As Millennials overtake Baby Boomers as the largest generation in US history, they are also in a prime position to definitively shape consumerism. Not only is this generation the driving force behind the diversification of products in the market; the desire to secure their buying decision is leading manufacturers to step up their game as well.
The changes in tastes and demands are challenging brands and driving them to invest in more innovative concepts. In fact, many companies are turning to unique and creative packaging to approach the situation. Some of the savvier brands even enlist the help of companies that specialise in product embellishment like Signet for creative packaging ideas, including domed resin labels and injection mouldings.
Here are some of the factors that make Millennials consumers gravitate towards a brand:
Limited-time-only products with personalised packaging can secure the buying decision of Millennials who might still be on the fence regarding a product. Offering limited availability on a product satisfies the Millennials’ pronounced desire to have the latest and most exclusive offerings.
London-based market research firm Mintel supports this claim, saying almost one quarter or 24% of consumers gravitate towards packaging with appealing designs, such as those that announce ‘seasonal’, ‘limited edition’, or ‘special release’.
Packaging that reflects the digital age is also a hit among this generation. They show particular interest in packaging that includes quick response (QR) codes, for instance, as these give them quick access to a community that supports the same products as they do.
Millennials are more inclined to purchase products in customised packaging, and smart brands are quick to act on this inclination. In 2015, for instance, Oreo introduced their ‘Colorfilled’ feature that allowed consumers to customise their cookie packaging: from the theme and colour graphics to a personalised message. The brand came up with this initiative to grow their e-commerce market in 2020 to $1 billion.
As Millennials set a precedent when it comes to the trendiest packaging and products, it pays to understand the factors that affect their buying decision. In doing so, companies can better apply the right packaging solutions and stay ahead of their competition.