Younger drinkers are increasingly choosing beer and spirits over wine, especially at social events.
according to almost every data source, the report says. McMillan concedes that “wineries are in a quandary because they can’t ignore their best older consumers, yet they must simultaneously change positioning for younger consumers.” He offers two solutions: Either the industry as a whole should collaborate on marketing to expand and diversify its consumers and wine occasions, or be more effective as individuals “fish(ing) for the same consumers in the same pond.” Again, he warns about the dangers of ignoring the changing trends among younger drinkers. “The younger demographics consume wine differently, on dissimilar occasions compared to the past… success will favor those who adapt.” You get what you pay for Consumer purchases of wine bottles under $9 have been in decline since 2013, with purchases in the $9 to $12 range hitting a sweet spot with wine drinkers over that time span. While the Two Buck Chucks of the wine aisle (not to mention the Three- to-Nine Buck Chucks) have been on a downward trend, premium wines—in all price categories ranging from $12 to $100-plus have seen steady growth since 2013. Last year, the greatest grown of any price category was in the $12 to $15 range for a bottle. That said, the rate of growth in premium wine sales slowed last year, leaving McMillan to question whether bottles over $12 would also slide into the same pattern of decline as cheaper wines. He describes it as “concerning,” but says it’s too soon to consider the trend a permanent shift. “The premium wine segment, by any measure, is better positioned… at present,” he concludes.
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22 NorthBaybiz
March 2024
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