... we call them old lady because...the new younger generation associates them with the past generation?
I like to distinguish between "classic" and "retro"...
I think you are both right, and both those statements are part of the same question, though when we talk about perfume, as with any art, opinions will always be subjective, and subject to all kinds of factors, like individual level of sophistication, exposure to different fragrances, etc.
There are exceptions, of course. To say that the ancient fragrances, like sandalwood, are "classics" will not meet many arguments, but that does not mean that someone whose grandmother wore that scent, and who has a relatively unsophisticated "nose" and limited knowledge and exposure of fragrance generally, is not going to have the perception that sandalwood is an "old lady" scent, whereas someone who always smelled it on both men and women of all generations, within a context of many different scents, both old and new, is going to have not only an intellectual understanding, but an emotional perception, of it as about as classic as you can get, and the same thing is true of oud, and some of the more obscure and ancient-extraction/distillation-method-obtained single floral attars, like rose.
Thus it is my prediction that while the very light, sweet n' fruity scents popular with young women today will indeed be perceived as old lady perfumes in 2048 by some of their children and nieces and nephews, depending on the overall place fragrance has in the hearts and minds of those children, the ancient scents will be just as loved and sought after, and probably even more expensive then as they have been for thousands of years!