What is the difference between bikepacking and bicycle touring?

The bikepacking movement became popular in the 2010s. Compared to traditional bike touring, which has been popular for decades, bikepackers typically carry less and lighter equipment. The lighter load makes it easier to ride off-road. However, the equipment, such as frame bags, is often more expensive than traditional panniers. Furthermore, the limited storage space of bikepacking setups promotes an even more minimalistic lifestyle.