Chicago, IL--Arizton's latest research report reveals that the home fragrance market is expected to grow at a CAGR of 4.54% from 2022-2028, with total spending anticipated to reach almost $12 billion by 2028.
[Image via Arizton Advisory & Intelligence]
This growth is primarily driven by Millennials and Gen Z consumers, who prioritize wellness products to enhance their health and living spaces.
These generations prefer products tailored to their needs, creating opportunities for market players to develop offerings catering to specific consumer demands.
Millennials, in particular, value transparency, authenticity, and individuality, while both generations are drawn to unique fragrances that reflect their personalities and moods.
According to a report, Gen Z and Millennial consumers are more focused on maintaining a healthy lifestyle and supporting eco-friendly products than earlier generations.
As a result, brands that utilize 100% natural scents, such as essential oils, tend to be more appealing to these demographics.
The rising popularity of home fragrance products among Gen Z and Millennial consumers is expected to contribute significantly to the global home fragrance market's growth in the coming years.
Learn more in the report.