A desire to be able to do things instantly and for products to offer an interactive element of play is driving consumer buying habits, according to new research from Wine Intelligence.
Bompas & Parr’s breathable cocktail bar in London Bridge
The company identified 10 key trends influencing millennial consumers’ buying decisions in its fourth annual Wine Intelligence Global Consumer Trends report.
The trends were spotted by the firm’s global network of analysts over the past year and shed light on how drinks companies can engage with this important demographic, which has increasing purchasing power and influence.
The ten trends identified by Wine Intelligence are: instant, play, devotion, upgrade, custom, trust, transparency, wellbeing, mini and fusion.
Toast Ale, made from leftover bread, taps into the trend for curbing waste
“The modern consumer is more demanding than ever: people are looking for immediacy without compromising on quality or uniqueness,” said Wine Intelligence CEO Lulie Halstead.
“As consumers become increasingly savvy with regards to the brands they interact with, it’s more important than ever for businesses to understand exactly what their consumers expect from them,” she added.
In our ever busier lives, consumers want to be able to do things instantly, be it paying for goods using contactless credit cards, or getting a high-end takeaway from Deliveroo.
Having grown up with the internet, experience driven millennials expect and element of play from their products, which is being delivered through the likes of immersive dining experiences and “breathable” cocktail bars.
Information overload and an abundance of choice in our living and working lives is driving consumers to want to narrow their focus, which has led to a rise in both single dish restaurants and, more recently, single cocktail specialists that focus on doing one thing wonderfully like The Gibson in Old Street.
Keenly aware of the value of things post recession, consumers now want the money they spend to go further, and are seeking more bang from their buck in everything from food and drink to fashion.
It’s not enough to have the latest gadget or pair of trainers anymore – millennials are now desirous of customised products tailored to their needs, which they can brag about on Instagram.
Single serve wines are becoming more popular
Putting the power back in the customer’s hands, steakhouse M in the City offers diners the chance to choose their table before they dine in an airline-style online booking system.
With the rising power of consumer reviews, transparency is a key trend for 2016, with companies no longer able to fib about the origins and authenticity of their products.
Consumers are increasingly health conscious, which has led to a rise in “healthy” cocktails made with vegetables and super foods, and non-alcoholic cocktails for those in need of a night off.
A desire to tackle the growing problem of waste in the UK has led to the emergence of single serve products and disposable packaging. New company 10-Vins sells single serves of wine in test tubes for customers keen to have a glass of wine without opening (and wasting) a whole bottle.
Hackney Brewery meanwhile, has started making Toast Ale from leftover bread from bakeries that isn’t sold at the end of the day in a bid to curb wastage.
Wine Intelligence found the trends for instant gratification, transparency and wellbeing were the key three drivers for American and Chinese consumers.