Millennials Are Boosting Wine Business

427

It has become one of the basic features of this generation – breaking traditions and demanding change. Now this has been most evident in the social activism movements that have swept away multiple laws across the globe, changing practices and habits. However, as this generation is entering adulthood and earning increasing incomes day after day, industries are beginning to fear the dreadful and merciless Millennials’ verdicts on their products.

Countless studies have been done and published about the shopping habits, marketing tricks, industries, and other preferences of the Millennials generation. Among industries that have accepted the fact that they need to introduce innovation in order to attract young adults is the wine industry. According to John Gillespie of the Wine Market Council, Millennials are the biggest consumers of wine – 36 per cent of Millennials drink wine, while 34 per cent of Baby Boomers state the same. The Wine Spectator reports that Millennials purchased and consumed 159.6 million cases of wine in 2015, which is the equivalent of 42 per cent of all the wine drunk in the US for the previous year. So one can say that wine is the No1 choice for Millennials when it comes to beverages. However, this generation still shows certain preferences that will affect the success of traditional wine companies. Low-price wines will be facing a decrease in sales, while more expensive, special, organic, local wine companies are expected to blossom.

A bottle that costs over $20 was bought by more than 17 per cent of Millennials, while only 5 per cent of Baby Boomers made the same purchase. Having this in mind, multiple wine companies have invested time and money to create products that will attract this demanding target group. Because of this insistence on innovation, we can now buy indigo-blue wine as well as green and orange wine. Blue wine is the perfect combination of quality and experience. A Spanish startup company called Gik Live is leading in the production of this wine, which was created by six entrepreneurs and blends white and red grapes, anthocyanin, and indigo to create Blue Nun, a wine with an exquisite taste and an amazing indigo blue color. A bottle costs about $11.

Millennials have also been consuming Orange Wine for years now, at least in Europe. This trend is now spreading to the US and other parts of the world, where every Millennial wants to taste “the new rose”. Orange Wine is made from white grapes fermented with their skins. A bottle of this wine costs around $35.

Millennials who can afford it are already drinking the most controversial wine in the market today. Green wine contains cannabis, and due to that fact its distribution and consumption are restricted. This generation, known by their habit of breaking the rules, is a big fan of Green wine, and its high price does not represent a problem when deciding whether or not to buy it.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...