Are multipacks worth it over a single premium tag?

For most households, yes. Multipack silicone or PU-leather sets in the $7–11 range cover carry-ons, checked bags, backpacks, and kids' bags with one purchase, and verified-purchase reviewers consistently flag that having distinct colors per family member speeds up identification. A single premium leather tag makes more sense if you only travel with one bag and want it to look the part.