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Consumers' preference for "fragrance" has increased significantly, fragrance and fragrance retention have become new growth features in categories such as shampoo and conditioners. Under the pandemic, the widespread of masks allows more consumers to enhance their personal image characteristics through smell.
Kantar Worldpanel revealed that from 2017 to 2019, both perfume market sales and penetration rate achieved double-digit growth for the two consecutive years. According to the "Global Perfume Industry Analysis Report" released by the Prospective Industry Research Institute, China's perfume market will maintain a compound annual growth rate of about 15% from 2018 to 2024, and the market size is expected to exceed 40 billion yuan by 2022.
In the Chinese cosmetics market, perfume is ushering in new opportunities
As an industry weathervane and the gathering place for beauty professionals, the 26th CBE, to be held from May 12th to 14th, 2021, will setup an all new "Fragrance Section" in W2 Hall. The area will gather international high-end brands like BVLGARI, VERSACE, Anna Sui, COACH; and niche brands like 4711, CLEAN, TOUS, TRUSSARCI, MASAKI, as well as popular brands BOITOWN, Reclassifed and salon fragrance brand BARRIO.
Eternal tops off with 26 brands
As a leading company in China's beauty and eyewear industry, Eternal has formed a four-in-one omni-channel model of department stores & shopping malls, international and local cosmetics chain stores, e-commerce platforms, and tax-free channels. Its industry-leading marketing and operations capabilities are able to provide Chinese consumers with high-quality products and services.
At the end of 2020, the "2020 China Perfume Industry Research White Paper" released by Eternal and iResearch shows that the global perfume market is about 390.6 billion yuan. China accounts for only 2.5% of them, but the younger consumer groups in China infuses China's perfumes market with a greater development potential.
Since its establishment, Eternal has adhered to the business philosophy of "joint venture win-win" and continues to pay attention to developing business partners as it grows. At this year's CBE, Eternal is looking for more potential partners to visit and collaborate business. Eternal will continue to strive to create maximum value for its partners, help them cope with the ever-changing market environment and achieve common development.
Niche Brands vs Domestic Brands
For a long time, consumers in the China's perfume market have concentrated on brand choices. Data for 2019 shows that the top ten perfume brands account for more than 60% of the total market.
Moreover, most of the newcomers in the perfume market choose top brands. However, starting in 2020, some imported niche brands and domestic brands have won more and more consumers through online channels.
According to statistics, in 2020, imported perfumes on the Tmall international platform increased by 70% year-on-year. Among them, "niche fragrances" have risen the fastest, with a three-digit growth year-on-year. Imported niche perfumes have become a new segment of Tmall International Beauty.
At the 26th CBE, there will be a fresh and lovely niche fragrance brand TOUS from Spain; a cool and elegant brand TRUSSARDI from Italy which is a mix of classic and contemporary; 4711 and CLEAN from Eternal; MASAKI with its Zen and philosophy, and a special brand BOITOWN, insisting on its exclusive taste.
Besides the "niche fragrances", domestic perfume brands are also constantly improving. According to data reported by Baidu Perfume Industry, domestic perfume brands have shared 3% in brand searches. Among them, the top three growth rates were 96% from BOITOWN, 76% from BARRIO, and 47% from VIVINEVO.
In addition to these three brands, other domestic perfume brands that will appear at the 26th China Beauty Expo includes the first original perfume brand that proposed the concept of "light salon", The RECLASSIFIED, which just received investment from CITIC Capital, pursues the "only" fragrance and is dedicated to the development of domestic fragrance culture.
When CITIC Capital completed its investment in Shanghai Xiangmiao, the parent company of RECLASSIFIED, its senior managing director Zhao Hanxi said that Chinese consumers’ expectations for a better life have driven the rapid development of lifestyle-related consumer products. The growth of this sub-category is particularly rapid.
You are invited to visit the "Fragrance Section" in the W2 Hall at the 26th China Beauty Expo to discover how to keep up with the trend and seize the hot opportunities in the market.