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How Millennials Are Driving Changes
in the Wine and Spirits Industry

A new generation is brewing. The largest generation to date — millennials — perplexes marketers across industries. It’s no different for the wine and spirits industry.

This group of 92 million people is coming of age, and their buying power will impact the economy and industries for years to come.

Baby boomers had buying power for decades, but now they’re aging out of the wine and spirits industry.

“Baby boomers, who control 70% of U.S. discretionary income and half of the net worth in the U.S., are moving into retirement and declining in both their numbers and per capita consumption, while millennials aren’t yet embracing wine consumption as many had predicted,” Silicon Valley Bank’s 2020 report said.

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While this may seem like millennials don’t spend at all, in fact, they are willing to pay up for quality experiences.