Fragrance group assesses state of the industry
This article was originally published in The Rose Sheet
Executive Summary
Experts at the Fragrance Foundation's "State of the Industry" event Nov. 17 agreed that a full economic recovery is still a long way off, according to a press release. Fragrance sales remain above the $5 billion mark but have experienced four consecutive years of negative growth, says Susan Babinsky, senior vice president consumer products at market research firm Kline & Co. Fragrances that are "tried and true, special, new," or provide value succeed in a recessed market, Kline notes. Ken Goldstein, an economist for The Conference Board, predicts the recession will not completely lift until 2015, with consumers saving rather than spending. Fragrance Foundation President Rochelle Bloom says industry is ready for a challenging fourth quarter but is optimistic that business will be flat rather than down
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