A new generation is brewing. The largest generation to date — millennials — perplexes marketers across industries. It’s no different for the wine and spirits industry.This group of 92 million people is coming of age, and their buying power will impact the economy and industries for years to come.
Baby boomers had buying power for decades, but now they’re ageing out of the wine and spirits industry.“Baby boomers, who control 70% of U.S. discretionary income and half of the net worth in the U.S., are moving into retirement and declining in both their numbers and per capita consumption, while millennials aren’t yet embracing wine consumption as many had predicted,” Silicon Valley Bank’s 2020 report said.
While this may seem like millennials don’t spend at all, in fact, they are willing to pay up for quality experiences.
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Whilst the focus of the data is on the US market, the way that millennials approach their spending seems to be mirrored in Europe and not just in the wines and spirits industry. By examining the data it is clear: brands that focus on social and environmental values, offer convenient, innovative products, and market themselves online will reap the benefits of millennials’ buying power.
