Millennials plan to spend more money on wine than other age groups
The wine industry is entering a “golden age” thanks to young millennials who have adventurous tastes and prefer to invest in experiences over material goods, according to new research.
The study, carried out by oenophile discovery platform Wine Access, found that on average, Generation X fine-wine consumers spend $5,717 (with birth ages ranging from the late 1960s to early 1980s) on wine annually, compared to Baby Boomers (born between the mid-1940s and 1960s), who spend $4,900 and Millennials, who spend $4,163.
But millennials are set to take over and become one of the most adventurous, and lucrative, demographics to target, as the results found that 65% of consumers born between the mid 1980s and late 1990s seek out rare and unusual wines and vintages, while 75% wish they could spend more on wine.
Generation X were the most likely to spend $70 on a bottle of wine more than once a month, are the most engaged wine clubs customers and are growing their wine cellar, according to the study.
“Our report findings further confirm the macro trend of consumers prioritising experiences over things when it comes to fine wine and dining,” said Matt Deller, MW and Wine Access’ chief wine officer.
“In the past decade, wine has become more enjoyable and the increase in quality is finally matching up with what consumers crave. Wine is also getting more interesting and more focused on connectivity, social media and travel. These trends are even more heightened among younger wine lovers.
“Between the tourism boom in California’s wine country and wine now being heavily covered in conventional media, it is more transparent and visible than ever.”