The Millennial generation, typically defined as adults between the ages of 18 and 33, has already completely changed the way we buy and drink wine, how wine is marketed and purchased. It’s a whole new wine ball game. Or so the narrative goes.
But maybe not. At least when it comes to “fine wine”—wines costing $20 a bottle and up. According to the definitive Silicon Valley Bank’s “State of the Wine Industry 2015,” despite all the media hype about Millennials’ revolutionizing the selling and drinking of wine, they “have yet to make a dent in the fine wine business.”
As most things do, it all comes down to money. E.g., Boomers still have most of it. Millennials, unfortunately for them, are struggling with the worst job market in recent memory and are carrying record levels of student debt. Even those with good jobs are still far from the peak of their earning potential, meaning those $20 and up wines are more aspirational than actually consumed.
Though the influence of Millennials are lower price points is growing, the report notes that, “the reality is—no matter what a generation is called, the most active buyers of fine wine and luxury goods will continue to be in the 35- to 55-year age group.”
And what about Millennials’ embrace of technology and social media, their supposed disdain for brick-and-mortar purchases in favor of the buying everything over the almighty Internet? According to a study by the Cal Poly Wine and Viticulture Department, most of their purchases are—believe it or not—at the grocery store.
Just like Mom and Dad.
Sometimes, the more things change, the more they stay the same.