The luxury goods market seems to have survived the recession virtually unscathed: despite the fact consumers are naturally inclined to cut-back when times are hard, luxuriously packaged goods move from being ‘sought-after’ items to ‘must-have’.
Packaging is vital regardless of what’s inside but when it comes to luxury goods, premium packaging can be used to reflect the desirability of the product within. However, although shoppers buying premium brands expect top-notch packaging, thanks to the recession, many companies are struggling to strike the balance between keeping costs to a minimum and packaging standards high.
If upgrading your product packaging hasn’t been very high on your agenda, it could be time to have a re-think. Studies have shown that even when things get tough, shoppers are often prepared to splash out on premium products. Why? The reasons are difficult to define but it seems as though consumers find comfort in buying brands they know and trust and will often but luxury goods as a much needed treat – even if this means going without essential, everyday items.
Product packaging can be a powerful way to encourage brand loyalty and impulse purchases so with this in mind, improving the packaging of your products can prove to be a lucrative move. Luxury product packaging doesn’t come cheap but there are a few things you can do to make your products or brand more desirable.
Many luxury brands use clever techniques to encourage consumers to buy and you’ll often find that luxury items are packaged in a luxurious outer packaging whilst the interior of the package is fairly simple and functional. This can be achieved by sourcing fantastic co packing services and can be a great way to cut costs: create an impact and boost impulse purchases with luxurious outer packaging but keep things simple underneath. Don’t forget that however the packaging looks, it needs to be robust enough to protect the product inside so don’t cut corners when it comes to product safety and shelf-life.
It’s important that luxury packaging is all about the ‘experience’ and with this in mind, creating packaging that’s memorable and pleasurable to use are great ways to create a high-end feel. Some well-known luxury brands have created packaging that is so desirable it is often kept far longer than the product inside and whilst this idea is out of the reach of most small brands, eye-catching product design is yet another way to develop brand loyalty.
Premium products generally tend to make higher profits so it’s well worth bearing in mind that the additional costs that come with luxury product packaging could be recouped and that any investment you choose to make in upgrading the packaging of your product is likely to be a wise investment. If you would like further advice or information on luxury product packaging, a specialist packaging company will be able to help.