Most Popular in:
Fragrance Markets: Reinvigorating Fragrances
By: Briony Davies
Posted: October 2, 2007
page 3 of 3Asia-Pacific is the smallest regional market for fragrances, aside from Australasia, accounting for less than 7% of the global sector in 2006. Economic conditions contribute, in part, to the region’s low consumption, although it is primarily due to cultural norms that associate heavy scents with the masking of body odor. With the exception of highly Westernized societies (such as Hong Kong and Singapore), per capita usage across the region is below the global average, even in very developed markets such as Japan.
In China and India, sales are further hindered by black market and counterfeit goods, and, in the latter instance, by the enduring popularity of traditional perfumes. Euromonitor International predicts that the Chinese market will be key to unlocking growth in Asia-Pacific, as disposable incomes rise and the retail environment modernizes. The Chinese government is also working to tackle the counterfeiting problem and prestige brands stand to gain the most in a market that embraces conspicuous consumption.
Back to the October issue.