The olfactory economy is on the rise, and young people are popular with "you smell so rich"?

In recent years, young people's spending on perfume and fragrance products is gradually increasing, and the olfactory economy is becoming a hot topic.

According to the data, China's perfume market has a compound annual growth rate of 14.9% from 2015 to 2020, and is expected to be 22.5% in the next five years. By 2025, the retail sales of China's perfume market are expected to reach 30 billion yuan.

The olfactory economy is on the rise

Obviously, the market is changing, and the domestic perfume fragrance market is on the rise. In fact, perfume fragrance products and related culture have long been an indispensable part of fashion consumption.

The earliest perfumes date back thousands of years to Egypt and were used by the Egyptians as part of religious ceremonies to pay tribute to the gods. Later, in Greece, Rome and Italy, there was a custom of using perfume.

In France in the 16th century, King Louis XIV and Louis XVI were extremely fond of perfume, and did not hesitate to spend a lot of money to dig up perfumers from various countries to make various fragrances. These preferences laid the foundation for the perfume industry in France.

With the development of royal hobbies and fashions, the perfume industry continued to grow in France. By the 17th century, Europeans knew that the most glamorous perfumes came from Grasse in France. Tuberose, lemon, citrus, geranium stork, mint, xanthian, violet, ...... Many flowers and plants have made it to the spice list and become one of the ingredients in perfumes. In modern times, the world-famous Chanel No. 5 was born here, and France has become the country of perfumes.

Today, from Chanel and Dior to Guerlain or Lancôme, many well-known brands have their own fragrances. These well-known perfumes have also gained a lot of fans in China. With the development of the perfume industry, brands from more countries have also entered this field, such as Issey Miyake and Kenzo Takada in Japan, Gucci and Versace in Italy, all of which are loved by people who love perfume and fashion.

In recent years, in addition to perfumes, fragrances such as bath salts, aromatherapy essential oils, scented candles, incense, etc., have been continuously cut into the life scene, and ordinary families have begun to use these products more. Domestic ones such as Fauvism, Guanxia, and Smell Library are also produced with their personalized tonality and quality, and have gained the love of many young people in China.

According to the forecast of the Prospective Industry Research Institute, the scale of China's fragrance market is expected to exceed 53.9 billion yuan by 2028. Tung Hua, founding partner and director of operations of the domestic fragrance brand Ximos, said, "We have opened up the sales channels of the Tmall platform since 2021. From 2021-2022, sales will increase by 200% month-on-month, and in 2022-2023, it will increase by 600% month-on-month. ”

Why young people fall in love with fragrance

So, why do young people fall in love with fragrance? First of all, it comes from the change in consumption concepts.

As the youth of Generation Z, compared with the family consumption concept of the older generation, young people pay more attention to their own feelings, put "pleasing themselves" in a more important position, and they are good at pleasing themselves and looking for better products to serve themselves. As a result, perfume and fragrance products, as a member of the beauty industry, have won the favor of more fashion groups, especially women, along with makeup, hairdressing, nail art, etc.

At the same time, with the diversification of people's lifestyles and the diversified development of fragrance products, bathroom fragrances, car fragrances, yoga exercises and incense products for spiritual healing have begun to enter people's lives.

"What do you do when you're depressed by inexplicable irritability? If it were me, I might light a scented candle or put a flameless scent," shares Xiaoyou, a blogger on Xiaohongshu.

These pursuit of quality and spiritual pleasure in life give fragrance products more space and penetration possibilities. With the influx of people in these scenes, the sales of fragrance products have also grown, bringing incremental space for domestic fragrances.

On the other hand, the social attributes of many products have also become the reason for young people to buy. For example, the "cool white open" fragrance of the smell library is carried with a sense of slow life and retro literature and art, which makes people have a sense of nostalgia and pleasure through time and space. Another example is the Kunlun boiled snow in summer, and the woody fragrance from the snow-capped mountains and pine wood also instantly fills the atmosphere.

With these products, you can not only share your experience on social platforms, gain attention and likes, but also become a topic of offline chats and become a little expert in the circle of friends.

The future development of domestic fragrances

Judging from the data, Xiaohongshu has emerged with a popular topic of more than 3.8 billion views#What to wear today#, and the total number of note interactions in 3 months has exceeded 57 million. Others, such as "niche incense", "pseudo body incense", "human wrench incense", etc., have also become popular entries and are frequently searched by users.

From the perspective of products, in the field of traditional perfumes, not only international brands occupy market share with classic products, but also new domestic brands have broken through the barriers of foreign brands with the taste of oriental aesthetics, attracting the eyes of many young people and gaining a firm foothold in China.

From the perspective of product expansion, with people's pursuit of fragrance, diffuser sticks, diffuser stones, diffusers and other "fragrance with the past" products have also begun to usher in spring, and the once niche products are becoming popular items today.

In terms of price, whether it is domestic perfume or aromatherapy products, the pricing is more affordable than that of international brands. This more cost-effective advantage has allowed perfume aromatherapy products to gradually enter more people's homes from luxury counters and won many new customers.

In addition, in today's mobile Internet era, domestic brands have carried out closer communication with consumers through live broadcasts, short videos, online celebrity sales, and public and private domain operations, so that customers have better stickiness. These methods, compared with relatively cold and arrogant international brands, have also effectively increased consumers' repurchase.

In addition, the rise of the national tide is unstoppable. According to the "Guochao Brand Young Consumption Insight Report" released by Xinhuanet and Dewu App, compared with ten years ago, the popularity of Guochao has increased by more than 5 times, and 78.5% of consumers prefer to choose Chinese brands, which is 72% higher than that of foreign brands.

In the national tide consumption, the post-90s and post-00s have become the absolute main force, contributing 74% of the national tide consumption. Obviously, the cultural self-confidence and the renaissance of the national tide have also become an opportunity to help the development of domestic perfumes.

In the future, with the growth of the perfume and aromatherapy market, it is possible to emerge more domestic brands and new products to match various life scenarios from home to travel. At the same time, the renaissance of the national tide is also expected to build domestic fragrances into a unique international brand and move towards the world.

Wild talk in the world

Editor-in-charge: Liu Yunshan