The surprising reason perfume prices are skyrocketing
CTV
The price of premium perfumes recently soared by levels typically never seen for luxury fragrances. But don't blame rising inflation; the reasons have more to do with consumer behaviour in times of stress and uncertainty.
The average retail price for fragrances rose by 15% in 2021 compared to 2020, triple the average 5% increase during the prior two year, according to the latest data from market research firm NPD.
"General inflation is not necessarily the story here. We started to see this swell of growth during the pandemic where consumers were willing to trade up to more premium fragrances," said Larissa Jensen, NPD vice president and beauty industry adviser.
"We theorized that people were looking to treat themselves with little luxuries during these difficult times," she said. "Scents allow us to escape, even momentarily, and experience a different emotion."
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