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中国香水香氛行业白皮书
Deloitte· 2025-09-19 01:57
Investment Rating - The report indicates a positive investment outlook for the Chinese perfume and fragrance industry, highlighting its resilience and growth potential in the face of global market fluctuations [10][11][12]. Core Insights - The Chinese perfume and fragrance industry is experiencing a transformation from "transactional purchasing" to "value resonance consumption," where consumers prioritize emotional connections and cultural narratives over mere product functionality [10][25]. - The market is witnessing a significant shift towards emotional and experiential consumption, particularly in lower-tier cities, which are becoming key growth drivers due to their untapped potential [12][33]. - International brands are increasingly localizing their strategies to resonate with Chinese consumers, while domestic brands are focusing on deepening their presence in the local market and exploring global opportunities [40][46]. Summary by Sections Part 1: Resilient Growth of the Chinese Consumer Market - The report decodes the "ice-fire resilience" of the Chinese consumer market, driven by policy stimulation and inherent growth dynamics, particularly in lower-tier cities [18][19]. - The retail sales growth rate of consumer goods has shown a positive trend, with a peak in May 2025, indicating a recovery in consumer sentiment [21][25]. - The shift from survival consumption to development-oriented consumption is emphasized, with a focus on enhancing the quality and cultural aspects of products [25][26]. Part 2: Evolution of the Chinese Perfume and Fragrance Market - The Chinese perfume market is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 8% from 2024 to 2028, reaching a market size of 33.9 billion yuan [58][59]. - The report highlights the dual leadership of the Chinese market, where local beauty brands demonstrate resilience alongside global growth engines [56][58]. - The concept of the "olfactory economy" is emerging, where fragrances extend beyond traditional products to become integral to lifestyle experiences [65][66]. Part 3: Consumer Behavior Insights in the Chinese Perfume Market - There is a notable increase in interest among consumers in lower-tier cities, indicating a growing market for fragrances [14][33]. - The report identifies a trend of personalized scent experiences, where consumers seek unique olfactory identities [36][39]. - The evolving consumer landscape is characterized by a shift towards emotional and experiential connections with brands [52][53]. Part 4: Product Development Trends in the Chinese Perfume Market - The industry is moving towards a new era of fragrances that integrate sensory experiences into daily life, emphasizing lifestyle solutions [47][48]. - The report discusses the evolution of fragrance products, highlighting the importance of cultural narratives and emotional connections in product development [15][16]. Part 5: Marketing Development Trends in the Chinese Perfume Market - Marketing strategies are evolving to focus on emotional resonance and cultural narratives, moving from symbolic consumption to value co-creation [16][55]. - The integration of digital platforms and experiential marketing is reshaping how brands connect with consumers [16][55]. Conclusion - The report concludes that the Chinese perfume and fragrance market is poised for robust growth, driven by emotional consumption trends, the awakening of lower-tier markets, and the collaborative efforts of international and domestic brands [51][54].
