When a recurring film palette or color shifts over the course of the film, it often represents a transformation in the character, story, or theme. This is a powerful way to subliminally communicate a character or story arc in a visual manner.
“When chosen carefully, a well-placed movie color palette evokes mood and sets the tone for the film.”
Conclusion
While many movie color schemes can exhibit a “universal” effect on audiences, there’s really no magic bullet or “right” answer when it comes to selecting your movie color palette.
Ultimately it’s up to the filmmaker to define the implications of the film palette. With that said, looking to universal color theory is an all important first step.