We certainly love perfumes. We wouldn’t be in the perfume sampling business if we didn’t adore this space. So it should come as no surprise that we expect perfume interests to continue to soar.
New research now suggests that astronomical revenue numbers should reflect our sentiment towards the perfume industry over the next few years.
And it all comes down to continued explosive growth among millennial shoppers. Millennials love cosmetics and perfumes. As of 2020, a reported 1.8 billion millennials were out and about on our lovely planet. Millennials account for more shopping spend than our older crowds regarding the cosmetic industry. By 2025, millennials are likely to account for 3/4ths of the world’s workforce.
I think you see where this is going. (Hint: the perfume industry is about to boom).
As a result, the perfume market is expected to leap from just over $50 billion in 2020 to a whopping $69.92 billion in 2025 (source).
These projections should drive sales to familiar perfume players, like Louis Vuitton SE, L’Oréal SA, Este Lauder Companies Inc., and Chanel SA. But, of course, perfume makers all over the spectrum will benefit. That said, so will perfume consumers. More competition should translate into higher-quality and more affordable perfume options.
Hey, this is all excellent news for us perfume lovers. We can expect the quality of perfumes to rise and likely, some more affordable options to hit the shelves.