Luxury Perfumes Market 2019: Enhanced Growth with Major Companies Like Tom Ford, 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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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., 𝒆𝒂𝒖 𝒅𝒆, 𝑻𝒐𝒎 𝑭𝒐𝒓𝒅, 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.

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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 these high end 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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This release was published on openPR.