It's no secret that the fragrance market is a highly competitive field and one brand gets shadowed by another one quite often. That seems to be one of the main issues facing the fragrance market.
COMPETITION. According to ImgoenMatthews.com, 2,095 new fragrances launched globally in 2016, in comparison to 581 in 2003, which is absolutely insane. Looking at these numbers, it's easy to understand why competition is such a major factor in this market. Not to mention that this information is 3 years old, therefore that leads me to believe that in recent years, the numbers have increased even more. Brands need to focus on quality rather than quantity. They need to focus on the storytelling, the marketing and it's crucial to find the right way to reach their existing and potential consumers. Already, too many brands offer the same uninspiring product and overall experience so what differs each and every one of them?
UNINSPIRING RETAIL EXPERIENCE. That is exactly the kind of thing that would differ one brand from another. Various research have shown that people nowadays seek an amazing shopping experience, especially when it comes to fragrance. Seeing as though, perfume is a powerful product that triggers the emotions, it's self-explanatory what people are expecting. Many brands offer personalisation and aesthetically pleasing pop-up stores all around the world but I've noticed that those are not very accessible to the majority of people. All we see is influencers being a part of these incredible events. But where do ordinary people go? I mean they're supposed to be the targeted consumers, right? And yet, they're missing from those memorable experiences.
"For a product that’s so full of glamour, mystery and delight, the perfume retail experience is largely underwhelming – rows and rows of similar looking and smelling fragrances that are only differentiated by name" - dalziel-pow.com
CELEBRITY FRAGRANCES. Every source is speaking differently about celebrity fragrances: some say it's old news and everyone's over them, yet some argue that it's only growing to its full potential. I could say that it's nothing new about celebrity fragrances but it's debatable. Let's look at Kim Kardashian-West fragrance line KKW Fragrances. It doubled the profits and sky-rocketed the sales within minutes of launching. Now is it because it's Kim K or is the product genuinely amazing? I would say it's both: the packaging looks incredible yet it's not unique as many brands have body shaped bottles (but it's a true copy of her own body so it can be intimidating to some); the price range is decent ($30-$60), marketing strategy and aesthetics - A+.
When it comes to celebrities being a part of a marketing strategy for perfume, that is not going anywhere as famous faces still remain the most influential part of our society.
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