![]() As we have previously quoted, McMillan’s report for SVB stated, “Millennials aren’t yet embracing wine consumption as many had predicted. However, SVB’s report includes data showing that millennials are not adopting the wine lifestyle as strongly as winemakers and wine marketers were hoping. You’d walk out stumbling in a drinking game with a shot for every time “Millennial” was mentioned at any of the major conferences.” Pia Mara Finkell, Senior Vice President, Integrated Communications and Business Development at R\West, an integrated brand agency, recently told us in an interview, “Millennials have been the hot topic at every marketing conference I’ve attended since they were old enough to drink. They will surpass the baby boomers as the nation’s largest demographic by pure numbers in 2019.” “Just like the early 1990s when the boomers made their retail presence obvious, driving record wine sales, the huge millennial generation, all over 21 years of age now, is moving into their careers and higher-spending years. ![]() That said, while the total dollar sales of wine in the US is still growing, the rate of growth is flattening “Twenty-five years later, the US is the largest wine-consuming country in the world,giving US producers an amazing home-court advantage. According to industry data summarized in the report:īeginning in 1994, the US wine business experienced a long trend of increasing consumption and consistently higher price points.” It seems the entire industry and everyone in its orbit was shocked by the findings of Silicon Valley Bank’s State of the Wine Industry Report 2019, authored by Rob McMillan, Executive Vice President and founder of SVB’s wine division, which predicted a downturn in the sale of wines to millennials. ![]() The next big target of the wine industry, the millennial generation, is coming up on its strongest point of earning and spending power. Sales of wine to the baby boom generation, while expected to decline as its members age, is still going strong. For good reason, the United States wine industry has been feeling good about itself almost to the point of invincibility in recent years.
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