Has the Golden Age of Luxury Goods Arrived?
Combine a growing demand for luxury packaging with propagation of new technology, and what do you get? Unparalleled innovation that could be leading the luxury goods industry into an unexpected boom.
What Are Luxury Goods?
These are the items we all love to have, but are the first to be cut out of the budget when money is tight. Perfumes, colognes, cosmetics, exclusive fashions, premium alcoholic drinks, and technology gadgets are favorite luxury items currently experiencing wild growth.
How is Packaging Involved?
Packaging is an integral piece of brand image, especially for luxury items seeking certain niche markets. A product’s packaging plays a major role in persuading the customer to spend money on the item and embrace the luxury being offered.
As the demand for these luxury goods rapidly grows in demand, the packaging sector teeters on the edge of unheard of development to rise to the demand. Technologies like 3-D printing allow manufacturers to develop new ideas in timeframes that were previously impossible. Every product needs packaging, and consumers seeking luxury goods are also seeking the packaging that plays the part. Sustainability, personalization, interaction, and security are highly valued packaging characteristics among shoppers with disposable income.
Making the Most of the Holidays
As the holidays loom ahead, many luxury goods are taking advantage of packaging that encourages gifting, especially in the beauty and cosmetic industry. With strategic and effective packaging, companies can achieve sales not just for direct consumer use, but for gift use because the consumer finds enough value in the product and packaging to give it to a friend or loved one. Studies also find that high-end luxury packaging is often kept and considered nearly as valuable as the product itself.
A great example is raw honey. In many states, raw honey is seen as a luxury item due to the severely limited supply from local bee farmers. The stores that bottle their raw honey in collector’s bottles and decorative jars receive far more sales than businesses that use disposable plastic packaging. Consumers feel more comfortable spending money when the packaging adds value to the product.
If luxury goods packaging can innovate at the rate of the products themselves, then the packaging companies will enter a true golden era not yet seen.