Key Drivers in the Evolving Perfume Market and Olfactory Economy

The demand for fragrances is also significant. According to data from ZhiYing Think Tank, 93% of experienced fragrance users are willing to purchase beauty and skincare products, and 78% are willing to buy beauty care products. 

Finally, the pursuit of quality ingredients that bring fragrance is a strong commitment among consumers. The quality of ingredients is an important consideration for consumers, especially women, when choosing perfumes.

Research by iResearch Consulting shows that rose (26.0%), gardenia (25.3%), jasmine (24.9%), and sandalwood (21.4%) are the most popular raw materials among consumers.

In the context of price competition, high-end downturns, and consumption downgrades in 2024, the segmentation of the beauty industry is becoming increasingly apparent, with perfumes being a particularly attractive segment.

The olfactory economy is developing rapidly, and the use of perfumes is no longer confined to social and work occasions; instead, it is increasingly viewed as a means of emotional healing and personal expression.