FOMO (fear of missing out) is a concept Millennials coined that extends far beyond social media habits and into their purchasing behavior, which is why limited-edition packaging resonates so well with this audience in particular.
Limited-editions create an air of exclusivity and immediacy, driving sales. According to MBAKnol.com, “A limited edition marketing strategy carries a sense of immediacy and exclusivity as the products would only be available for a short time and/or in limited numbers.” A limited-edition package gives a product, and the consumer buying it, a feeling of prestige. They now have something that everyone else doesn’t, continuing to tug on the emotional connection that Millennials already feel towards their preferred brands.
Limiting the availability of product packaging directly caters to this demographic’s desire to feel or be special, particularly in relation to the products they purchase.
According to Boston Consulting Group (BCG), 50% of U.S. Millennials between 18 to 24 years old and 38% of those ages 25 to 34 agreed that brands “say something about who I am, my values and where I fit in.” This means that products and packaging that reflect the consumer and speak directly to them will ultimately create a strong emotional fusion that can be leveraged for purchase.
According to the Mintel report, “nearly one quarter (24%) of consumers like packaging that has an appealing design [dedicated to a] limited edition, seasonal or special release.” Special edition and seasonal packaging in particular can establish a long-term connection with your customers. Think about Starbucks’ red holiday cups, or Lindor’s red chocolate boxes — these brands’ traditions become yours. The moment they’re released you know the holiday season has arrived and familiar memories of years past surface, eliciting strong emotions that the consumer can associate with your brand.
And not only are emotions stoked for the brand long-term, but “limited-time-only rollout of personalized packaging has the ability to create unique connections with consumers who might be mulling a purchase.” This means that, with the right packaging, consumers are much more likely to make an immediate buy.
Partner with Coloredge to create your limited-edition packaging today.