The end of 2015 was not a particularly good one for the giftware industry as overall orders declined by 2% over 2014 numbers. However, candles not only were the only segment of the giftware industry that saw an increase in orders, but orders increased by 13% over 2014 numbers. Many people may think that this is due to newer, more complex fragrances available on the market today, however, classic fragrances are still far and away the most popular.
The most popular fragrance for both candles and air fresheners in 2015 was Pumpkin, taking over 5% of each market. The next to most popular are Vanilla and Apple, with Vanilla being slightly more popular with candles, while Apple is slightly more popular with air fresheners. Vanilla and Apple both come in at just under 5% each of either market. After that Fresh takes about 4% of the candle market, followed by Cinnamon and then Beach each around 3%. For air fresheners Autumn is next at 3.5% followed by Fresh and Beach which each have about a 3% market share.
While everyone knows these classic scents, they are also readily available from nearly every manufacturer. The key to staying competitive in a crowded marketplace is not just offering these scents, but offering a slight twist or nuance to the fragrance. By doing this you set yourself apart from the other brands while still offering those classic scents that consumers love. A great way to do this is by working with a perfumer in developing fragrances that give you that little extra something that will translate to higher sales.
If you are in the candle and fragrance industry and could use some extra cash flow while you are developing more creative scents, one way to do it is via accounts receivable financing. Contact DSA Factors at 773-248-9000 and learn how our factoring program can provide you with the cash flow you need. With 30 years experience factoring for the giftware industry, we have the knowledge and know how to help your company grow.