Fine fragrance reinvigorated

The allure of luxury scents is gaining traction among gen Zers and older Alphas, turning their noses and wallets towards prestige fragrances that boost their sense of self. “It’s like a status thing right now — they all want it,” Abby Rivera, mother of 11-year-old Lincoln, an avid luxury cologne aficionado, told the New York Times. She compares boys’ attraction to fine fragrances to girls indulging in high-end skincare. In a February 2024 article, Bloomberg reported teens and young adults finding “comfort in cologne.”

According to market research firm Circana, luxury fragrance sales in the US were up 13% from January through August 2023 compared to the year before, with gen Z purchasing multiple fragrances per year. This trend is reflected in financial data for Givaudan, maker of scents for big-name brands including Lancôme, Diptyque, and Dior, whose sales were up 14% in 2023 compared to 2022. With a growing market, more brands are pouring efforts into launching fine fragrances.

Artists of Note collection by Molton Brown

British brand Molton Brown, known for its premium scented hand and body care collections, is pivoting its strategy by putting fragrances at the fore, hoping to boost dwindling sales. As part of this new direction, three popular perfumes are being revived: Re-charge Black Pepper, Rose Dunes, and Coastal Cypress & Sea Fennel. Part of the brand’s Artists of Note collection, which debuted in August, the fragrances cost $180 per bottle and come in collectable glass flacons with unique spherical resin caps.

La Collection Rabanne. Photograby by Uge Rubio. Courtesy of Rabanne

Fashion label Rabanne is also extending its reach in the world of luxury fragrances, launching eight new perfumes as part of La Collection Rabanne, available from September 2024. The collection draws inspiration from precious raw materials such as galvanizing woods and golden ambers. A release describes it as “uncompromisingly exquisite fragrances set to inspire and entice a new generation.”

LVMH-owned Fendi has joined the fine fragrance club with the debut of seven different scents that draw inspiration from the Fendi family and their travels. Each bottle is priced at $330, and with the power of scent customers can escape to destinations such as Rome and Naples with the Ciao Amore fragrance, or to southern and eastern Africa with Prima Terra. American beauty company Coty is also swooping in on premium fragrances with the global launch of Infiniment Coty Paris this year. The collection’s 14 different scents harmonize nostalgia, newness, and delight. A 75ml bottle is $290.

The global perfume market size was worth $50.85 billion in 2022.

Grand View Research

But it’s not only luxury brands aspiring to dominate the growing fine fragrance sector. Deodorant brand Lynx introduced the Lynx Fine Fragrance Collection in January 2024, targeting male gen Zers wanting premium without the hefty price tag. “In the UK, 74% of guys are looking for an affordable fine fragrance, demonstrating the huge opportunity this range presents,” says Monique Rossi, general manager, deodorants, Unilever UKI. “The Fine Fragrance Collection is the perfect hybrid between a fine fragrance and a deodorant.”

The fragrance sector is heating up, as reported in “The Future 100: 2024” (see trend #57, Bio scentsation). In 2022, the global perfume market size was worth $50.85 billion, according to market analysis company Grand View Research, which forecasts a compound annual growth rate of 5.9% from 2023 to 2030. As the appetite of younger consumers leans towards more refined, luxurious, and unique scents, brands are hoping to capture their attention early on by investing and innovating in fragrances.