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Insight of the Day: Cosmetics Business reveals the top 5 fragrance trends of 2024 in new report


Trend Highlights:

  1. Edible Perfumes:  Gourmand fragrances are evolving. Vanilla remains popular, but new, complex blends are emerging with unexpected twists, drawing inspiration from bakeries and sweet shops.

  2. Smelling Expensive:  Consumers want fragrances that evoke a sense of luxury and wealth. This drives interest in specific "rich" scents and their associated aesthetics.

  3. Loud Budgeting: Fragrance Edition:  Frugal is fashionable. Consumers seek dupes and affordable formats (body sprays, minis) to get designer-like scents at lower prices and openly discuss their money-saving finds on social media.

  4. Navigating Difficult Emotions:  Niche perfumes are exploring a counter-movement to mood-boosting scents, delving into complex and even uncomfortable emotions for unique self-expression.

  5. Gatekeeping Fragrance:  Keeping signature scents secret is gaining popularity as consumers seek individuality and protect their unique fragrance identity. Celebrities are driving this trend.

Overall Market Picture:

  • Fragrance Thrives Across Price Points: Both premium and mass markets are booming, with consumers actively shopping both ends of the spectrum.

  • Dupes & Affordable Formats:  The success of dupes and body sprays shows the market isn't a zero-sum game; it benefits from the range of options available.

  • Trend Variety Fuels Growth: The industry's ability to cater to diverse budgets, moods, and desired aesthetics drives its continued success.

Implications:

  • Opportunities for Innovation:  Brands can explore unique takes on gourmand smells and scents that evoke luxury in different ways.

  • Targeted Marketing:  Understanding why consumers want to "smell rich" or use scents for emotional expression can inform marketing strategies.

  • Embrace the 'Loud Budgeting' Mindset: Acknowledge and cater to the desire for affordable alternatives,  highlighting dupes and other cost-effective options.

  • Niche Explorations: Artistic niche brands have a chance to stand out by tapping into the market for fragrances that reflect deeper emotions.

  • Understand Exclusivity:  Brands may benefit from an element of mystery in their scents and encourage individual discovery to increase intrigue.

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