With GenZ stuck between Boomers and Millennials and with Gen A taking immanence seriously, identity is the new black. What you buy and wear, what you order and consume, and where you check in and which spa you go to is an inner quest to make your public mark. The reasons are many, starting with non-owning financial attitude, affordable elegance in a rich getting richer world as well as the quiet is out, is loud in shtick—at last in some matters like perfume.
In Peter Suskind's dark classic 'Perfume', the true essence of perfume is unspoilt innocence. In 2024, let's leave the innocence out of it and consider what makes perfume enticing. The answer would be attitude.
The fragrance market has seen a number of innovations across the globe as a response to COVID-19 and the economic climate – both of which have been dominating consumer behaviour. These innovations included the positioning of fragrance as a tool for escapism or as an extension of self –expression. In five years and beyond, the fragrance industry will need to adapt to challenges created by global warming and the increasing consumer demand for sustainable products.
In 2024, the fragrance industry is expected to generate £47.3 billion in revenue – a 2.75% increase from 2023.
By 2028, the global fragrance market will sit at £52.8 billion. After cosmetics and beauty tech, fragrance is set to be the third-fastest growing beauty product in 2024, accounting for 9.
3% of all sales in the beauty sector. Though mass m.