The men’s prestige fragrance market has grown over the past three years and for this upcoming Father’s Day, the scent of success is expected to continue filling the air.
Coinciding with brands and retailers placing more focus on the fragrance category in general, a new cologne often proves to be the perfect choice for Father’s Day gift givers. Each year, this holiday produces a significant sales lift for the men’s fragrance market in the U.S. In 2022, men’s prestige fragrance sales during the three weeks leading up to and including Father’s Day were 85% higher, compared to the three weeks prior. During this same period, men’s fragrance sales also reached new heights, growing by 10% versus 2021. We expect that men’s fragrance sales will exceed $200 million for Father’s Day 2023.
Certain trends are likely to propel this growth. Gift sets are increasingly important during major gifting moments, and they led most of the sales gains during Father’s Day last year. Consumers are finding value in sets and retailers continue to dedicate shelf space for these products, so men’s fragrance sets are poised to be top sellers this year.
Fragrances with higher concentrations will also continue to boost the market. Over the past few years, parfums and eau de parfums have gained popularity and the higher price points that accompany these types of products further amplified the revenue gains. More consumers have been willing to pay for the value that higher concentrations provide, and more men’s brands are expanding their lineups to include these options.
As Father’s Day draws near, consumers are in stores shopping for last-minute gifts. Brick-and-mortar retail typically rises during the week leading up to this occasion. Last year, in the week leading up to Father’s Day, physical stores accounted for 85% of men’s fragrance sales revenue. Thus far in 2023, in-store gained market share largely due to increasingly higher price points in this channel, which indicates that stores will most likely hold even greater importance for Father’s Day this year.
With many appealing gift options coupled with the health of the category, we can anticipate positive sales results for men’s fragrances this Father’s Day.