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The Future Of Beauty: The Future of Fragrance
By: Shiri Sarfati, Lisa Negrelli, Jessica Wolfe, Monika Ziobro
Posted: November 11, 2010
Future of Fragrance: (from left) Shiri Safati (Repechage), Monika Ziobro (Coty Prestige), Rochelle Bloom (The Fragrance Foundation), Jessica Wolfe (Symrise Inc.), Lisa Negrelli (International Flavors and Fragrances).
Group Mentor: Rochelle Bloom, The Fragrance Foundation
Fragrance sales have been trending downward since 2001, despite a brief peak in 2006 due to celebrity fragrances entering the market. Companies have launched new fragrances as a desperate attempt to engage the consumer. The recent recession only made a bad situation worse, as consumers began opting out of the category altogether.
In 2009, there were more than 1,100 fragrance launches globally, and more than 300 of those launches were in the United States. The U.S. mass and prestige fragrance category was down nearly 8% (global sales were down nearly 4%). The industry had entered into a launch-frenzy, yet sales continued to decline.
Consumers are confused, overwhelmed and frustrated, resulting in them going back to familiar brands they trust. Seven out of the top ten prestige fragrances are classics, having launched ten or more years ago. The strength of the connection the consumer has with these brands is unfazed by the industry’s insistence on newness.
This paper will explore four concepts that will connect the consumer to fragrance—emotionally through education and storytelling, tangibly through quality product and compelling ingredient stories, creatively through an interactive retail experience and daily through technology.