As the luxury market expands, brands adapt to satisfy discerning consumers
Implications - With the luxury goods market continuing to expand at an exponential rate, brands not traditionally associated with a glamorous aesthetic are switching up packaging designs to lure in younger, luxury-obsessed consumers. Using the disposable income of their parents to buy, millennial consumers are being drawn to packaging that's in-line with their taste for expensive goods without having to invest extensive capital to satiate desire.
Trend Themes
1. Luxury Packaging - More brands are switching up packaging designs to lure in younger, luxury-obsessed consumers.
2. Minimalist Packaging - A trend towards minimal packaging is emerging even for traditionally 'cheap' products.
3. Creative Typography - Unconventional use of typography is being used to make product packaging more appealing to consumers.
Industry Implications
1. Retail - Optimizing packaging design can increase sales and appeal to a more diverse target audience.
2. Luxury Goods - More brands are expanding into the luxury market, requiring unique and appealing packaging designs to attract consumers.
3. Marketing - Packaging design is becoming increasingly important for creating brand recognition and standing out in a crowded market.
