Luxury Perfume Market - Growth, Trends, and Forecasts (2023 - 2028)
The luxury perfume market is projected to register a CAGR of 6.2% over the next five years. Growing brand consciousness and increasing expenditure for luxury goods among millennials have been supporting market growth over the last few years. Due to significant demand from the younger generation, key players have now come up with various offers on their products, along with customized packaging of luxury perfumes. This strategy makes the products quite affordable and drives the market growth.
Key HighlightsThe luxury perfume market is moderately fragmented and comprises international and regional competitors. Key players like LVMH Moët Hennessy Louis Vuitton, Hermès International SA, Kering SA, and Chanel SA, among others, are focused on product innovation, specifically designed and targeted for women and unisex consumer groups. Active companies are competing based on different factors, including product offerings, price, ingredients, and marketing activities, to gain a competitive advantage in the market.
Key players are focusing on online distribution channels for their products' online marketing and branding to attract more customers. The major global players have a range of luxury perfume brands under their parent organizations, catering to different sets of customers and playing on brand loyalty.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook