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The younger generations aren’t wine-ing down
The Future. As vino fails to capture the millennial and Gen Z markets, winemakers speculate that vino’s “inherent elitism” is turning off young drinkers. If they want to engage millennials and Zoomers during their prime spending years, they might have to flesh out their brands with more approachable offerings.
Partners in wine
Forbes highlights the key takeaways from Silicon Valley Bank’s annual State of the Wine Industry Report.
- American wine consumption has only grown among drinkers over 60, with the biggest growth among 70 and 80-year-olds.
- Sales of $15 and above wine bottles have increased, while sales of those under $15 have dropped.
- Just 35% of 21- to 29-year-olds drink alcohol, but not wine. 5% of consumers now abstain from alcohol entirely.
No wine left behind
Because today’s youth has access to a larger selection of beverage options than previous generations, they don’t have to reach for wine. They can imbibe thoughtfully-made hard seltzers or craft canned cocktails or mix their own drinks at home.
While some winemakers aren’t overly concerned with the decline in interest from young drinkers, others are pouring more resources into social media and brand experiences to appeal to the younger market.
“Younger consumers want real experiences with [a] brand,” Sam Coturri, Proprietor of Winery Sixteen 600, tells Forbes. “Overly curated or overly glossed brand touches, whether in person or digitally, dissuade meaningful engagement […] Deeply authentic, intentional brand experiences build long-term customers.”
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