Like all other cosmetics segments, perfume is evolving and reinventing itself with new uses. WGSN, a forecasting firm, has identified three trends that could develop in 2023.
“The global fragrance market is expected to reach $52.4 billion by 2025. The sheer size of the industry is a testament to the diversity of its customer base, which has different priorities, ranging from health and wellness to sustainability,” says WGSN.
Functional fragrances
Scents play a critical role on the nervous system. “Brands can look to formulate scents that stimulate emotions and contain blends that stimulate areas of the brain that contribute to relaxation, sleep, happiness and more.”
Tailor-made
The olfactory signature helps define one’s identity. More and more young people from Gen Z are looking for a fragrance to help them assert themselves. “They engage with brands that understand them, support their values (sustainability, diversity and inclusion) and offer a more flexible, fluid and personalized fragrance offering.”
Takeaway Fragrances
“In the future, consumers will use multiple fragrances depending on their mood or appearance of the day. They will use ‘on-the-go’ fragrances to boost their mood throughout the day,” says WGSN. “Bulgari’s Allegra collection offers a set of single-ingredient fragrances that act as a customized base layer to reinforce other scents. It is presented in a discovery box, encouraging consumers to create their own unique fragrance by layering.”
