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They are trying to say how much thinner their new model had become, by saying "Use 50% less wrapping paper". Humorous, timely and easy to understand. Here in Japan, they would probably give the actual numbers directly by saying something like...45% smaller than original or they may not say anything about the product at all; some talent may hold the product, smiling, which of course is really dull and boring, especially is you're not interested in showbiz. This is not the only case and I've seen a lot of these humourous and memorable advertisements in various medias.
It may sound like I'm praising the Western culture again, but I just can't give away this one. I LOVE the way they advertise. Sometimes funny, sometimes sarcastic...sarcasm is another thing that doesn't exist here, at least in a humorous way. People always take sarcasm directly here...boring! I wonder how Chandler's going to be able to live here, if there is any case he's going to have to do so...? lol