Millennials have an interest in luxury and premium products across all types of goods, but little is known about how this translates into their preferences for wine. In general, Millennials are spending less per bottle on wine than older generations, but what are the characteristics of the subset of Millennials who are spending more on wine? The purpose of this article is to develop an understanding of Millennials’ buying habits with regard to higher-priced, luxury wines.
A survey instrument was designed and used to collect responses from 189 Millennial wine drinkers in the US. Statistical tests and a binary probit model were used to analyze the results.
The findings suggest that there is a subset of US Millennials that present a viable market for luxury wines.
This research is limited by the sample itself, as a relatively small, convenience sample of Millennial wine drinkers.
Wineries interested in targeting a Millennial crowd will benefit by recognizing that male, married Millennials with annual incomes of over $50,000 are more likely to buy higher-priced wines. In addition, findings suggest that traditional and non-traditional outlets for wine information are being used as these Millennials seek out information about wine.
While Millennial wine consumers are still developing their tastes, this is one of the first articles to isolate the Millennials who are buying higher-priced wines. This research sheds light on a potentially lucrative consumer segment.
