The market research firm has released a new blog, ‘Can diagnostics freshen up the fragrance market?', which takes a look at the power that diagnostics may be able to have on the saturated segment.
“Mature fragrance markets are waning as consumers are spoiled with too many choices. What’s more, they tend to purchase fragrances out of habit and can often feel disengaged with the category. Reviving consumer interest is key to generating growth,” explains Emmanuelle Moeglin, global beauty and personal care trend consultant for the firm.
The market expert notes that rather than being an option for fragrance brands, offering consumers personalisation in their products is now essential.
“Customisation should be a central element in this category, where purchases are driven by personal aspirations and scent preferences.”
Millennials drive demand
Moeglin reiterates the idea that millennials are the key group driving demand for personalised beauty and personal care solutions.
“Consumers, particularly Millennials, are coming to expect personalisation as part of the experience as they look for products that reflect their sense of individuality,” she notes.
It’s an observation that has also been made by fellow market research firm Euromonitor, which notes that digital diagnostics tools play a key part in the trend.
“Personalisation and interactivity is important in beauty care for millennials, with a rash of digital solutions emerging to appeal to their need for individual solutions,” says the firm.
Diagnostics, not curation
The Mintel analyst notes that when it comes to fragrance, consumers aren’t looking for complete curation of products themselves. Indeed, only 3 – 7% of European fragrance consumers are saying they often like to customise their own scents.
Instead, they are looking for premade products that are particularly suited to their individual biometrics and needs.
“While personal diagnostics – assessing people’s lifestyle and skin type through DNA analysis – has been growing in popularity across the beauty industry, it remains a relatively untapped opportunity in the fragrance category,” explains Moeglin.
“By increasing education and spreading knowledge on this topic, brands can help users to better engage with the category and further drive interest.”
Nose, a Paris-based retailer, The Perfume Shop and Guerlain are all brands picked out for their efforts in this area. Time will tell if the trend picks up more broadly.