Emotion, Sustainability, Innovation
Trends in the Perfume Industry for 2024 And Beyond
Increased living costs and high demand for sustainable products are expected to shape the future of the perfume market in the next few years. This prediction was made by market analysts from Mintel. Since perfume is a non-essential expense, the analysts expect perfume manufacturers will find it increasingly difficult over the next five years to ensure their products remain a fixed item on consumer shopping lists.
Perfume Supports Mood Enhancement And Personal Expression
In addition to impressing consumers with long-lasting quality and smaller sizes or refillable packaging, Mintel recommends that manufacturers emphasise the emotional benefits of using perfume. These include consumers wearing perfume to express their personality. The Mintel analysis also reveals that 81 per cent of British consumers appreciate products that make them feel good. The market researchers attribute this to the economic and ecological pressures of the present day. In these difficult times, shoppers seek relaxation as well as trying to cheer themselves up and escape from their everyday worries. The first manufacturers have already begun to react to this trend with cosmetics and perfumes containing ingredients that have a proven positive effect on the user's mood.
Product Sustainability Must Become Tangible
According to Mintel, perfume sustainability will become a significant issue in the next five years. European consumers in particular perceive perfumes to be less environmentally friendly than other cosmetics and body care products, Mintel continues. Therefore, the market researchers recommend that manufacturers ensure transparency regarding ingredients and production processes as well as adapting products to be more ecological. Some brands have already launched refillable bottles produced using fewer resources and made from materials that are more sustainable.
Innovation Attracts New Consumers
Last but not least, Mintel encourages the perfume industry to use innovation to win over new customers. The research data confirms that 50 per cent of Chinese consumers between ages 18 and 24 are interested in new formats and textures, for example. Perfume manufacturers can thus apply innovations such as firmer textures, roll-ons and gels to generate fresh inspiration and attract new customer groups. The trend towards multifunctional cosmetics is also relevant to perfumes, Mintel says. The market researchers see innovation benefits and cost savings for consumers when purchasing 2-in-1 products that combine skincare with perfume.