数据解码2025年线上消费:重点行业趋势复盘与展望
Sou Hu Cai Jing· 2025-09-13 07:55
Market Overview - The total retail sales of consumer goods in China showed a growth trend from July 2024 to July 2025, with a year-on-year increase of 5.0% in the first half of 2025, driven by policies like trade-in programs and promotions on e-commerce platforms [12][13] - In the first half of 2025, significant growth was observed in various sectors, including home appliances, food, and pet products, with specific categories like ice makers growing by 168% and special medical formula foods increasing by 46% [1][12] Key Industry Trends - The personal care and household cleaning industry is expected to see stable demand and growth, with retail sales projected to increase due to supply chain optimization and market expansion [21][22] - The foundation makeup market in China is anticipated to surpass 100 billion yuan, with brands like Estée Lauder and Lancôme leading in sales on e-commerce platforms [37][38] - The small home appliance market is expanding, with significant sales growth in water purifiers and household appliances, driven by consumer demand for convenience and quality [2][21] - The outdoor and sports industry is experiencing an upward trend in sales, particularly for yoga, fitness, and outdoor travel products, with a notable increase in consumer interest in outdoor apparel and pet-related outdoor products [2][3]
从消费折叠到价值共鸣,颖通解读2025中国香水新秩序
FBeauty未来迹· 2025-09-10 11:47
Core Viewpoint - The Chinese fragrance market is undergoing significant changes, characterized by the rise of the "scent economy," the integration of fragrance into various personal care products, and the transformation of retail spaces into cultural and emotional connection hubs [3][4][14]. Group 1: Market Evolution - The 2025 China Fragrance Industry White Paper reflects the evolution of the fragrance market, highlighting a shift from "niche luxury" to "value resonance consumption" [4][7]. - The fragrance market in China is projected to grow at a compound annual growth rate (CAGR) of 8%, with an expected market size exceeding 33.9 billion yuan by 2028 [7][14]. - The growth drivers are changing, with emotional value and emotional connection becoming key factors for consumers [7][14]. Group 2: Channel Transformation - The relationship between online and offline channels has evolved from competition to dynamic coexistence, with online sales accounting for 34% of the fragrance market and expected to grow at an 11% CAGR [15][19]. - Offline channels are not declining; instead, they are experiencing growth, with fragrance being the only beauty category to show continuous positive growth in recent years [19][21]. - The future of channels will be characterized by a deep integration of offline experiences and online content, creating a seamless consumer journey from discovery to purchase [21][24]. Group 3: Consumer Demographics - New consumer segments are emerging, particularly in lower-tier cities and among male consumers, who are increasingly adopting fragrance usage for personal enjoyment rather than just for gifting [26][27]. - Over 40% of consumers select fragrances based on specific scenarios, indicating a shift from viewing fragrance as a luxury to a daily necessity [27][29]. Group 4: Product Category Changes - The boundaries of fragrance categories are dissolving, with fragrances now permeating personal care, home, automotive, and wearable products, evolving into a "holistic scent solution" [29][30]. - 63% of consumers use home fragrance products, reflecting a growing demand for scent in daily life [29][30]. Group 5: Strategic Responses - The company is focusing on long-term partnerships and brand education, emphasizing the importance of emotional value and cultural identity in marketing [34][36]. - A multi-dimensional approach is being adopted, including enhancing offline experiences, optimizing online operations, and fostering a fully integrated channel strategy [37][38]. - The company is leveraging technology and cultural storytelling to drive its marketing efforts, aiming to reshape brand value and consumer engagement [39][42].
“香水第一股”颖通控股CEO林荆回应:每年都有品牌可能续签
Mei Ri Jing Ji Xin Wen· 2025-09-07 12:40
Core Viewpoint - The global fragrance market is expected to maintain a growth rate of 4% to 6% over the next four years, with China's fragrance market projected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2028, indicating a strong trend in the fragrance sector despite overall pressure on the beauty industry [2][6]. Industry Overview - The fragrance segment has shown resilience, with companies like Estée Lauder and L'Oréal reporting growth in their fragrance businesses amidst declines in other product lines [6]. - The Chinese fragrance market is anticipated to exceed 33.9 billion yuan by 2028, with a 3.6% year-on-year growth in fragrance sales in the offline market for 2024, contrasting with a 7.9% decline in overall beauty sales [6]. Company Insights - Ying Tong Holdings, listed in Hong Kong, has faced market skepticism since its IPO, primarily due to its heavy reliance on brand agency agreements, with a significant portion of its brand authorizations expiring within a year [3][4]. - As of May 31, Ying Tong managed 72 external brands, with its own brand revenue accounting for less than 1% in Q1 of this year [4]. - The CEO of Ying Tong indicated plans to enhance their own brand, Santa Monica, through product refinement and potential partnerships or acquisitions to scale up [4]. Market Dynamics - The fragrance market is increasingly influenced by the "scent economy," with a notable rise in male fragrance consumption, which is expected to grow from 37.1% in 2023 to 40.1% in 2024 [5][7]. - The competition among brands is intensifying, with international brands still dominating the market, while domestic brands are beginning to emerge [8][9]. Future Trends - The white paper indicates that the consumer base for fragrances is shifting, with a significant increase in the proportion of fragrance users in first-tier cities [7]. - Ying Tong's strategy for introducing new brands focuses on proven success in foreign markets, product quality, and the willingness of brand owners to adapt to the Chinese market [9].
