Prices of premium perfumes are skyrocketing. Here’s why  

The prices of premium perfumes have been rising sharply. This seems to have never been seen before.

But the blame does not go to rising inflation. The real reason is the consumer behaviour in times of stress and uncertainty.

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In 2021, the average retail price for fragrances increased by 15% when compared to 2020. It is triple the average 5% increase witnessedduring the two years prior to it, as per the latest data from market research firm NPD.

"General inflation is not necessarily the story here. We started to see this swell of growth during the pandemic where consumers were willing to trade up to more premium fragrances," said Larissa Jensen, NPD vice president and beauty industry advisor.

"We theorised that people were looking to treat themselves with little luxuries during these difficult times. Scents allow us to escape, even momentarily, and experience a different emotion," she said.

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The shoppers in the US are already paying more for numerous kinds of products, such as furniture, clothes, food, shoes and cars, etc. So, beauty and other kinds of self-care purchases are not an exception.

Fragrance sales have been booming through the pandemic.

(With inputs from agencies)