Luxury Perfumes market to Grow with a CAGR of 6.2% from 2021 to 2028 | the Estee Lauder Companies Inc., Chanel Inc.
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.
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Luxury Perfumes Market Taxonomy
Based on distribution channel, the global market is segmented into:
Based on end user, the global market is segmented into:
Based on pricing, the global market is segmented into
US$ 25 - US$ 50
US$ 51 - US$ 100
US$ 101 - US$ 150
Above US$ 150
Based on capacity, the global market is segmented into:
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.
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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.
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