Luxury Perfumes Market Poised to Grow Substantially due to Increasing Consumer Affluence and Brand Consciousness
Perfume has been an integral part of culture and fashion globally for a long time. Luxury perfumes provide an enhanced sensory experience and are status symbols depicting affluence and brand consciousness. Key advantages include premium quality ingredients, intricate fragrances appealing to diverse demographic segments, and distinctive designer branding. The adoption of luxury perfumes has been rising among the affluent population as they are treated as lifestyle accessories enriching personal image and self-expression. Global luxury perfumes market is estimated to be valued at US$ 13.54 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period. Key Takeaways Key players operating in the luxury perfumes market are the Estee Lauder Companies Inc., Chanel Inc., Hermes Europe GmbH, Ralf Lauren Corp, Kering S.A., Gianni Versace S.p.A., Christian Dior S.A., eau de, Tom Ford, Prada S.p.A, and Moet Hennessy Louis Vuitton S.A. (LVMH). Chanel and LVMH have been dominati