Millennials - The next big market

According to a new report by the Wine Market Council, the Millennial generation [21 to 30 year old] is the next big market space for wine makers. The Millennial generation makes up about 26 percent of the population and account for about 70 million people, second only to the baby boomer generation [77 million]. The report states that the percentage of Millennials who consume wine has increased from 10 percent in 2004 to 17 percent in 2006 while at the same time the percentage of boomers has decreased from 48 percent in 2004 to39 percent in 2006. Additionally the report states that about 12 percent were “trade-off” consumers — those who drink more wine and less beer and spirits — and the largest percentage increases in this category were Millennials and Gen-Xers, indicating the younger population was more inclined to switch to wine.

Two other interesting facts came from the report, imports and the internet. 32 percent of Millennials purchase imports while only 12 percent of both the Baby Boomer and Gen-Xers. The survey also shows that the younger, import-loyal group was more likely to purchase wine online than the other two groups. Of those loyal to imports, 22 percent were most likely to buy wine online.

Bottom line, it is time for the industry to find a way to met this new generation of wine enthusiast and give them web 2.0 tools for their ever growing tech savvy lifestyles.