The packaging of a luxury product is part of the brand’s image and research shows consumers are willing to spend more on products if the packaging looks appealing and luxurious.As well as adding to the value of the product, luxury packaging fulfils various other roles; it enhances the image of the brand, increases consumer engagement through personalised packaging, performs a function, creates appeal and diversifies the product
Globally, the luxury packaging market continues to grow, driven by global trends of personalised packaging, attention to sustainability issues, economic and demographic drivers. The luxury packaging market is forecast to grow by 4.4% to 2019, reaching $17.6 billion, and consumption will reach 9.9 billion tons with growth of 3.1%.