In the face of economic uncertainty, which has led to many people tightening their belts, there’s one area where consumers are consistently spending more money: fragrances.
The market for perfume and cologne has consistently grown since 2015, with fine fragrance manufacturers reporting dramatic upticks in sales. Givaudan, which creates scents for brands like Tom Ford and Dior, saw a 14% increase in sales in the last year. Coty, which produces fragrances for Hugo Boss, Calvin Klein and Marc Jacobs, saw an even more dramatic increase – with prestige fragrance revenues increasing by 25%.
Retailers attribute the rise in perfume and cologne sales to younger consumers, particularly as TikTok users encourage their viewers to invest in several fragrances.
“We’re noticing that collecting fragrances has been popular on social media like TikTok,” Autumne West, national beauty director at Nordstrom, told Bloomberg in February.
The way young people think about cologne and perfume also seems to be distinct from older generations.
“Gen Z considers fragrance to be part of their core identity, worn for their personal enjoyment and self-expression rather than to appeal to others,” Jean Madar, chairman and CEO of InterParfums Inc., told Bloomberg.
For some consumers, however, high-end fragrance is not simply an of-the-moment trend. For decades, high-end fragrance manufacturers have competed to create unique scents packaged in increasingly luxurious bottles.
Read on to learn more about the most expensive perfumes ever manufactured.
