Recently, consumer trend data intelligence platform Spate released its Fragrance Trends Report, which "explores the top formats, notes, and brands piquing consumer interests" in the fragrance product space." As reported by market research firm Statista, "the Beauty and Personal Care segment Fragrances accounted for 9.2% of the Beauty and Personal Care revenue in 2022, and the worldwide revenue of US$53.44 billion in 2022 is expected to increase to US$67.4 billion by 2028."
For those seeking to invest in the fragrance space in 2024 and beyond, it is essential to understand what the average consumer is looking for regarding fragrance products. As noted in the Spate report, "in the last few years, burgeoning fragrance interest has spread through different consumer populations, and high-end brands with high price points are growing in popularity alongside nostalgic and decadent yet affordable fragrances." Further, the report detailed, "consumers are also looking for ways to layer and experiment affordably, as shown by increasing interest in sampling services."
To learn more about the Spate Fragrance Trends Report's key takeaways, including surprising findings, notable growing trends in the fragrance space, and increasingly popular ingredients for fragrance product formulations, CosmeticsDesign spoke to Yarden Horwitz, Spate Co-Founder, for her insights.
One of the report's key takeaways for consideration is that the "top scents predicted to grow the most next year — like mango, strawberry, and pear — reveal that consumers want to keep things fresh and fruity in 2024," and "I think the predicted growth for fruity scents such as mango, strawberry, and pear are very interesting," shared Horwitz.
"The growth in searches for vanilla perfume, pistachio perfume, honey perfume, orange perfume, and all of the fruity scents predicted to be big next year reveal consumers are focused on sweet and fruity flavors," she added. The Spate report recommended that "brands should watch these scents as they continue to make their way into the mainstream." For manufacturers and suppliers to fragrance brands, the report specifically noted that considering "ways to highlight these notes alongside current favorites — i.e., vanilla perfume or fresh scents" will make for a smooth transition into the trending consumer market in 2024.
Additionally, added Horwitz, "we are also seeing trends inspired by fruit in the makeup category i.e. Hailey Bieber's strawberry girl makeup." She explained that "there's a desire across categories to achieve a fresh-faced look and paired with a fresh scent," indicating that cosmetics manufacturers and suppliers to cosmetic product brands may also consider incorporating fruit-inspired fragrances into product formulations for increased consumer appeal in this trending space.
More versatility in product format offerings
Another key takeaway in the Spate report is that "growing interest in perfumes, sprays, oils, and hair perfumes reveal how consumers are looking to step up their scent game." The report recommended that "brands should offer popular scents in various formats at multiple stages of the consumer's routine" to better cater to this rising trend in consumer product preference. Further, the report added, "Whether multifunctional scented hair oils or mini and travel perfumes perfect for layering, different formats act as crucial varying touch points to enhance brand awareness."
Increased versatility in brand product format offerings can also incorporate a wide variety of trending scents. "Consumers are eager for pheromone fragrances," Horwitz explained, and "developers should look into the ingredients that claim to have an impact on pheromones and consider ways to prove or debunk said claims." Formulating different products with pheromone fragrances is another way brands can encourage product multifunctionality, and "this is a great way to attract a new audience while gaining credibility," she said.
Location, location, location
A third and final takeaway from the Spate Fragrance Trends report is to consider the importance of season and location when developing and launching a new fragrance product in 2024. As noted in the report, "searches for summer fragrance or Arabian perfume highlight the consumer's desire to use scents to transcend time or place," and these "searches for summer fragrances were particularly interesting," said Horwitz.
The report explained that "whether exploring seasonality or offering inspiration from other cultures worldwide, brands can enhance this journey through scents that heed these desires" to better appeal to a broader consumer demographic that is more inclusive. "With most queries highlighting a desire in options for men," Horwitz shared, "this indicates an opportunity for fragrance brands to more overtly market scents for seasons."
For example, she illustrated the data shows "summer fragrance has grown +48.3% YoY," indicating there is growing demand for scents that reflect when they'll be used, regardless of consumer gender.