WITH a booming economy coupled with a growing millennial population, the Philippines is poised to become a larger market for high-end lifestyle products such as fragrances.
Jennifer Giachino, export manager for Southeast Asia of Inter Parfums USA, LLC, said that the Philippines is one of the fastest growing markets for fragrances in Southeast Asia, competing against Malaysia, Singapore, and Indonesia.
“Your middle-income class is growing. Malls are full of people and they are buying. There is high purchasing power,” said Giachino in an interview.
Inter Parfums USA, LLC is a New York-based distributor of perfume labels such as Oscar de la Renta, Agent Provocateur, Hollister, Abercrombie & Fitch, Bebe, Dunhill, and Anna Sui.
In the Philippines, one of its retail partners is Scent & Beautè Inc., operator of Fresh, which has outlets in Ayala Center Cebu and SM Seaside.
“The millennials are creating a new demand,” said Francis Albert Labora, marketing and business development head of Scent & Beautè Inc. Millennials are broadly defined as the generation born between 1982 and 2002.
“The younger market now has become more sophisticated. Millennials are catching up with growth with the influence of social media,” he added.
Likewise, the country’s affinity with western countries has also made these branded perfumes profitable. “Owning a perfume is a person’s first entry to luxury.” Scent & Beautè Inc. will introduce these brands in Cebu this July.