Like the skincare market, the perfume sector is impacted by inflation and the general public’s loss of purchasing power. In a recent article, forecasting firm Mintel listed the challenges that the world of olfaction will have to face in order to win over customers.
Already shaken by the pandemic and the various confinements (consumers tended to use less perfume during this period), this segment of the cosmetics industry must now face up to the economic crisis. “In this complicated context, the general public is very cautious and spends sparingly. Buying a new eau de toilette is not necessarily a priority. Some people prefer lower-quality products with less staying power, in order to preserve their purchasing power,” analyzes Mintel. “To avoid losing customers to cheaper competitors, brands can offer refills or use simpler packaging to keep costs down… and sell a cheaper perfume.”
The power of fragrance
In these anxious times, people are looking for products that promote well-being. They are looking for care products that can relieve their stress. “Brands can take advantage of the fact that customers associate fragrances with mood. It’s important that these benefits are clearly claimed on the packaging.” According to the firm, they are often decisive in the act of purchase.
Escape from dullness
“In a context of inflation-induced anxiety, consumers are looking for a change of scenery. As they spend less time on the move due to tight budgets, they travel by their senses… and the world of …
