Fragrances continue to defy the tailwinds of the luxury slowdown. Euromonitor recently coined the term “recession glam” to describe a new consumer era where consumers are rethinking their spending habits, but still indulging in everyday, small luxuries.

[...] As consumers trade their big-ticket spending for smaller, more meaningful yet aspirational tokens of joy, fragrances, owing to their deeply cultural and emotional power, are emerging as the most silent yet resilient luxury. According to Euromonitor, fragrance is forecasted to drive 23% of the beauty industry’s overall expansion, and growing at a CAGR of 5.5% between 2024 and 2029, this booming category is set to become beauty’s most powerful growth engine.

— Read more in The Resilient Boom of Fragrances in the "Recession Glam" Era at BeautyMatter.