Eager shoppers aren’t giving up on luxury products yet – or so Saks Fifth Avenue believes. From the glimmer of diamond rings to the plush luxury of designer handbags, consumers are still lathering up with high-end beauty products, according to the recently-released Saks Says report. Keep reading to find out how consumer interest in luxury beauty packaging continues to remain at an all-time high.
1. Investing in Luxury: Saks Confirms Consumer Demand
The recent sale of Saks Fifth Avenue to Hudson’s Bay Company (HBC) serves as evidence of consumer demand for luxury retail stores. Launched in 1924, Saks was a cornerstone of the American luxury landscape, and has seen its share of highs and lows since then.
Now that it has been acquired by HBC, however, there is no doubt that luxury retail is here to stay. There are a few key reasons for this:
- Recession-proof: Despite the worry that luxury retail may suffer in tough economic times, it appears that consumers are still willing to buy high-end items during times of financial crisis.
- Variety: In addition to clothing and accessories, luxury stores stock a wide range of items; from home décor to electronics to fancy goods.
- Options: Luxury stores offer exclusive options to customers who may not be able to find certain items elsewhere.
It appears that luxury retail is here to stay, and that Saks was smart to anticipate future trends and capitalize on them. This is sure to be the start of many more exciting opportunities within this sector of the retail industry.
2. Beauty Packaging: The Latest Luxury Interest?
Beauty packaging has become an essential part of a product presentation for luxury brands. With a trend towards sustainable and innovative options, brands like Estee Lauder, Bobbi Brown and Gucci have embraced the idea of beauty packaging designed to stand out.
- Eco-friendly Materials – With an increased focus on environmental sensitivity, brands are now opting for packaging made from option like recycled paper, plastic-free inks and biodegradable materials.
- Eye-catching Designs – Packaging has to be unique and beautiful enough to draw customers’ attention and keep them coming back. A packaging with a personalized message along with its product image is a great way to create loyal customers.
- Multi-Purpose Box – Now, brands are also designing boxes that serve multi-functional purpose, such as establishing loyalty, facilitating gifting, and promoting a product.
To make luxury products stand out, beauty packaging plays a great role. Building personal relationships with customers is a great way to build loyalty and encourage brand loyalty. Beauty packaging allows luxury brands to give customers a special experience with message and visuals. Therefore, luxury brands are now paying more attention to packaging design to create a pleasing experience for their customers.
3. Unpacking Luxe: How Beauty Buying Habits Have Changed
Once upon a time, shopping for beauty products was a luxurious activity. A trip downtown to the department store would yield an afternoon of Sephora-inspired splurging. But now luxury beauty shopping has been transformed entirely by the digital age.
Thanks to technology and online retail, beauty buying habits have undergone a dramatic shift. Here are some of the ways luxury beauty shopping has changed:
- Products can now be shipped anywhere around the world at the click of a button.
- Online beauty communities provide an infinite array of independent advice and insight.
- Beauty subscriptions boxes have opened up a whole new world of discovery.
The growth of beauty vlogging and influencers has also had an effect on luxury beauty shopping. People now watch reviews and follow tutorials to learn about the products they’re interested in, and can now buy the products online from the comfort of their own home. Not only does this save time and effort, it also often works out cheaper.
4. Saks Gives Insight: Spotlight On Luxe Beauty Packaging
When it comes to beauty products, first impressions count. From product packaging to shelf display, luxury product presentation is a key part of what sets apart high-end products and services from cheaper alternatives. What’s more, a sleek packaging design can both entice customers and reflect your brand’s unique values.
At Saks, we know how important luxury beauty packaging can be. That’s why we’ve delved deeper to give our readers an insight into what makes for great packaging. Between now and February 2021, we’ll be taking a look at some of the most iconic packaging from around the globe and sharing our findings.
What Can You Expect?
- Exploration of materials, colour and textures used in luxury product packaging.
- Innovations in packaging technology that have shaped the beauty industry.
- Artwork and illustrations used to communicate personality.
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Another positive sign for the luxury sector and its followers is the sustained interest that consumers have in these high-end brands. It’s encouraging to see Saks leading the charge in bringing luxury goods to the masses, and with their innovative partnerships, there’s no telling what kind of new heights Saks can reach in the near future.
