There is much talk about Millennials and how they are the future of wine. The obvious answer is that as they are the next generation, they are the future of wine. Simple logic. But, what will that really mean? Will their spending habits be greater than other generations? The jury appears to still be out on that question.
Currently, Millennials spend, on average, the least amount of money on wine each year. In Wine Spirits Daily, there was recently a brief article on the buying habits of the four key generations
"Nielsen analyzed the shopping habits of four key generations - greatest generation (aged 64+), boomers (45-63), gen x (33-44) and millennials (15-32) - and gave a rundown on what marketers should expect when targeting these groups. Interestingly, wine is one of the largest spending categories for seniors at $124 per year. Boomers spend $125 per year on wine, while gen x spends $78 and millennials spend $61 annually."
So Millennials are spending half what Boomers and Seniors spend, and about 20% less than Gen X. So when will this change, when will Millennials be spending more money on wine? Or will it never change to any significant degree? Is the publicity about Millennials being the future of wine merely sound and fury, signifying nothing? What is the reality beyond the hype?
Beyond the Millenbial issue, it is intriguing how little people spend, on average, for wine each year. Wine still needs to make much greater inroads among all segments of the population. I know that I spend way above average on wine each year. I have spent more money on a single visit to a wine store than the average person does all year. Most other wine bloggers are probably in the same situation.
I think wine marketers should consider addressing all generations, as none of them are really spending an inordinate amount of money on wine. There is opportunity with all four generations, and ignoring any segment is ignoring oppurtunities. Wine consumption may be continuing to increase in the U.S., but it can easily grow much more.