The word is out! Millennials seem to be making a bit less than their parents did at their age, but spending a bit more than their parents do on alcohol. Millennials are spending on average $20 on a bottle of wine, compared with 5% of baby boomers, so what is this pricier taste attributed to?
We know there has been a rise in research when it comes to Millennial wine purchases. They tend to put a bit more effort into buying what they like, and more importantly finding what they like. Unlike baby boomers who, even though purchase 30% of all wine consumed in the U.S., tend to spend a bit less on their wine.
Perhaps marketing has changed, because Millennials seem to be a bit more loyal to their brands and actually search for the more quality purchase to get the most of their money. We know this is true of their vodka and craft beer purchases as well – two industries which have also seen an increase in Millennials buying power.
Now let’s not jump to conclusions. Yes, Millennials are buying more alcohol than their parents, but not by much and considering Baby Boomers seem to drink a bit less with age, they may actually be holding their own even more than we think. At least for now. With tastes getting more refined and more niche, the real test will be that of time. Will Millennial drinking increase or decrease with age? And will they outdrink their previous generation.
The key to keeping the tradition of wine drinking alive is to understand what exactly it is that Millennials are attracted to when it comes to wine. What value does it bring to their lives and how can this not only be maintained, but enhanced over time. And what’s more interesting is how will their refined choices influence the next generation of wine drinkers?