逾20个代理品牌的授权或分授权将在一年内到期,股价破发 “香水第一股”CEO回应市场质疑
Mei Ri Jing Ji Xin Wen· 2025-09-05 14:49
Core Insights - The global perfume market is expected to maintain a growth rate of 4% to 6% over the next four years, with China's market projected to grow even faster at a compound annual growth rate (CAGR) of 8% from 2024 to 2028 [2][7]. Company Overview - Ying Tong Holdings (06883.HK) became the "first stock" in the perfume sector after its IPO in June, but has faced market skepticism due to its heavy reliance on brand agency and low revenue from self-owned brands [2][5]. - As of March 31, Ying Tong Holdings had 22 brand authorizations expiring within a year, raising concerns as many luxury brands are shifting to self-operated models [5]. Market Trends - The perfume segment has shown resilience amid overall pressure on the beauty industry, with companies like Estée Lauder and L'Oréal reporting growth in their fragrance divisions despite declines in other product lines [6]. - The Chinese market is expected to surpass 33.9 billion yuan by 2028, with a 3.6% year-on-year growth in perfume sales, contrasting with a 7.9% decline in overall beauty sales [7]. Competitive Landscape - International brands continue to dominate the market, with Ying Tong Holdings introducing up to 10 new brands annually while evaluating over 100 potential brands each year [10][11]. - Domestic brands like "Guanxia" and "Wenxian" are emerging, but they have yet to make a significant impact in the top perfume rankings [11]. Consumer Behavior - The "scent economy" is on the rise, with increasing opportunities in second-tier and lower-tier markets, as well as a growing demand for men's fragrances [6][7]. - By 2025, over 50% of fragrance consumers in first-tier cities are expected to be part of the advanced consumer group, indicating a shift in market demographics [7].
德勤:2025年中国香水香氛行业白皮书
Sou Hu Cai Jing· 2025-09-05 07:10
Core Insights - The report highlights the resilience and growth potential of China's perfume and fragrance industry, driven by policy stimulation and internal growth, with significant opportunities emerging in lower-tier cities [10][12][13]. Group 1: Market Overview - The Chinese fragrance market is experiencing a transformation from transactional purchasing to value resonance consumption, emphasizing emotional value and cultural identity [10][23]. - Lower-tier cities are becoming new growth engines, showing higher consumption expenditure growth compared to first-tier cities, indicating a shift in consumer behavior and expectations [10][29]. - The market is characterized by a dual trend of international brands localizing and Chinese brands globalizing, with both adapting to local tastes and cultural narratives [10][31]. Group 2: Consumer Behavior - There is an expansion of interest groups, with over 170 million users on platforms like Xiaohongshu showing interest in fragrances, and more than 40% of consumers selecting scents based on specific scenarios [2][3]. - Male consumers and young consumers in lower-tier cities represent a significant growth opportunity, with male consumption rising to 40.1% [2][3]. - Consumers are increasingly aware of the emotional and cultural significance of fragrances, moving from brand origin recognition to psychological needs [2][3]. Group 3: Product and Channel Dynamics - The product landscape is shifting from single sensory consumption to multi-scenario and emotional expression, with the rise of "addictive scent notes" and the integration of AI in product development [2][3]. - Online and offline channels are coexisting dynamically, with online platforms focusing on content dissemination and conversion, while offline channels serve as core high-end consumption spaces [2][3]. - Different cities require differentiated channel strategies, with international brands focusing on first-tier offline markets and Chinese brands penetrating lower-tier markets through beauty collection stores [2][3]. Group 4: Marketing Trends - Oriental aesthetic marketing is evolving from symbolic representation to value co-creation, with both international and domestic brands deeply exploring Eastern culture [2][3]. - Scenario marketing is focusing on emotional contexts, creating "parallel life scenarios" to enhance consumer engagement [2][3]. - Brands are leveraging IP collaborations to break through traffic challenges and create cultural antibodies, while offline spaces are being upgraded to serve as emotional interaction and cultural dissemination mediums [2][3]. Group 5: Future Outlook - The industry needs to evolve collaboratively in human value, cultural connotation, technological empowerment, and scenario penetration to achieve sustainable growth [2][3]. - The Chinese fragrance market is projected to exceed 33.9 billion yuan by 2028, with a compound annual growth rate of 8% [2][48].
