An Analysis of China’s Perfume Market
Takehome - Perfumes, as entry-level luxury products, are becoming more popular in China. The rise of the middle class in China and the young generation’s demand for salon perfumes are the main reasons for its popularity. Special Chinese scents, natural ingredients, salon perfumes, and household fragrances are all opportunities for players in this industry.
According to a report on Wise Guy Reports (WGR), Global Perfume & Fragrances Market Research Report- Forecast to 2023, the global perfume and fragrances market is launching ahead at an accelerated pace, with analysts expecting it to reach a valuation of USD 64.6 billion by 2023. The report also adds that the market is expected to grow at a significant rate of 6% during the forecast period (2017-2023).
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