Luxury Perfumes Market Current Demand and Trends 2019: 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).

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.

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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).

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.

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.

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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

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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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