Wine Access, the online wine discovery platform, released a report today that examines the buying habits and preferences of today's fine-wine consumers, revealing that the wine industry is entering a golden age and Millennials are leading this revolution with their adventurous attitudes and their inclinations to prioritize spending money on experiences rather than material items.
On average, Gen X fine-wine consumers spend $5,717 on wine annually versus Baby Boomers, who spend $4,900 and Millennials, who spend $4,163. We surveyed 1,800 fine wine consumers from all ages, genders and locations across the US to help Wine Access better understand, and cater to, today's fine-wine drinkers. The data revelation confirms what we already knew: millennials love wine.
However, as much as millennials have been driving growth in the market, the findings also underscore how important Gen X will be to the fine wine market over the coming years. As their careers, and incomes grow, it is Gen X who will be taking over from the baby boomer generation as the dominant fine-wine consuming demographic. Gen X were the most likely to spend $70 on a bottle of wine more than once a month, are the most engaged wine clubs customers and are growing their wine cellars. In addition to exposing the spending habits of today's fine-wine lovers, this study also gives an inside look at where the market is headed. The good news is it is headed up. The more complex answer is that the market is shifting as it grows, and businesses looking to capitalize on this growth need to understand who their customer is today, tomorrow and five years from now.
Key findings from the data report include:
"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, MW and Chief Wine Officer. "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. These trends are even more heightened among younger wine lovers. Between the tourism boom in California's wine country and wine now being heavily covered in conventional media, it is more transparent and visible than ever."
Wine Access' mission is to make life more interesting by bringing wine, wine lovers, and winemakers together with unparalleled quality and value. The Wine Access Wine Team hand picks every wine available in Wine Access' online wine store via research and deep relationships with hundreds of wine suppliers and importers globally. The Wine Access selection process is incredibly rigorous - only the top one percent of wines tasted by the team are offered to customers. This approach enables all generations to enjoy the extraordinary experience of discovering new wines they'll love.
In 2017, Wine Access released its first edition of the Through the Grapevinereport, which found that Ros sales increased 14X since 2015. To learn more about Wine Access or to download the full data report, please visit our website: https://discover.wineaccess.com/through-the-grapevine-q1-2018
About Wine Access
Founded in 1999, Wine Access is the most trusted resource for discovering amazing wines. In 2017, the company launched a new online direct-to-consumer wine discovery solution that pairs the world's foremost wine expertise with advanced technology to help the next generation of wine lovers and current wine collectors, discover new wines of unparalleled quality and value. For more information, visit https://www.wineaccess.com/, or check us out on Twitter.
View original content:http://www.prnewswire.com/news-releases/new-data-millennials-plan-to-spend-more-money-on-wine-than-any-other-age-group-300590066.html
SOURCE Wine Access
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