Who’s Doing the Drinking?
We posted a recent blog breaking down the drinking population. While it’s true that Millennials (ages 21-37) now outnumber babyboomers (ages 50-67), there has been some debate over which group is actually drinking more wine. In an article in The North Bay Business Journal on April 4, 2016, Jeff Quackenbush discusses the enigma. There have been reports (Rob McMillan of Silicon Valley Bank) that baby boomers buy more bottles of premium wine (over $20) than millennials, while the Wine Market Council reported at their conference in New York that millennials buy more cases of all still and sparkling wines than baby boomers. The council then revised their figures to state that baby boomers consume more wine at each outing than millennials. The discussion is important if wineries take this information and craft their marketing strategies based on any one of the aforementioned reports. What the Business Journal concluded after much analysis was that baby boomers “drink more wine in total than do millennials, but the gap is closing”. So in terms of creating a marketing strategy for the future, it makes sense to target the growing drinking population of millennials.