All In—Millennials, Wine and Money
For those of you who concern yourself with the younger set of drinkers (AKA, “Millennials) one of the best profiles of this demographic group’s relationship with alcoholic beverages has been produced by Nielsen. The take away from Nielsen’s insightful study of generations and their relationship with alcohol is fairly straightforward:
Alcohol producers should be focusing on a few key value propositions: authenticity, originality and value.
One very interesting thing to take note in this study is the mention that at this point all members of the 70 million+ Millennial generation are now of legal drinking age. All of them are in the market for booze. And how are they interacting with that market? From the Nielsen report:
“Millennials 21-34 represent about one-fourth of adults 21 and over, but they account for 35% of U.S. beer consumption and 32% of spirit consumption. Comparatively, they represent only 20% of wine consumption.”
That 20% figure for wine will continually increase as more and more members of this group enter their peak earning years, as Millennials form families and spend more time at home rather than in bars and as they travel more.
However, as you read this report and the reports it references, take note of the relationship Millennials have with “craft” beverages. Consider this nugget from a post by Nielsen from earlier in the year:
“Age differences in “what craft means” were even more distinct: handcrafted, artisanal, higher-priced and quality were relatively more important to younger consumers (21-34), while small batch production, made by a small independent company and produced locally were ranked at a higher level by older consumers (55-64) compared to younger ones.”
Here’s a good question to consider in relation to all this: given that wine has not been considered or talked about as a beverage that produces “craft” products in the way that beer and spirits do, can we expect the same positive feelings Millennials have for craftiness to be transferred to wine?
I’m almost positive the answer is, Yes.