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In “The F&F Horizon: 2009 and Beyond,” a number of F&F experts discussed their views on the state and future of the industry from the vantage point of formulation to raw materials to the marketplace. (Perfumer & Flavorist magazine, January 2009, Page 45.) In this week’s edition of P&Fnow, we present the first of several extended commentaries from our panel of experts and industry voices.
The financial crisis will affect our everyday work, but not necessarily in the way we may think. There will be some negative consequences, but there could also be some positives.
The concept that less is more will be a positive [factor]. Manufacturers will offer less expensive and smaller sized versions of products in order to accommodate consumers during this time. Consumers are changing behaviors because of the crisis. They are analytical, more conscious about what they buy. They don't spend as they did in the past; they choose a product because they really need it, it's good for them, it’s good for the planet. Perfumery will have to adapt to this fact.
A negative consequence of the crisis will be that, on the raw material side, there will be less development of new chemicals because of the price of testing.