The worse the economy, the better the home fragrance will sell
It was more than 10 in the evening, and 34-year-old Vora Jeon of Seoul began her evening ritual: a cup of Parisian tea, and European classical music. Then light a scented candle named "Wonderful Sky" and smell of tulips and wood. Vora is the CEO of MOTE Fragrance Company, and she enjoys such private moments.
"I like the pink sky. Whenever I light this candle, it reminds me of those scenes, which makes me happy."
According to US market research company Allied, the value of the fragrance market reached $ 10 billion in 2017 and will grow to $ 12 billion by 2023. And Kearney Consulting's Korean partner Taeho Sim pointed out that South Korea is already the world's largest and fastest growing home fragrance market.
Korean retailers have long felt this trend. Hanji New World Duty Free said that the sales of air fragrance in 2015 increased by 60% year-on-year. Korean cosmetics chain retailer Olive Young mentioned in a report that in the fall of 2017, sales of scented candles, scent diffusers and other items rose by 90% year-on-year.
However, Business Insider said in the report that behind this trend, people are actually worried about the weak economy and bleak prospects of South Korea, which has led people to pay attention to things that can relax their minds. And Taeho predicts that the growth of household fragrance products in South Korea is a long-term trend, or even a permanent trend. Therefore, from the perspective of national economic development, this is not a happy thing. Relaxing with aromatherapy products has become a favorite lifestyle for Koreans. The smell of the fragrance can help them reduce stress.
Unexpectedly, the home fragrance market can heat up in the economic cold winter. Perhaps young people want to seek a touch of life comfort from it-when buying a car, buying a house, and vacationing are out of reach, fragrance products become A "luxury luxury" that everyone can afford. Euromonitor International analyst James Kang refers to the perception of fragrance products as "small but real happiness."