Key Takeaways:Fragrances are forecasted to drive 23% of beauty’s overall growth between 2024 and 2029 at a CAGR of 5.5%. Drawing inspiration from Arabian traditions, scent stacking is emerging as an aspirational and viral global trend. Emerging markets, such as the Middle East, Africa, and India, are becoming increasingly important for the fragrance industry. From the “lipstick effect” to the rise of under-eye patches as status symbols, no other industry has been able to capture macroeconomic cycles, cultural shifts, and consumer sentiments quite like beauty—but no category embodies this duality more powerfully than fragrance.Fragrances continue to defy the tailwinds of the luxury slowdown. Euromonitor recently coined the term “recession glam” to describe a new consumer era where consumers are rethinking their spending habits, but still indulging in everyday, small luxuries. “Beauty consumers have become more mindful of their spending, so they are prioritizing smarter purchases and choosing brands that offer quality without compromising their budget," said Amna Abbas, Senior Consultant at Euromonitor International. "With a heightened focus on value, this signals a shift toward more thoughtful consumerism during a time of restrained beauty spending."As consumers trade their big-ticket spending for smaller, more meaningful yet aspirational tokens of joy, fragrances, owing to their deeply cultural and emotional power, are emerging as the most silent yet resilient luxury. According to Euromonitor, fragrance is forecasted to drive 23% of the beauty industry’s overall expansion, and growing at a CAGR of 5.