Cosumers cut costs where they can during times of economic hardship but fragrance, like skin care, is non-negotiable for many. "Consumers don't really trade down when it comes to fragrance," comments Nicole Tyrimou, Beauty & Personal Care Analyst at Euromonitor International. "They might buy a smaller pack and wear it only for special occasions, but we're not seeing mass fragrances benefitting from trade down." As such, the fragrance market grew 6.3% in 2012 to reach $43.2bn, according to data from Euromonitor. Although Tyrimou adds that this was largely "on the back of strong growth in Latin America and the Middle East and Africa, which were the only regions that grew in double digits".
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