均价超300元的香水卖出上千万元,知名国货品牌股价却跌了,两个月市值缩水超百亿元,境外产品销售收入大增500%
3 6 Ke· 2025-08-29 01:44
Core Viewpoint - The company, Mao Geping, reported a strong revenue growth of 31.3% year-on-year for the first half of 2025, but the growth rate has slowed compared to over 40% in the same period of 2024 [1][4]. Financial Performance - Revenue for the first half of 2025 reached 2.588 billion yuan, with a net profit of 670 million yuan, reflecting a year-on-year increase of 36.1% [1]. - The overall gross margin was 84.2%, showing a slight decline compared to the same period last year [1]. - Product sales remained the core driver of performance, generating 2.521 billion yuan in revenue, a 32.7% increase year-on-year, accounting for 97.4% of total revenue [4]. Market Expansion - The company has entered the fragrance market, launching two high-end perfume series, which achieved sales of 35,000 units in just over a month, contributing 11.41 million yuan to total sales [6]. - International sales saw a significant increase of 503.1% year-on-year, although they still represent a small portion of total revenue at only 0.05% [4]. Sales Channels - Online and offline sales were relatively balanced, with cosmetic sales of 1.224 billion yuan online and 1.297 billion yuan offline, reflecting year-on-year growth of 26.6% and 39.0%, respectively [5]. - The company has established over 405 self-operated counters and 32 distributor counters across more than 120 cities in China [5]. Industry Context - The overall growth of the Chinese beauty market is slowing, with high-end and differentiated products becoming the focus of competition [7]. - The fragrance market is seen as a key growth area, with a projected compound annual growth rate of 15% from 2018 to 2023, indicating significant potential for expansion [6][7]. - The company aims to develop a second growth curve through its fragrance and international market strategies, which are crucial for its future development [8].
均价超300元的香水卖出上千万元,知名国货品牌股价却跌了,两个月市值缩水超百亿元!境外产品销售收入大增500%
Mei Ri Jing Ji Xin Wen· 2025-08-28 14:44
Core Viewpoint - The company reported a revenue of 2.588 billion yuan for the first half of 2025, reflecting a year-on-year growth of 31.3%, while net profit increased by 36.1% to 670 million yuan, indicating a slowdown compared to over 40% growth in the same period of 2024 [1][2]. Financial Performance - Revenue for the first half of 2025 reached 2.588 billion yuan, with a year-on-year increase of 31.3% [1]. - Net profit for the same period was 670 million yuan, up 36.1% year-on-year [1]. - The overall gross margin was 84.2%, showing a slight decline compared to the previous year [1]. - Product sales revenue was 2.521 billion yuan, a 32.7% increase, accounting for 97.4% of total revenue [5]. - The skincare segment also saw significant growth, with revenue increasing by over 30% [5]. Market Expansion - The company has entered the fragrance market, launching two high-end perfume series, which achieved sales of 35,000 units in just over a month, contributing 11.41 million yuan to total sales [7]. - International sales revenue surged by 503.1% year-on-year, although it still represents a small portion of total sales at only 0.05% [6]. - The company plans to strategically expand into overseas markets through department store counters and online stores [6]. Stock Performance - The company's stock price fell to 94.05 HKD per share on August 28, 2025, a decrease of 2.49%, resulting in a market capitalization of 46.1 billion HKD, down over 16 billion HKD from its peak in June [2]. Industry Context - The overall growth of the Chinese beauty market is slowing, with high-end and differentiated products becoming the focus of competition [8]. - The fragrance market is seen as a key growth area, with a projected compound annual growth rate of 15% from 2018 to 2023, and expected to exceed 44 billion yuan by 2028 [7][8]. - The company aims to maintain high market valuation by continuously exploring new growth avenues beyond makeup and skincare [8].
