Luxury Perfumes Market, By Distribution Channel (Hypermarket, Supermarket, Specialty Stores, Online Channel, and Others), By End Users (Male, Female, and Unisex), By Pricing, and By Capacity (20ml, 50ml, 100ml, 150ml, and Above 150ml) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025
- Report code : CMI151290 |
- Industry :
Consumer Goods
- To Be Published : May 2018 |
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The demand for luxury perfumes is anticipated to witness a steady demand during the forecast period on account of rising brand presence in emerging economies. Increasing purchasing power of consumers, strengthening economic condition of the emerging economies and increasing penchant towards luxurious products are some of the key factors driving growth of the luxury perfumes market.
Furthermore, increasing inclination of population towards online mode of purchasing is another factor boosting growth of the luxury perfumes market. Consumers are easily attracted towards online shopping due to the convenience it offers in the form of easy delivery, continuous offers and discounts, promotional activities, and various others. Furthermore, emergence of several e-commerce companies over the past few years have increased the competition among market players due to which they are focused on several promotional and marketing activities, price competency, which in turn is acting as a boon to the consumers.
According to Coherent Market Insights, strengthening economic condition of developing countries has resulted in an increasing consumer base for premium products, which has paved the way for the entry of luxury products, including luxury perfumes in several emerging economies which includes India, China, Brazil and Russia among others.
However, high price of luxury perfumes and wide availability of mass perfumes are some of the key factors restraining growth of the luxury perfumes market. According to Coherent Market Insights, the global perfume industry recorded revenue of US$ 25.33 billion in 2015, out of which luxury perfumes accounted for around 40% in the same year.
Luxury Perfumes Market Taxonomy
Based on distribution channel, the global luxury perfumes market is segmented into:
- Hypermarket
- Supermarket
- Specialty Stores
- Online Channel
- Others
. Based on end user, the global luxury perfumes market is segmented into:
- Male
- Female
- Unisex
Based on pricing, the global luxury perfumes market is segmented into
- US$ 25 - US$ 50
- US$ 51 - US$ 100
- US$ 101 - US$ 150
- Above US$ 150
Based on capacity, the global luxury perfumes market is segmented into:
- 20 ml
- 50 ml
- 100 ml
- 150 ml
- Above 150 ml
The demand for luxury perfumes in the online segment is witnessing a significant growth at present and the same is expected to surge further during the forecast period. Consumer inclination towards online purchases, rapid emergence of several e-commerce companies coupled with aggressive marketing and promotional activities are some of the factors responsible for the significant growth of the online segment. Supermarkets accounted for the dominant share in 2016 and is expected to lose demand during the forecast period due to shift in consumer preference towards online purchases.
Luxury Perfume Market Outlook
- North America accounted for the dominant share in the global luxury perfumes market in 2016 and is predicted to retain its dominance throughout the forecast period. Fair presence of luxury perfume brands across the economy, high purchasing power of consumers backed by strong economy of the country are some of the factors boosting the demand for luxury perfumes in the region. According to the U.S. Census Bureau, the median household income of the country rose to 5.2% in 2016. Elizabeth Taylor was ranked as the number one brand of luxury perfume, recording sales of more than US$ 20 billion in 2016, which is more than double of the second leading brand of perfume by Juicy Couture. In 2017, Brittney Spears launched a new perfume called Sunset Fantasy in collaboration with Elizabeth Arden, thus expanding her portfolio. Her perfume portfolio recorded revenue of more than US$ 4.5 billion in 2015.
- Asia Pacific is anticipated to exhibit the fastest growth during the forecast period. In 2015, the Government of India had approved 51% Foreign Direct Investment (FDI) in multi brand retail and 100% FDI in single brand retail to strengthen the economic condition of India. This brought around an important revolution in the area of luxury brands, inclusive of luxury perfume brands in India, which in turn has positively affected the growth of the luxury perfumes market in the country and is expected to exhibit similar trend throughout the forecast period. Moet Hennessy Louis Vuitton (LVMH), one of the leading players operating in this market recorded profit of approximately 50% in 2017.
Key Players in the Luxury Perfumes Market
Some of the major companies operating in the luxury perfumes market include the Estee Lauder Companies Inc., Chanel Inc., Hermes Europe GmbH, Ralf Lauren Corp, Kering S.A., Gianni Versace S.p.A., Christian Dior S.A., Prada S.p.A, and Moet Hennessy Louis Vuitton S.A. (LVMH).
Mergers and acquisitions, joint ventures and partnerships, product innovation and geographical expansion are some of the key strategies adopted by leading market players in order to maintain market position. In 2017, Moet Hennessy Louis Vuitton (LVMH) brought a majority stake in Maison Francis Kurkdjian to further expand its position in the luxury perfumes market.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
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