Luxury sector 2024: Keys in Scent Marketing, Perfumery and Cosmetics

This year the luxury sector will reach 1.5 billion according to Bain & Company ??. Compared to other years, we can see a small general slowdown but the reality is that this trend has as an exception the cosmetics and perfumery sector. ??

???Key growth drivers:

1. Personal wellness: consumers due to economic instability prioritise self-care products, especially in times of economic instability.
2. Redefining exclusivity: Luxury brands are reinventing the concept of exclusivity in the face of rising consumption.
3. User Experience: The creation of unique experiences has become fundamental in the luxury sector.

???Differentiation strategies in the global market ??

??Key scents by region:

• Europe: Floral and sophisticated scents. Scents such as Centifolia Rose and Jasmine are among the most prominent.
• North America: Warm, woody notes. Scents such as Madagascar Vanilla and Amber.
• South America: Exotic fragrances typical of the area such as Tonka Bean, considered a rare, powerful and sensual scent.
• MEA: As a symbol of exclusivity and luxury, Oud stands out, intense and long-lasting. This resin is produced by only 10% of the agarwood trees.

???Innovation, art and user experience:

• Unboxing: Crucial moment for the perception of the brand, reinforcing the bond with the customer.
• Packaging: Limited editions, luxury boxes and cases, multi-sensory designs... everything you need to make your product unique.
• Materials: Combination of premium and sustainable elements. Take care of every detail to stand out from the rest.
• Seasonality: It is not only the sensory elements that have an influence. Launch or seasonality strategies can also increase exclusivity and add value.

? Emerging trends:

• Personalisation: Experiences and products that are tailored to each consumer.
• Sustainability: Conscious and responsible luxury. More and more consumers are looking for such features.
• Technology: Integration of AI in product development.

The luxury sector not only sells a product but also shares a unique experience. The key to success lies in combining premium quality, innovation and an emotional connection with the consumer.

Are you using the power of scent to enrich your brand experience? Write to us at [email protected] ???and we will study your case to give you the best solution.