Today’s consumers are feeling the effects of inflation, rising prices, and weakened purchasing power, with 63% of global consumers saying they are extremely or quite concerned about their financial situation (GlobalData).
As a result, people are changing their habits and choosing to spend less or buy “better.” This has put a newfound focus on how packaging can create a competitive advantage with today’s price-conscious consumers.
Here are several ways to add value through your brand’s packaging.
Smaller and larger pack sizes can offer greater affordability and meet consumers’ value-for-money needs.
One in five consumers is staying with the brands they usually buy but buying fewer products or smaller pack sizes.
These often offer a lower retail price, and according to Euromonitor, 44% of consumers purchased based on low prices in 2022. Conversely, one in six consumers associates “good value for money” with large product or portion sizes (GlobalData). Large pack sizes can provide a better price-per-unit that appeals to savvy shoppers. Berlin Packaging has 900+ supplier partners around the globe and access to 50,000+ packaging components in various sizes, materials, and formats.
Functionality & Convenience
After quality and price, consumers list “multi-functional/multi-benefit” as the next thing that provides value for money. With increasingly busy lifestyles, time scarcity is a growing concern, and consumers want efficient products that simplify their lives.
This is especially relevant in personal care and home care categories, with 55% of global consumers saying they are looking
for more convenient/ timesaving household cleaning products (GlobalData).
Packaging solutions can provide convenience through improved functionality and optimized user experiences. Studio One Eleven® designed and engineered the award-winning packaging for Rejuvenate’s Dual-System Outdoor House Wash. This revolutionary product allows users to easily switch between house wash and window wash applications without disconnecting and reconnecting separate packages.
Technology is playing an increasingly significant role in our everyday lives, and “smart” packaging can add value for busy consumers.
A 2022 GlobalData study found that 42% of global consumers are always or often influenced by how digitally advanced a product or service is (up from 35% in 2021).
Younger consumers are especially interested, with one in four Gen Z and Millennials saying that interactive packaging is a key purchase driver. With information at their fingertips, consumers are scrutinizing products and brands before making purchase decisions. Digital tools like QR codes and near-field communication (NFC) technology can redirect shoppers to a brand’s website to view product tutorials, browse products, read reviews, discover ingredient information, learn about a company’s social or environmental initiatives, and more.
These packaging solutions help consumers save time and money, select the right products for their needs, reassure them of product quality and safety, and create unique user experiences that add value.
Today’s consumers want to support brands that align with their values and lifestyle choices, driving demand for environmentally and socially responsible products. Consumer packaged goods products with an ESG (environmental, social, and governance) claim printed on the packaging generated higher sales between 2018-2022 than products without a claim based on a joint study by McKinsey and NielsenIQ.
Eco-friendly packaging can add meaningful value for consumers. More
than 4 out of 5 consumers (82%) are willing to pay up to 10% more for sustainable packaging, according to a global survey of 9,000 shoppers conducted by Euromonitor International. And 29% of the respondents
would pay over 10% more for responsible packaging.
Berlin Packaging’s dedicated team of sustainability experts helps our customers with sustainable packaging strategies and solutions that best fit their product needs. From sourcing to end-of-life, we quantify a package’s environmental impact throughout its entire life-cycle. With life-cycle assessments (LCAs), we can calculate a product’s environmental footprint - including its carbon footprint (greenhouse gas emissions) and water, mineral resource, and fossil fuel use – to help our customers make informed, objective packaging decisions.
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The brands mentioned in this report are trademarks of their respective owners. Inclusion of these brands in this report is not meant to imply an association with or endorsement from the respective trademark owners.