Youth Consumption and Fragrances Essay Example | Topics and Well Written Essays - 2500 words - 1

Youth Consumption and Fragrances - Essay Example But the new and cheaper mass brands have registered the highest growth in percentage and absolute levels. The perfumes and fragrances segment have targeted the younger age groups particularly the teen segment. The teens whose ages range from 13 years old to 19-years-old have a total population of 860 million all over the world. These teens have a bigger purchasing power than most of the generations before them. The teens' market is valued at US$250 billionannually worldwide, based on studies done by Euromonitor International. This market segment is a wealthy and sophisticated segment which bodes positive prospects for premium fragrances and celebrity scents. Indeed, celebrity scents have increased the profitability and the resilience of the perfume and fragrances industry on a global sale. Celebrity scents base itself on the established image of an actress or performer and it guarantees a deep consumer base. Hence, this helps fragrance makers to reduce marketing and promotions expens es. Young people look for celebrity scents since they want to imitate their favorite R & B performers, Hollywood actors and actresses and musical artists. Having a good and pleasant smell is a status symbol and an example of making a good impression on one's friends and on one's sweetheart. The basic barometer is this: that what smells good is good, and that what smells bad is bad. The fragrance industry exemplifies that fact that smell is a reflection of material culture and it enhances the olfactory senses of persons. The fragrance market as a whole is composed of these sets: (1) soaps and detergents (in which scents are added in a particular way) (34%); (2) cosmetics and toiletries; and (3) others (air fresheners, polishes, foods, and others) which are designed to convey an unconscious scent experience. (41%). The market is equally shared between flavors (51%) and fragrances (49%). Perfumes, fragrances and deodorants are part of a global beauty business that has been pegged at US $160 billion dollars a year with a very high annual growth rate of 7%. The seven percent growth rate is higher than the growth rate of the Gross Domestic Product (GDP) of the world's developed countries. The estimated global market in 2008 for the perfumes and fragrances segment is pegged at US $15 billion dollars. The Japanese market accounts for US $4.5 billion (Fuji Keizai, 2002, "Fragrance," p. 145).