COVID-19 has turned China into the land of opportunity for fragrance brands. According to data from Euromonitor, the compound annual growth rate of China’s scent market reached 14.9 percent between 2015 and 2020. But that rate is expected to jump to 22.5 percent over the next five years. By 2025, China’s perfume sales should reach $4.7 billion. Those numbers alone may sound less impressive, but comparing them to the global growth rate — about 7 percent— Chinese market potential has grown to three times the global rate.
— Read more in Who Will Fill China’s Gaping Luxury Fragrance Void? at Jing Daily.
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