毛戈平上半年营收同比增长超30% 增速放缓 香水新业务收入破千万元
Mei Ri Jing Ji Xin Wen· 2025-08-28 13:38
Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, but the growth rate has slowed compared to the previous year, prompting a search for new growth avenues, particularly in the fragrance market [2][3][7]. Financial Performance - Revenue for the first half of 2025 reached 2.588 billion yuan, a year-on-year increase of 31.3% - Net profit was 670 million yuan, up 36.1% year-on-year - Overall gross margin stood at 84.2%, slightly down from the same period last year [2][3]. Product Sales - Product sales remain the core driver of the company's performance, with sales revenue of 2.521 billion yuan, a 32.7% increase year-on-year, accounting for 97.4% of total revenue - Makeup products contributed 55% of sales, while skincare products also saw over 30% growth, with key products generating significant retail revenue [3][4]. International Expansion - The company is strategically entering overseas markets, planning to establish department store counters and online stores to increase visibility - International sales revenue surged by 503.1% year-on-year, although it still represents a small portion of total sales at only 0.05% [4][6]. Fragrance Market Entry - The company launched two high-end fragrance series, "Guo Yun Ning Xiang" and "Wen Dao Dong Fang," marking its entry into the fragrance market - In just over a month, the fragrance products sold 35,000 units, generating revenue of 11.413 million yuan, which is 0.4% of total sales [5][6]. Industry Context - The overall growth of the Chinese beauty market is slowing, with high-end and differentiated products becoming competitive focal points - The company aims to maintain high market valuation by exploring new growth avenues, particularly in the fragrance sector and international markets [7].
毛戈平上半年营收同比增长超30%,增速放缓 香水新业务收入破千万元
Mei Ri Jing Ji Xin Wen· 2025-08-28 13:09
Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, but the growth rate has slowed compared to the previous year, prompting a search for new growth avenues, particularly in the fragrance market and international expansion [1][2][6]. Financial Performance - The company achieved revenue of 2.588 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1% [1]. - The overall gross margin was 84.2%, showing a slight decline compared to the same period last year [1]. - Product sales revenue reached 2.521 billion yuan, a 32.7% increase, accounting for 97.4% of total revenue [2]. Market Expansion - The company is strategically entering overseas markets by establishing department store counters and online stores, and is working on partnerships with global high-end department stores [3]. - International sales saw a significant increase of 503.1% year-on-year, although they still represent a small portion of total sales at only 0.05% [2][3]. Product Development - The company launched two high-end fragrance series, "Guo Yun Ning Xiang" and "Wen Dao Dong Fang," with initial sales of 35,000 units in just over a month, contributing 11.41 million yuan to total sales [4]. - The average selling price of the fragrances was 322.3 yuan per unit, with a gross margin of 77.6% [4]. Industry Context - The Chinese beauty market is experiencing a slowdown in overall growth, with high-end and differentiated products becoming the focus of competition [6]. - The fragrance market is seen as a key growth area, with a projected compound annual growth rate of 15% from 2018 to 2023, and expected to exceed 44 billion yuan by 2028 [4][6].