Millennials are driving many trends in the beverage industry, and as this demographics’ influence continues to grow, it’s important that beverage-makers understand which categories are garnering the most attention from these consumers — but they’re not the only ones making an impact.
Wine Access, an online winery discovery platform, released a report examining the buying habits and preferences of fine-wine consumers, which reveals that the wine industry is entering a golden age and millennials are leading the revolution.
Millennials reported spending $4,163 on wine annually. Although they’re expecting to spend more on wine during the coming years, it’s Generation X that’s dominating wine sales, spending $5,717 on wine annually compared with baby boomers who spend $4,900 on wine annually, the report states.
Although the report highlights the impact millennials have had on this industry, it also underscores the importance of Generation X consumers, who are expected to gain influence in the category.
According to the report, not only are Generation X consumers most likely to buy high-priced wines, but they’re also the most engaged in wine clubs and are growing their personal wine cellars, the company says.
However, millennials are more adventurous with their wines, as 65 percent seek out rare and unusual wines and vintages. Yet, these consumers can’t afford higher-priced products like Generation X, with 75 percent of millennials saying they wish they could spend more on wine.
“Our report findings further confirm the macro trend of consumers prioritizing experiences over things when it comes to fine wine and dining,” said Matt Deller, master winemaker and chief wine officer at Wine Access, in a statement. “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.”