With the global luxury packaging market expected to register a compound annual growth rate of 4.67% during the period of 2018-2023, it’s fair to say that luxury packaging is here to stay.
When it comes to marketing and selling a product, packaging is just as important as the product itself. Not only does it act as protection for the product, it communicates the brand’s message, what it stands for and what it means for the customer, as well as informing about the product itself. Packaging for luxury products needs to communicate that the product is of a high quality, so as a result, luxury packaging is essential.
With demand for luxury packaging at a high and expected to continue to rise within the next five years, let’s look at the key trends influencing the market.
Developing technology and access to high-quality materials
New developments in packaging technology and access to the best materials have allowed packaging designers and manufacturers to take the idea of high-end packaging to the next level. Luxury packaging is much more than a simple box – materials and technology allow packaging to provide a full sensory experience:
- Sight – packaging can be decorated with a never-ending range of finishes, from pearlescent varnishes, to print on holographic board or even glow in the dark print. Technology such as integrated video screens or flashing lights can be used to create an extra extravagant packaging design.
- Touch – high-end materials can feature a wide range of different textures so that packaging feels luxury in your hands. Popular new technologies include scratch-off panels, dimensional ink, thermochromic heat reveal print and many luxury textured materials.
- Scent – Scented print is becoming increasingly popular. This is ideal for packaging perfumes and beauty products and can be made from a specific fragrance oil.
- Sound – Pre-recorded messages and sounds have long been a popular use of technology in packaging.
Consumers are beginning to look for packaging that they can engage with; that they feel adds to the overall experience they get from a product. The more luxurious the packaging, the more demand for the product. As a result, product manufacturers are increasingly willing to spend more on packaging as an element of product development.
With no sign of developing technology trends slowing down, the growth in the demand for appealing packaging can be expected to continue to have a big influence on driving the luxury packaging market. Through luxury packaging, brands are able to adopt their own unique styles, making it easier for consumers to associate products with particular brands.
To talk to us about your next luxury packaging project, please call us on 01256 352415.