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Published by: Wealth-X
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Marketing to the Wealthy: The Role of Luxury Packaging

Published by: Wealth-X
Published on:
Luxury goods are held to the highest standards of detail and design - and the right packaging is equally indispensable.

Luxury goods are held to the highest standards of detail and design – and the right packaging is equally indispensable. In the business of marketing to the wealthy, luxury packaging plays the role of creating desire, indicating quality and prestige and ensuring continuity and cohesion in brand messaging that entices HNW consumers.

In a largely digital world, it becomes ever important to make a memorable impact with the physical, leveraging that which the Internet cannot offer. Luxury firms are taking notice and greater attention and investments are being allocated to the presentation and parceling of products. In fact, data by Smithers Pira projects a 4.4% growth for the luxury packaging industry to 2019.

Marketing to the Wealthy to Produce Desire

HNW consumers pay close heed to packaging – and unusual details may be particularly attractive. Luxury brands are advised to focus on the senses whether visually, tactilely, or olfactorily.

When marketing to the wealthy, well-crafted packaging provides cues to a product’s premium nature and does so while stirring the emotions; offering an incredible opportunity to elevate the emotional appeal of a brand while simultaneously establishing desire.

In today’s saturated luxury consumer market, there simply isn’t room to overlook this aspect of product development, branding, and marketing. Strategically-produced packaging enhances the overall in-store shopping experience in addition to enhancing the moment a new purchase is opened (whether purchased in person or online).

Excellent packaging is memorable, worthy of special gifts, and tempting to share on an individual’s social networks. Luxury firms are able to increase organic reach and user-generated content simply by elevating the parcels that house their goods. Let’s consider the iconic packaging of purchases from CHANEL, Cartier, and Tiffany & Co. Each of these luxury brands have succeeded in housing their wares in packaging so well-executed and memorable that they’ve found a permanent place in the zeitgeist and pop culture. A tiny box in robin’s egg blue tied with a white satin ribbon is synonymous with Tiffany & Co., just as a red leather jewelry case denotes Cartier. The result is instantly recognizable packaging that creates an emotional response, provides cultural meaning, and serves as a competitive advantage for each brand. Additionally, packaging becomes a lucrative source of income for each of these storied companies as they inspire and engender sales.

To Indicate Quality and Prestige

 An in-depth mastery of aesthetics and product prestige is vital for any company marketing to the wealthy.

The packaging of any item hints to the quality and value of what’s inside. Luxury packages support luxury price points, and exceptional goods call for equally exceptional casing – such are the conscious and subconscious expectations of HNW shoppers.

Packaging should be aesthetically-pleasing with painstaking attention to detail and refined elements, in short, the visual hallmarks of luxury. The functionality should also be considered down to the ease and elegance of handling or opening each package.

Inferior, lackluster packaging would produce the starkest of contrasts in the sumptuous home, office, and social environments of the world’s wealthiest individuals. Product packages must be designed to enhance or stand on par with such settings. Luxury packaging, branding, and identities are currently employed by scores of non-premium products and services; in today’s competitive luxury market, there’s no room to miss the mark.

Of course, a conversation on packaging wouldn’t be complete without a special nod to online shopping. Its inherent inability to interact with a HNW shopper in a live setting means packaging must fulfill the impression and experience of the brick-and-mortar store. Drab cardboard boxes are not suitable, and packages should pay homage to or hint towards the prestige of the contents inside. In such an instance, it could be a shopper’s first purchase with a brand. As such, this branding opportunity should be maximized to fully convey consideration, quality, renown, and a sense of exclusivity.

To Ensure Cohesive Brand Messaging

Consistent brand messaging across all channels of communication and product development is essential when marketing to the wealthy. Packaging is as perpetually tethered to brand image as any other extension of a luxury brand – from logos and store designs to the professionalism, etiquette, and knowledge of retail sales staff.

Packaging must be relevant and fully aligned with the spirit of a brand, its products, and its HNW target clientele. When properly executed, packaging becomes another opportunity in which to showcase and highlight true craftsmanship.

Luxury purveyors of sustainable products are advised to conceptualize packaging with particular care. Eco-conscious shoppers expect the reduction or eradication of extraneous materials and the use of more environmentally sound materials in conjunction with high style and attention to detail. The eco-conscious, luxury fashion house Stella McCartney satisfies each aspect with attractive, 100% compostable packaging.

While a number of factors ultimately contribute to the desirability of a product, packaging bears the burden of the first impression. When marketing to the wealthy, brands are advised to strategically develop all packages in a manner capable of exuding worth and quality while also driving allure. This is becoming even more essential as we move further into the Age of Information. In a society so connected to the digital realm, physical touchpoints are increasingly held to ever higher expectations. In short, the HNW consumer wants to be romanced by all things tangible.

To learn more about how Wealth-X works with luxury brands and best practices for marketing to the wealthy, please visit the resources below:

Learn more about Wealth-X and the luxury industry: Luxury

Photo credits:
Jess Watters, Nick Karvounis, Unsplash