This article explores how fancy tins can cut costs and add value in packaging, enhancing marketing strategies during economic downturns.
Supply chains continue to deal with slowdowns and price markups that cause manufacturers to rethink marketing strategies. Industries that utilize metal packaging can reduce costs, particularly companies that rely on tinplate and aluminum for their inventory. Here are ways fancy tins can convey value for manufacturers, packaging designers and distributors.
Economic Troubles Lead to Thrifty Shopping
When consumers struggle financially, one of the first ways they look to cut costs and debt is to spend less at grocery stores and malls. People tend to focus more on essentials when cost of living increases dramatically. Since consumer behavior shifts toward more affordable gift-giving for birthdays, holidays and other special occasions, manufacturers should look for ways to help consumers cut these costs without sacrificing quality.
A recent PwC Consumer Insights Survey found that 69 percent of shoppers are trying to avoid non-essential spending. Rising food prices have caused many people to stop eating frequently at restaurants, as they turn to more affordable dining options. The survey further found that 90 percent of consumers have adopted budget cuts due to high cost of living.
One way for consumers to beat the high cost of food on a regular basis is to purchase groceries that come in metal cans. Fancy tins provide shiny and colorful value, making them appropriate for low-cost gift-giving. Not only does metal protect the food from environmental elements, it preserves freshness and taste. Manufacturers in crowded markets can stand out in supply chains if they focus on catering to budget-conscious consumers.
Another study by McKinsey found that recession periods cause consumers to rethink the brands they choose. It's common for consumers to make choices based more on affordability than taste or amazing packaging during an economic downturn. Middle class consumers tend to favor lower-priced brands across multiple product categories when their normal lifestyle budgets get squeezed.
Rethinking the Value of Products
Manufacturers have a chance to capitalize on recessions by re-evaluating the perceived value of their products. It's essential for mass producers to be ready to make product and packaging adjustments during economic changes. Consumer perceptions change when forced to shorten their shopping lists and prioritize the most essential items. They might maintain the same feeling about a brand that moves out of their range of affordability, but consumer cost-cutting means less revenue for producers.
That's why producers, especially of food products, should consider maintaining loyal customers with cost-cutting of their own. Finding new ways to present products via shiny visuals at lower cost can help prevent revenue losses.
Packaging designers should pay close attention to market trends in response to a tightening economy. Metapack's recent Holiday Shopping Trends Report confirms that economic uncertainty has a tremendous impact on consumer behavior. Different income levels play important roles in how consumers react to retail pricing. The study found that over half of consumers expect to face global economic instability in the coming years.
Tapping Into Consumer Priorities
In order for commercial ventures to stay competitive during an economic crisis, they must feed their markets with the right products, messages and pricing. A brand that relies on holidays and gift-giving for income streams can gain a strong advantage by packaging their products in fancy tins.
Fancy tins are useful packaging for a multitude of reasons, starting with low cost to produce. Since the metal is light weight, shipping costs are potentially lower than using heavier materials. As sustainability issues become top of mind for many shoppers, fancy tins stand out as eco-friendly in various ways.
Perhaps the greatest advantage to fancy tins as a packaging choice is that the containers can be saved for generations. If the design is fancy enough, there's no reason for consumers to dispose of them. Fancy tins help add ambiance to an office, living room, bedroom, kitchen or bathroom.
Ultimately, consumers see the value in saving attractive containers, especially those that can preserve freshness of food items. Fancy tins offer unlimited possibilities for eye-catching designs. Tin is easy to form into any shape, so part of the container's appeal can be its geometric design. It's also easy to print on tin without losing the metal's magical shine.
Businesses throughout a supply chain should consider fancy tins as an efficient and effective packaging choice. Meanwhile, packaging designers should be cognizant that art does sell when it connects with people on an emotional level. Fancy tins make it possible for cost-cutting throughout supply chains and provide a meaningful solution to affordable gift-giving.
