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The global fragrances market was one of the beauty and personal care categories that suffered the most during the economic recession, with growth falling to a mere 3% in 2009.
This was the result of consumers cutting back their expenditure by concentrating their spending on essentials. However, in the past two years fragrances have had a comeback, with 2011's 6% growth the highest seen since 2006.
Factors set to drive growth within the fragrances market include the growing trend towards consumer urbanisation, higher spending propensity and the heightened importance on personal appearance and grooming.
The market was boosted in 2011 by strong growth in premium fragrances, which hold 54% of value and experienced an increase of almost US$1.4 billion, largely boosted by North America growing by double digits for the first time in the past 15 years.
This Christmas is expected to be a boom year for the fragrances market, with perfumes by Lady Gaga and Marc Jacobs featuring in the top five most popular for him and her.
Scent sales are up 6% on last year, and a total of £790 million is to be spent in the UK over the festive season. Every adult in Britain is expected to spend £17.59 on perfume gifts this Christmas.
Part of the reason of the boost to the market has been that there have been some exciting new releases in the perfume market.
The James Bond after-shave has been a huge seller and has already made it into the top 10 men's fragrances and is already outselling big brands like Paco Rabanne, Prada, and Armani. Also, the Lady Gaga perfume has sold well and has already broken into the top 10 women's fragrances this Christmas.
Fragrance sales are bucking the trend of much lower retail sales in other areas. Traditionally a massive 54% of the total annual expenditure on perfume is on Christmas presents for loved ones.
For more information on global fragrances market, see the latest research: Global Fragrances Market
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