Low waste packaging for use with a consumer product includes a planar tag element of a generally rectangular configuration having front and back planar surfaces upon which advertising indicia may be printed and a cut-out into which a portion of the consumer product is received. The packaging includes first and second semi-annular ring portions that may be assembled around the consumer product when received within the cut-out and affixed to each other through the planar tag element. The method for packaging a consumer product includes receiving the consumer product within a cutout formed in a lower portion of a planar tag element; and assembling two halves of a retaining member about an upper shank of the consumer product so that annular portions of the retaining members contact the consumer product and laterally extensive tags of the retaining members sandwich the tag therebetween.