attitudes in GCC region has further reinforced the potential of growth of perfume industry. For instance, spread of consumerism in Saudi Arabia is a result of a complex of global and local factors and the emergence and spread of commercial television and the internet, innovative marketing strategies, relentless and manipulative advertising, urbanization, and proliferating shopping centres and emulation of the Western culture have significantly resulted in growing demand of luxury goods such as perfumes.
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Niche fragrances continue to dominate and gain attention majorly from millennial population. There is continuous upsurge in demand for niche scents & aroma, and personalisation trend is fuelling the sales of perfumes as younger consumers are demanding a more personalized shopping experience. Personalization is a critical trend to capture the minds and wallets of consumers as they want to opt for unique and more personalised products which can make them stand out in the crowd.
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Multinational beauty conglomerates such as Shiseido, Estée Lauder, L’Oréal, Revlon, Coty and Interparfums produce perfumes under license whereas, few luxury consumer goods companies, including Hermès and Balmain, produce fragrances in-house. Most of the market players focus on innovation and navigating their offerings and make it more diversified. Strategic investments in in-store technology by the industrial players is also helping the companies to tailor their product offerings to suit the consumer demand.
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