The business of scent
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 2 April 2024
⏱️ 17 minutes
🧾️ Download transcript
Summary
Smell is a powerful sense that can evoke memories and spark emotional connections. And it's increasingly big business.
In this programme, we lift the lid on the multi-billion dollar fragrance industry; finding out how scent can influence customer behaviour, build teams, and even help to sell houses.
We hear from a perfume-maker who crowdsources some of the world's most expensive fragrance ingredients, and visit a 15 million dollar house on the market in London, to find out how the right aroma in a property can entice a potential buyer.
And we hear why a major drinks brand has created a fragrance for its company headquarters.
(Picture: A woman smelling perfume. Credit: Getty Images)
Presented and produced by Elizabeth Hotson
Transcript
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| 0:00.0 | I'm Elizabeth Hotson and in today's Business Daily I'll be looking at the people, places and marketing tricks behind the multi-billion dollar perfume and scent industry. |
| 0:12.7 | Sen often operate at a subconscious level outside of your awareness and that makes it so powerful. |
| 0:20.1 | We'll hear about some eye-wateringly expensive ingredients. |
| 0:23.7 | I've got some green cognac in here, which I use actually to add literally a little boozy |
| 0:29.5 | note on the top of a fragrance. |
| 0:31.9 | And why selling scent isn't just about romance and sex appeal. |
| 0:36.9 | I had resisted making pizza which we got asked for all the time, |
| 0:42.0 | but I didn't really find it to be a wearable scent. |
| 0:44.9 | This is Business Daily from the BBC. |
| 0:52.2 | Picture the scene, a sun-drenched swimming pool quite possibly in the south of France. |
| 0:57.8 | A glamorous bronzed couple frolic by the water as a miraculously quiet private jet passes overhead. |
| 1:04.5 | Everyday cares, a mere trifles in this world of languorous luxury. |
| 1:08.7 | It's a dream beyond most of our wild imaginings and yet |
| 1:11.7 | we can all be a part of it. |
| 1:15.3 | Share the fantasy. Chanel number five. |
| 1:19.1 | We can, for the price of a bottle of perfume, share the fantasy. |
| 1:25.8 | That Chanel ad from 1979 was directed by legendary moviemaker Ridley Scott of Blade Runner and Gladiator fame. |
| 1:34.3 | And in 2004, the perfume house created a three-minute long epic entitled Number Five, The Film, |
| 1:41.2 | which starred Nicole Kidman and cost a mind-blowing $33 million, and all for |
| 1:46.8 | something to make you smell nice. But if you consider that the global perfume market was |
| 1:51.7 | valued at $50 billion in 2022 and is expected to register an annual growth rate of 6% each year |
| 1:59.9 | from now until 2030 million dollars might seem like |
... |
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