Takasago: China will become the second largest perfume market. How will it be deployed in the future?
With the rapid growth of the Chinese perfume market, more and more multinational perfume companies have begun to turn their attention to China. Recently, Sylvain Eyraud, the global marketing director of Japan's Takasago Perfume's perfume business, shared his unique insights into the Chinese market and the company's future layout.
The Chinese market has taken a long time to accept and adapt to perfume culture, and contemporary young people have begun to put forward new requirements for this popular category. Takasago hopes to share some professional knowledge to help everyone understand this promising perfume market.
Sylvain Eyraud, Global Marketing Director of Takasago Perfume Business, said: "As a 100-year-old Japanese company and a leader in the Asian market, we strive to cultivate industry capabilities in all Asian markets, especially the Chinese market. What are Chinese consumers today? What? What are the main driving factors of the Chinese beauty market? What are the olfactory preferences of consumers? Which fragrance materials have the most potential? How should the brand go beyond the floral fragrance of the street and develop a characteristic fragrance for the future? This is our No. Sharing our "Made in China" flavor and fragrance product portfolio, including natural aromas and how to use the combination to create aroma journeys, these are essential for the research and development of innovative fragrances and thus gain a place in the Chinese market."
By 2030, China is expected to become the world's second largest perfume market
Sylvain Eyraud pointed out: "By 2030, China is likely to grow into the world's second largest perfume market." This prediction is mainly based on Takasago's internal research. In 2020, Asia (mainly China, Japan and South Korea) accounted for 13% of the global high-end perfume market. Among them, the Chinese market has the most potential, with an increase of 15% this year.
The peculiarities of China's perfume market
As one of the few economies in the world to achieve good growth in 2020, and the per capita disposable income has doubled from 2010, China is currently very suitable for the development of luxury goods, especially perfumes. Driven by the millennial generation, this economy has shown many characteristics of the times: passion for digital technology, great influence of key opinion leaders, seeking new experiences, eagerness for the harmonious coexistence of man and nature, and most importantly: a new form of Patriotism, these all require the brand to quickly adapt and make adjustments.
This "patriotic consumption" proposition is also reflected in the fact that consumers prefer Chinese original design products rather than just made in China. This trend has begun to emerge in perfumes, such as the smell library, ice cream, RECLASSIFIED perfume room, The success of well-known national perfume brands such as Herborist and Time Fu; at the same time, consumers are also more aware of the fragrance materials rooted in Chinese local herbal culture, such as green tea, ganoderma lucidum, jasmine, ginkgo, ginger, ginseng, bamboo, arnica and Carnations.
"Chinese style" spice inventory
Takasago Spices also shared 28 unique spices with powerful emotional power: chrysanthemum, Chinese quintessential red robe, iris, magnolia, plum blossom, jackfruit, bergamot, pepper, star anise, ganoderma and ginseng used in traditional Chinese medicine, and Ink incense used for calligraphy. These smells have specific cultural connotations in Chinese culture.
Although sales of fresh and fruity fragrances still dominate, these bolder and innovative fragrances have begun to become popular, especially in niche fragrances.
Sylvain Eyraud pointed out: “These consumers want to experience innovative products, but in order to impress them, brands need to understand this group in depth, so as to create a truly unique fragrance for the future, rather than just copy the experience in the Western European market.”
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