Fragrance industry urged to focus on 'quality' products
quality products, rather than the celebrity endorsed products that
have been inundating the market of late, according to a new report.
Euromonitor has released a study that strongly advises fragrance manufacturers to stay ahead of the imminent backlash against the celebrity-endorsed product, keeping in mind quality during product development.
Celebrity fragrance sales are expected to see a significant dip in the near future, prompting manufacturers across the globe to revise future marketing strategies in order to capitalise on the current consumer desire for products that signify 'quality' and that show the scent is a one off, and not the result of mass turn-over.
Senior analyst for Euromonitor, Diana Dodson, said, "The fragrance market has strong potential for growth if manufacturers can find ways to pull customers towards 'quality', rather than selling on image alone.
As part of this move towards premium products, ingredients will play a more central role".
Impressive sales figures from celebrity fragrances that have prompted manufacturers to use these products as a main marketing strategy and to focus predominately on a quick turn around of celebrity launches.
However, premium scents actually make up 60 per cent of the entire fragrance market generating $18.7bn (€14.3bn) - proving the significance they already hold.
Manufacturers are now picking up on this trend following clear responses by consumers that they are now more likely to purchase products that are endorsed by an anonymous spokesperson.
Key fragrance producers are expected to focus on longer product development, in turn cancelling out the fast turnover innovations that have been currently driving the market.
"With so many new releases, manufacturers are running the risk that consumers will become increasingly confused and frustrated by the never-ending choice - the J Lo fragrance collection alone for example, has seen 6 new products launches since the original launch of Glow in 2002" Dodson said.
Euromonitor has also suggested that fragrance manufacturers could boost sales by encouraging consumers to apply their products more frequently throughout the day.
Portable fragrance formats such as roller-balls is now a growing trend amongst manufacturers to promote this marketing strategy, with Coty already launching the Lovely by Sarah Jessica Parker Liquid Satin Serum Rollerball serum.
