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Wine Business Advisor - the Millennial Problem - issue #21

The Wine Business Advisor™
Wine Business Advisor - the Millennial Problem - issue #21
By Mike & Roland • Issue #21 • View online
Hi Wine Guru,
Today I write about the stubborn millennial consumer demographic and their apparent antipathy towards premium wines. I include a single thought-provoking article on the subject which appeared in the New York Times on May 9th - take a few minutes to read it. Enjoy.

In late 2019, the millennial generation, born between 1981 & 1996, quietly overtook baby-boomers as the largest population group in the United States, and soon in the world. In case your perception is that this generation is still at school, think again, the first Millennials will turn 40 next year. The growing importance and outsize spending power of the demographic should not be underestimated. This is the generation that will drive the wine market for the next 20-25 years and it is already upon us. So, how is your company strategy approaching millennials?
The financial impact of Millennials is not reflecting in wine category growth - a huge worry for the industry. Millennials appear to be by-passing wine. Many commentators site aggressive marketing budgets from the beer and spirits industry. Others point to a potentially alienating trend towards price premiumization in the wine category. I believe that wine players should start by looking inwards. Millennials behave dramatically differently to customers of the past two decades. What makes your brand interesting to Millennials who don’t get turned on by ‘old-school’ communication. A move to digital is not really a choice, but an imperative. Is your brand reacting? Do you need advice?
Did you enjoy this issue?
Mike & Roland

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