Not worth the price without overpackaging?
Luxury goods appear to be oblivious to the issue of overpackaging. It would appear that the goods themselves are not a sufficiently luxurious item unless they are suitably overpackaged. A glass bottle of aged spirits is then filled into a blow-molded, imitation velvet-surfaced mount and placed into a lavishly printed paperboard box. The bottle alone is sufficient to keep the spirit in good condition for years, the mount and box are just glitz and completely unnecessary for the preservation of the product.
The luxury items are sufficiently highly priced with a high profit margin that the cost of overpackaging is trivial, and there is therefore little or no pressure to minimize the packaging. Does the packaging look good? Yes, it does, and yes, it looks very expensive, and so yes, it does differentiate it from cheaper spirits that are not overpackaged.
However, I would also expect that once you have tasted the two products, it will also be apparent why one is more expensive than the other. Although the packaging industry claims to be responsible and is concerned about the level of packaging, it is still complicit in making awards to products that are overpackaged.